This article was written by OceanX CEO and Founder Georg Richter and first published by InnovationEnterprises.com.
Venture capital investors eagerly invested more than $1.6 billion on companies joining the new membership economy by starting subscriptions. Blue Apron, BarkBox, and Ipsy, to name a few, have all benefited from these funds, enticing investors with the promise of repeat customers making recurring purchases.
But as the new membership economy becomes more established, investors are now realizing that not every business is cut out for subscriptions. A well-executed subscription program is more than just selling products online.
When done correctly, it should connect with customers on an emotional level by understanding and even anticipating their wants and needs. True subscriptions involve bundles, inspirations, personalization, and curation of exclusive products for consumers to discover — not every business is equipped for that experience, but some industries are perfect fits.
Read the full article here.