The subscription business model along with the innovative business partners creates a “never-ending product”. The business demands creativity and productivity simultaneously and on a regular basis and that too is not affected by unhealthy peaks and troughs. It seems that a new kind of business model is leading the world. It is similar to the way people change for good, business needs to change by time. Today’s world is highly digitalized and the evolving digital technology demands convenience over everything else. This is the main reason for the proliferating of e-commerce companies as it eliminates the buyer’s inconvenience of buying items over and over again. Along with convenience factor, these subscription business models offer cost-saving advantages to its users.

How subscription business is changing the economy?

A subscription business model contributes a lot to the economy as well as retains customers, and simplifies a variety of business processes to make them easier in the long run. This business model is quite convenient for the customers and helps save their huge time and effort.  Due to the amazing benefits of subscription business, more than eighty percent of customers are demanding new models of consumption. This business model relies on mutually beneficial and trusted partnerships to work. This business is changing the economy in the following ways:

• Simplicity: A subscription business is convenient and its easy business processes make it simple for both the business and its consumers. This helps consumers by offering the convenience of not to purchase the service or goods every month and the business also do not need to customize or solicit orders for their existing customers. The time saved add’s to the productivity of the business. The business delivers the required goods and services to its consumers whenever there is a need. Customer can also plan their budget as they know the details of the amount to be paid. Thus, the increase and regular incoming of revenue can help in business expansion and also contributes to the economy.
• Innovation: The subscription business model work on innovation and productivity. As time change, the needs and requirements of the customer change accordingly. The subscription business needs to be innovative all the time to give something new to their consumers to make them stay into the business and innovation is extremely important to attract a large new customer base. Thus, innovation helps in business growth that contributes to economic growth.
• Higher customer retention: A subscription business model ensures that the business is holding a large number of customers on a regular basis. This model provides the freedom to increase revenue opportunities and to get up-gradations from the existing customers. By knowing the customers from a long time it helps in the development of proper understanding and a great bond that also helpful in understanding their queries and offering a suitable solution. Thus, the scope of adding value stays throughout the customer lifecycle, the business gets steady opportunities in the revenue growth and also economic growth. 
• Opportunities for marketing: The business model makes sure that the customers should be contacted and engaged on a regular basis. The business can able to strategize their content and social marketing campaigns by knowing the buying behaviour and preferences of the customers. This way business can gain more customers to the business by improving their market image through additional testimonials on the website. More customers help in more revenue which in the end contributes to the economy.
• Business Consistency: A subscription business model helps in foreseeing the demand and supply with ease. This helps in gaining consistency in the business processes. The inventory and the services can be maintained at an adequate level in advance to provide it to the customers at the right time. This also brings flow and organized behaviour in the hiring of vendors for delivery in advance that saves time, effort and money. Effective planning and production bring consistent growth to the economy.
• Better cash flow management: A subscription business model helps in better cash flow management as it ensures safety to the payment structure. It also helps in availing advance online transactions for the products and services being sold. This ensures the regular flow of cash into the business and regular contribution to the economy.

A model that ensures you get subscriptions for your business brings vast opportunity for faster business growth. This brings stability to the business, consistency to the cash inflow, customer engagement and a regular contribution to the economic growth.

About SubEcob SubEcob is a Cloud-based monetization platform to simplify subscription business, Quote to order, Up-sell, Down-sell, Recurring Bill & revenue, Subscriber Life-cycle management, Analytics & Reporting from one single platform Subecob empowers companies from any industry seamlessly migrate into a subscription business using a fully-functional cloud-based software platform. It frees companies to develop their own Subscription Billing and back-end systems to handle ongoing subscription-ased / Recurring Billing, Revenues & payments. As a result, companies achieve real-time simplicity in the management of customer subscription and payments from a single point.