Top Tips on Subscription Boxes & the Subscription Market
There is currently a plethora of products requiring subscription boxes on the market. Subscription commerce is a growing trend. According to hitwise whitepapers, online visitors to the subscription box industry grew by 30% in 2017 and this growth is set to continue through 2018 and beyond.
Beauty products for both men and women, coffee and health foods are all the rage but it doesn’t just stop there. A good feature about subscription boxes are the ‘try before you buy’ element and this applies to all manner of products including: alcohol, art & crafts, vitamins and supplements, books and much more.
If you are looking to incorporate your product into a subscription there are several attributes that your product will need to sell to this growing market.
Do you have a niche product?
As with beauty products and health foods, there is a continuing need from customers that will keep them coming back each month to purchase your product. For instance, cosmetics and skincare are expected to grow to £800 billion worldwide by 2023 showing that these products are high in demand.
Supply & demand, does your product have this?
Dog treats are another trending subscription product that is at the top of the selling list and keeps customers coming back. Who wouldn’t want to keep their 4-legged friend content?
Does your product help your customer with their diet & lifestyle choices?
It’s a continuous and lifelong commitment to keep fit, therefore the health and food boxes are an ideal subscription box product. These types of products are always a hit with buyers and the trend is ever increasing.
Who would be my target market?
If you have a product that you believe would fit into the market, be as granular as possible. For instance: where would your subscriber come from? is this a UK or worldwide product? what age group would be the best to target? Research into your audience is paramount as its saves time and money.
What are subscription boxes?
Subscription boxes are a simple concept and are a fool-proof way of targeting customers based on their personas. A customer signs up and pays a monthly fee that can range from £5 upwards (price is dependent on the product). The customer fills in a quick online survey regarding their tastes, dislikes and preferences and each month a tailor-made parcel of goodies is delivered to their door.
What is in a subscription box?
Most boxes contain trial and sample products for you to test, which is not only convenient to the customer but also a great way to save money. Once you have tested the product, you know whether it would be a wise investment to purchase the product at full price or not.
How can a subscription box help to sell more?
Figures show that buyers like to receive packages that are just for them or for a loved one, this keeps them coming back each month. Each month a user gets about 3 to 5 trial sample products to test (dependant on the product and price) in the comfort of their own home.
Most websites offer the full-sized products of the samples being sent, on their website with a discount for monthly subscription users which generates an ample amount of returning customers.
Is environmental ethics important when creating a subscription box?
Sustainable packaging products should always be at the forefront of your packaging requirements. It would help to do some research in this area however its good practice to ensure that your products and packaging are ethical and are environmentally friendly. Customers are leaning now to products and packaging which can be recycled and cause as little pollution as possible.
What difference does the box make to our subscription products?
This is probably one of the most important components when it comes to sending your products through the post. Not only would a cardboard box keep your product safe and intact but it can also increase your brand awareness.
This may not be something you are currently thinking about however it is something that aids the ‘unboxing experience’ for the customer and can help to increase your sales and keeps customers returning to you.
When you are looking to really kickstart your brand why not contact our sister company Belmont Packaging Ltd who can manufacturer boxes in almost any size for clients who require branding and colouring. Head on over to their website and take a look at some case studies.
For those who are not looking for bespoke boxes here at Boxed-Up we currently offer plain white or brown subscription boxes in small or medium sizes that are ideal for your new business venture and can be easily popped in the post.
If you are wanting subscription boxes or further information please contact us here