Flexibility in ownership and different driving habits are changing the way millennials purchase auto insurance. (Photo: Shutterstock)
We now live in a world of renting, leasing, subscribing, and sharing of services and products, rather than flat out ownership being the norm. From meal kits and clothing to fresh razors and tackle boxes for fishermen, there are subscription services for just about everything. In fact, 15% of on-line shoppers have subscribed to an e-commerce service over the past year, with 46% of respondents subscribed to an on-line media streaming service, according to a recent McKinsey report.
For the consumer, the appeal of subscriptions is about receiving a seamless end-to-end experience. Individuals are willing to subscribe only where automated purchasing gives them tangible benefits, including affordability and personalization, according to McKinsey. So, in addition to clothes and food, what other industries can consumers turn to for great subscription experiences?
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