IOT Business Model - 3

Transitioning to A Retail Subscription Sales business model

Subscription-Based Business Models: Identifying the Opportunities in this Fast-Growing Sector

Factors involved for Transitioning to A Retail Subscription Sales business model are as follows

1. Invest in customer experience and analytics:

   Develop AI/ML capabilities, both on the front end (voice/AR/VR) and on the back end (predictive modeling). This could also mean that IoT will in many cases detect, predict and serve more accurate patterns among increasingly larger groups of customers/subscribers/members.

2. Working and supporting business units:

   Identify the best investment sectors/methods for subscription products and services and to optimize fulfillment and logistics. Consult your technology and service providers (TSPs):

3. Make sure you get value from your subscription. Switching costs can be relatively low, and renewals are essential for health. Investigate new direct sales models (like marketplaces and app stores):

4. Reduce purchasing and fulfillment friction. Ensuring consistency throughout the organization i.e. IT, marketing, operations, strategy, advocacy, and other areas of the organization must work together to create a successful retail subscription sales business model.