Is the nation addicted to retail subscription services?
In recent years it seems that the UK is catching up with America, in signing up for paid monthly subscriptions to services and products from retail businesses currently on the market. Research findings conducted by YouGov found 1 in 10 people in the UK are subscribed to at least one business’s services, and it has proved to be an important revenue opportunity for retail businesses.
Hellofresh a meal kit subscription service was named the fastest growing business in Europe by the Financial Times in 2017. The company focuses on providing recipes and ingredients for its customers in a weekly or monthly package service, its success it built on providing an easy and hassle-free dinner routine for families throughout Europe and America. Its appeal is mostly for busy individuals and families that not have time to cook or do food shopping, but it's also handy for people that have trouble thinking of new foods to try every week. Are easy subscription services more appealing for people with busy schedules rather than an interest in the actual product?
We live in a modern society where convenience and fast results are expected, subscription services appeal to the busy daily lifestyles that most of us now have when compared to years ago. Meal, razor, wine, fruit, beauty product, dog food, flower, and coffee post subscription services all are perfect for people that want to make their free time more relaxing. For them, there’s no need to go out shopping to purchase these products every month, as it’s sent straight to their home or work. Don’t panic that retail subscription services might decline in-store business though! It’s reported that UK retail sales increased in March 2018 despite the cold weather, sales grew 2.3% according to the British Retail Consortium-KPMG retail sales monitor.
About Alan & Thomas
Alan & Thomas Business Insurance can provide a range of insurances to businesses across sectors including hospitality, motor trade, property, agricultural, retail and tradesmen. For advice on your business insurance and a free no obligation quote, contact our team today on 01202 754900.