An e-commerce platform enables businesses to sell online. Different businesses opt for different kinds of platforms. With the increase in the adoption of the internet, a large portion of the B2C industry has moved from brick and mortar to e-commerce. B2B has always been perceived as one where sales representatives charm potential customers in person to secure a successful sale.
What examples come to mind when you think of subscription businesses? Netflix, of course. Perhaps the Dollar Shave Club or Blue Apron. These are the names that Google throws up first when you search for subscription businesses. As B2C brands, these are certainly the most visible examples, but the subscription world is much larger.
There is no better way to monetize content in the OTT media sphere, than employing a subscription based model. A subscription based model enables customers who buy in to their content, to establish a relationship with you. They choose to be your audience on an ongoing basis, rather than just being listeners or viewers.
This model where customers pay a recurring fee regularly, for the services of the business is called a subscription model, and it is this model where all businesses are heading, to lock in customers. A per Razopay’s report, OTT has already seen about 62% of Indians’ subscriptions to at least three platforms. If you are an OTT service, your business on the internet is easily scalable, as you can reach a much wider audience within as well as outside your own region.
GDPR is the digital privacy legislation agreed upon by the European Parliament and council in April 2016. Accordingly, all companies that engage in digital platforms for providing digital products and services will be obligated to comply with all requirements of the GDPR. It includes how they purchase, protect, use, process, and manage all-important personal data of European citizens at commercial and non-commercial levels. It has been in operation since June 2018.
The Over-The-Top (OTT) media services sphere continues to grow at a rapid rate. Smartphone technology is on the rise, and owning a smartphone has become much more affordable than it once was. Affordable smartphones, and data-laden packages at cheap rates, has led to a larger audience buying into the OTT media services viewing experience.
What do developments in edu-tech mean for quality education across the country? How is the media and publishing industry coming to terms with new realities of digitization and fake news? What does the future hold for the burgeoning OTT platform? Let’s take a quick look at the trends that are impacting the subscription world.
All of a sudden ‘subscription’ seems to be the success mantra! It is occupying centre stage and reportedly growing at 18% CAGR. What explains this boom? Consumer behaviour holds the key. What we buy, where we shop, how we choose and how we pay. Here are 4 interesting trends in consumer behaviour that are fueling the growth of subscription businesses.