Nearly all UK consumers are now part of the subscription economy thanks to an explosion in the number of businesses offering recurring services.
A survey commissioned by Zuora, a SaaS provider of subscription order-to-cash solutions, shows that nine out of ten consumers now choose to subscribe to their favourite stores, brands and services instead of purchasing them on a ‘one-off’ basis – an increase of 11 percentage points on last year’s figure.
According to the Zuora Subscription Economy Index, subscription businesses grow revenue nearly nine times faster than the S&P 500.
John Phillips, Zuora’s VP EMEA, said: “The only way businesses can sustainably maintain relationships with consumers and grow is by moving away from their product-centric mentality and creating long-term brand affnity based around ?exible subscription-based services.”
