Back To The Future With Subscription Management
With The Best Subscription Management to Assist Your Business
27 May 2021 , CloudOffix Blog
What is Subscription?
Subscription is the act of receiving products and services at regular recurring intervals for a certain amouont of fee in return.
Subscription Management is the act of handling your customer's subscription throughout its lifecycle from beging to end.
When it all began – A little bit of History:
When we say subscription-based model, it’s no surprise that the industry that comes to most people’s mind almost instantly without a doubt is the newspaper, magazines and periodicals industry. With the advent of the printing press in 1440, the subscription model business was also born. People were then able to produce written materials on a wide scale at an efficient rate. This meant an increased volume of production at a fraction of the cost, and in turn they were able to sell their products more regularly. The community looked forward to the next published edition and therefore with the growing subscribers volume, the subscription model became a regular means for business.
Still to this day, readers are able to subscribe to and enjoy reading their newspapers, and magazines on a Daily, weekly or monthly basis since the 15th century.
Then came the invention of the telephone by Alexander Graham Bell in 1876. Then the telecom giant AT&T was formed in 1885 and merged with Bell companies to establish the telecommunications market. They too began to use the subscription model, where they would charge their customers a recurring monthly fee, or subscription billing for their services.
In the 21st century, the technological era meant digital evolution and with it, the subscription model also picked up momentum. Netflix was born, offering subscriptions to mail based videos at a monthly flat rate, and in return they would receive all the movies and TV shows they want, which eradicated the one-off rental shops such as Blockbuster. The music industry followed, as companies such as Spotify began offering subscriptions to music and songs and selling of CDs and singles have been largely disrupted.
Today, many companies in various industries have followed suit to migrate into the world of subscriptions. Many traditional industries have now such as grocery stores and retail stores have taken on
Nowadays, consumers are enjoying the flexibility of having regularly used items delivered to them and retailers the new source of recurring revenue. With many companies from various industries turning to the subscription model of business, don’t turn your business away from it.
With this type of business model offering great benefits as recurring revenue model income, no wonder it's fast becoming the new way to do business.
With a great Subscription Management software, you can automate this lifecycle and reap up the rewards as your business grows.
So, wouldn’t you also like to have your cake and eat it too? CloudOffix can be of assistance. Here’s what we offer: