Subscriptions are the new black. From video streaming to monthly boxes to top digital media, subscriptions have increased significantly in the past year. Subscription boxes have become the new wave for businesses to bring top products to their customers at a price they can’t resist. . During the most unpredictable year of the 21st century so far, making the decision to build out a subscription based box business will give your brand a slice of this growing consumer market.
“The global Subscription Box market is projected to reach USD 31 Million by 2027 from USD 10 Million in 2019” reported by Report Cruz in their latest Subscription Box Market research.
Subscription boxes shift the very way we use to shop, giving us the perfect solution to indecisiveness and buyers remorse. The box simplifies the consumer’s shopping process by curating products according to a customer’s personal preferences. Gone are the days of trying to figure out what’s right for the consumer. Gone are the days of trying to figure out which products are right for you with personalization preferences given to the company prior to subscribing. These preferences allow the subscription service to provide curated items that can build customer loyalty.
We recently sat down with the Subscription Box queen herself, Nicole Brown, CEO of Izzy & Liv, who has successfully created and distributed her best products in her Brown Sugar Box. According to Brown, “subscription boxes are a perfect direct-to-consumer avenue that simply takes proper planning and execution.” Here are some of her successful practices when launching a subscription box business.
Determine What’s in Your Box
“Alexa play ‘The Box by Roddy Ricch.’”
The first key to creating a successful subscription box is choosing your box type based on your business and the need you are trying to serve. This can range from everyday needs like toiletries to enthusiast boxes like wine subscriptions. Whichever you choose just make sure it serves your ideal clientele.
Put Your Subscription Box on a Schedule
From billing to shipping schedule, you need to have a clear cut plan of action of how you are going to facilitate your subscription boxes. Ask yourself questions like, “when will I release the subscription box?”, “monthly?”, “bi-monthly?”, “quarterly?” Next, you would need to figure out when your subscription will be billed to your customers.
Once you have a clear idea on these dates and times, remember to communicate them with your customers early and often.
Value! Value! Value!
When developing a subscription box, you want to ensure that you are giving top quality and value to your customers. The value is in the selection of items you will carry and how you are personalizing the subscription boxes for maximum benefits to the customer. This can greatly affect your retention rate and reputation moving forward. You want your customer to feel and believe that every item sent to them was specifically chosen with their needs and wants in mind.
No Detail Is Too Small
Last, but certainly not least, make sure your packaging (no matter how small the detail) is planned out to the T. Consider what you want the packaging to look like, how you want it to be experienced, and how you want your branding/packaging to be utilized after the purchase. You want every detail to be personalized and thought out with the customer in mind.
So there you have it! Five great tips and practices when developing your subscription box. For more information about Nicole Brown and Izzy&Liv, please visit www.izzyandliv.com or follow them on IG: @izzyandliv.