Consumer Behavior Towards Media Based Subscription Economy
We are seeing companies moving away from the traditional retail model, where a customer pays per purchase, to the subscription system, where the consumer pays a subscription fee to obtain a product or service on a recurring basis. Subscribing a service is nowadays most recurrent way of buying goods online. Also, the retailers are now drifting towards consumer goods subscriptions. Various research indicates that over the past year 15% of online shoppers have registered to an e-commerce company. The bulk of e-commerce subscribers also have streaming media subscriptions. The subscription economy's rise has been a major disruptor to the traditional business model, particularly in retail. Innovators have generated customer loyalty and the holy grail of retail sales by offering services instead of products. The revolution is driven largely by environmentally conscious millennials, who prioritize access over ownership. The e-commerce subscription market has grown by more than 100% a year in the period of five years. The research would aim on the various facts as well as ways of consumer behavior towards the online video steaming subscription services in the retail industry. The focus will also be to explore the patterns that influence a consumer to switch to a subscription-based method, and why is the subscription economy on the level of growth that it currently is.
Keywords: consumer behavior, video-streaming, subscription based online services, survey