It is no secret that the continued expansion of digital and the proliferation of data has fundamentally changed what it takes to compete in retail. Subscription businesses – in which consumers periodically pay a predetermined amount for a service or set of goods – have emerged as one way to use data to reimagine retail businesses. Done right, subscription businesses can provide consumers with value, convenience, and personalized offerings while fostering stability and growth.
In this McKinsey article, the authors explain the four imperatives along the consumer journey for sustainable subscription businesses. While the article is predominantly aimed at consumer business, we believe the takeaways and key learnings are equally applicable to corporate customers.
