Subscription vs Ownership: Why Subscribing is Slowly Becoming the New Norm in India -

Did you know that subscription-based services like Netflix have close to 5 million subscribers in India alone? Even its competitor Amazon Prime Video commands close to 17 million paid users with no signs of slowing down.

If you look at the current market, you will realise that brands across industries have started to leverage the subscription model encouraging customers to own less but access more.

While it seems like every other person is using some form of subscription service, there are multiple reasons why it’s the better alternative to actually buying a product.

Why is subscribing slowly becoming the new norm in India? Here are some of the most common reasons:

Convenience

Convenience is hands down the number one reason why people prefer subscription-based services.

How exactly does this work?

Well, subscription services solve the hassle of having to remember to purchase products or services every month.

For example, with subscription box services, you can expect to get necessary products like groceries or toiletries every week/month like clockwork. This works out well if you’re too busy to go to the store!

Similarly, Ola and Uber subscription services come in handy if you’re commuting regularly but are not in the market for a car of your own.

Flexibility and Personalisation

Now, who doesn’t like flexible services?

Flexibility essentially helps you personalise your experience. And a personalised experience is always perfect for your needs.

Subscription services provide a level of flexibility that can be highly useful if your requirements keep fluctuating.

For example, if you have a subscription-based water purifier and have a family member staying with you for only a month, you can opt for a subscription plan that’s appropriate and switch it back to your usual pricing plan once they leave.

Additionally, cloud-based subscription services are primarily popular due to their flexible nature as well. For instance, an average user would gravitate to 1GB of cloud storage as opposed to a video editor who might need 1TB.

All in all, buying a product or service comes with its own fair share of limitations, unlike their subscription-based alternatives.

Variety

As consumers, we absolutely love trying new things. However, while we want to buy a ton of things or experience various cool services, we can’t afford to keep buying them.

This is where subscriptions really come in handy. Not only can we test out various services for a fraction of their price but also stop using them as well.

Moreover, in the case of certain types of subscription services like snack boxes, you can always expect to get new products every month.

So, if you’re feeling adventurous but don’t want to spend a lot of money, subscribing to services would be your best bet.

Helps Save Money

Of course, this is one of the biggest benefits of any subscription-based service. Not only do you not have to pay a full price, but you also don’t even have to pay year on year. Payments can be broken down in terms of months to make it easier on your wallet.

Moreover, subscription models let you try out services that would be out of reach if you had to pay full price. For example, you’d have to spend a few thousand rupees if you had to purchase movies every month. However, you essentially have access to several movies and other shows by simply subscribing to a platform like Netflix.

Continued customer service

Buying a product does not ensure continued customer service. If you face a problem with the product, the offline or online store may not address the concerns you have after the transaction is completed.

But if you get a product or service on a subscription basis, the company will ensure you get the best customer service from the time of subscription till you unsubscribe. It’s their responsibility to ensure that you have the best experience.

Why should you subscribe instead of buying a product or a service?

Subscription-based products and services come with a ton of benefits like convenience, variety, and low costs. They also give you a chance to try and experience something before you go ahead and subscribe.

Let’s say you want to get an electric vehicle (EV). You will have to make a slightly high upfront investment to buy an EV. But, let’s say you get an EV on subscription, you will probably have to pay for it on a monthly basis and have no other hassles! With the subscription model, you not only get the EV but also get the freedom to try it as long as you want and unsubscribe if you feel it’s not your thing. Additionally, most of the subscription-based brands give you the option to personalize your service with its flexible plans that you won’t get if it’s a one-time purchase.