Retail Subscriptions Thrive During COVID-19
Forbes | July 15, 2020
A new study from CouponFollow shows that during the COVID-19 crisis, many US consumers have leaned into subscription-based product—some for the first time.
Of over 1,000 shoppers surveyed, one in five had purchased a subscription box to have products on-hand during the pandemic. The survey also showed the most popular subscriptions were HelloFresh (21%), BarkBox (20%), Blue Apron (19%), and Dollar Shave Club (18%).
Retailers are taking note of this shifting behavior, and data projects that by 2023, as many as 75% of direct-to-consumer brands will have a subscription-based offering.
Subscription offerings are new, first-time offerings for brands who are leveraging subscription boxes as workarounds to business models that are no longer viable—like in-person marketplaces.
So will this growth trend continue within the world of subscriptions in the coming months? Tien Tzuo, cofounder and CEO at Zuora, believes it will.