Subscription commerce has become a big opportunity for continuous income, however it is challenging to sustain. Subscription commerce (AKA subcom) simply refers to subscriptions. You may be familiar with magazine subscriptions; an amount of money is debited from your account monthly or you pay an annual fee to receive a product at a specified frequency. In recent times, subscription commerce has taken off into sample beauty products such as Bella Box and subscription box review sites such as Broke Beauty Blogger and Subscription Boxes show the size of this little industry.
What is this about? If you have a product you want to market, consider using subscription boxes; create your own or leverage existing subscription services and get your product added into a monthly box.
Opportunity: Market your product with existing subscription services or if you have a niche, consider starting your own subscription or add it to your existing products and services. Recently I posted about 3D printing. It makes a novelty idea to print 3D objects on a subscription basis. This could be marketed as useful objects or quirky monthly gifts for a small fee. The main point with subscription is scale; this can’t be run with a small market, it needs to be broad and attract mass rather than a tiny pocket of people who might need the product offered. The customer stickiness is important to maintain the constant income from subscriptions.
Tools for starting up: A product or service and a way to receive payments. Paypal is one such solution offering subscription payments which will allow your customers to pay according to the desired frequency.