CURATED SUBSCRIPTION MODEL
HOW DOES IT WORK ?
- Customers pay a regular subscription fee to receive a curated set of products; which are automatically ordered and delivered based on a predefined schedule
- These products are often curated by experts – specifically tailored based on individual preferences and buying trends or based on certain themes/ trends. This may include advisory services where applicable
- A customer profile may be set up to guide the experts on their curation of products for each individual
- This is a move from the traditional “selling relationship” to a “service relationship” with the customer
- Customer acquisition and customer retention is critical as signing up for a subscription plan is a longer-term commitment. Hence, building and forging strong customer relationships is key
- Important for retailers to check in with customers regularly to keep them engaged and ensure that their customer profiles and preferences are updated