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The monthly supply of happiness
Updated On: 28 June, 2020 07:57 AM IST | Mumbai | Aastha Atray Banan
As the economy takes a downturn and jobs are hit, will subscription businesses survive? It all depends, believe observers, on who is peddling what we "need"
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Vishakha Naware has swapped her TataSky membership for a Kindle Unlimited subscription as it's a more productive way to spend time with her son
WHO would've imagined that a health crisis would coerce everyone to keenly consider what they need, and spend on. Ordering in, eating out, visits to the neighbourhood pub, even that gym membership is now under scrutiny. If you were paying for three OTT platforms, two music streaming apps, a fashion website that delivers clothes once a quarter, a website that sends a secret box of gadgets and your monthly fix of fresh-roasted coffee, it's likely that you have decided to cull the list.
In an online essay dated December 2019, Amandeep Singh, Business Director, VMLY&R India, said that the subscription business is reported to have grown in India by more than 300 per cent over the last seven years. "Subscription as a concept is misunderstood in our country by consumers as well as many business owners, who classify it as either a box or rental. However, at the heart of subscription lies Customer Centricity. It is all about putting consumers right in the centre and creating a personalised experience for them enabled by technology." In fact, he had expressed a positive outlook for 2020, with, "I expect to see a rise in not only physical subscription services but also new-tech enabled options where AI is used to enhance everyday experiences."
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