The subscription economy is taking a big bite out of the traditional economy and is changing the way consumers purchase goods and services.
At its core, the subscription economy is a disruption of the conventional retail business. It’s more than just buying a product and getting the product delivered at some point. It’s about the way that consumers are making purchases. Rather than purchasing a product on a yearly or monthly basis, consumers purchase as a part of a subscription-based model. They’re subscribing to receive a specific set of products periodically. Like any other business, the best and most successful subscription-based companies leverage technology.
We have asked a few questions to Vedran Vukman, founder of Revuto, to get a deeper understanding of how the subscription model could potentially reshape the eCommerce business. Revuto is an easy-to-use and straightforward active subscription management service. It allows users to manage all of their subscriptions for a wide range of goods and services.
Why is the subscription economy a game-changer?
The subscription economy has many upsides for consumers and business owners alike. The biggest benefit of a subscription-based business model is that customers are generally more loyal to their chosen subscription providers. They might not prefer all of the subscription services available. Still, they are unlikely to switch services just because their favorite subscription service is not available through their preferred subscription service provider. Another benefit is that subscribing allows customers to trial different subscription services to find the best for their needs. The customer may subscribe to more than one service at a time, choosing from several subscription providers.
Can we expect large company shifting from a traditional one-time buy model to subscription-based payments?
We see subscription services spread to every category you can imagine, from automobiles to food delivery to entertainment. And it’s not just for one company. Consumers are taking a shine to subscription services. According to a 2020 study by PwC, 85 percent of U.S. companies expect their core offering to be on a subscription model within three years, up from a mere 30 percent a decade ago. Companies like Pure Storage, Spotify, Netflix, and Amazon Prime all have subscription services driving consumer demand. And with all the benefits of the subscription economy, the service providers are competing aggressively for customers.
How can your platform, Revuto.com, fit in this new scenario?
Revuto is a decentralized smartphone software that assists users in managing recurring subscription-related costs. You may save money by Approving, Blocking, or Snoozing subscription charges or any other recurring payments as they occur using the Revuto app. We think that cryptocurrency is the future of money, and our goals are perfectly aligned with the cypherpunk ethos. In the next two months, the Revuto app will be available for iOS and Android. From the start, the app will show the status of users’ REVU tokens. In addition, Revuto promises that the ‘Are you sure you want to unsubscribe? ‘ line is now a thing of the past. No one should ever be paid for memberships they no longer desire or use, in our opinion.
What new features can we expect from Revuto.com in the coming years?
Revuto’s app will be available in September, making subscriptions (Block, Snooze, Approve) management easier, thanks to integrating the REVU tokens onto the Revuto Virtual Debit Card(s). The app will be accessible for iOS and Android. In two months, the Revuto app will be accessible to all users.
The app cannot be used by users who do not have a valid citizenship document verifying their residence. Management of subscriptions, credit card payments, spending statistics, and other features are all available in the app. It brings you one step closer to being able to pay for items with your own money.
Is subscription economy equal to shared economy?
The subscription economy is, in my opinion, far more significant than the sharing economy. Why? It is much more fluid and flexible. In the sharing economy, I remember seeing people get rich and famous off of companies that were on their way out. With the subscription economy, that’s not the case. Sharing economy companies such as Lyft and Uber will die when they do not have the most significant market share in the space or when the economy gets more complicated. In the case of subscription-based businesses, a business model or a pricing structure does not always need to become commoditized to reach mass adoption. Take GameStop, for example. Everyone knows that the company is dying. In the consumer games business, competition is fierce.