SUBTA Unveils 2023 Subscription Commerce Industry Outlook Annual Report at SubSummit
TROY, Mich. (PRWEB) June 15, 2023 -- The Subscription Trade Association (SUBTA), the world’s leading authority on direct-to-consumer subscriptions, in partnership with Attest, is proud to announce the release of the highly anticipated 2023 Subscription Commerce Industry Outlook Annual Report.
The report, first made available to attendees at SubSummit 2023, the world's largest conference dedicated to subscriptions, memberships, and recurring revenue, presents invaluable insights into the subscription market and equips businesses with the tools to thrive in this rapidly evolving industry.
The Subscription Commerce Industry Outlook Annual Report, segmented into two parts, delivers exclusive consumer data and industry benchmarks that provide a comprehensive understanding of the subscription landscape.
Key findings from the report include:
- Explosive Market Growth: The subscription market is projected to reach an impressive valuation of nearly $200 billion by 2023, exhibiting a remarkable compound annual growth rate of 64.4%.
- Surpassing the Trillion-Dollar Mark: The industry is expected to surpass the trillion-dollar mark by 2027, showcasing the immense potential and promising future of subscriptions.
- Unprecedented Consumer Engagement: An astounding 95.8% of U.S. consumers are active subscribers, underlining the widespread adoption and popularity of subscriptions, memberships, and the recurring revenue business model.
- Budgetary Concerns: More than 60% of consumers do not know the exact amount of money they spend on subscriptions each month.
Paul Chambers, CEO of SUBTA, emphasizes the significance of engaging with consumers in meaningful ways, stating, "It’s imperative to understand who you’re selling products and services to on a deeper level. The only way you can entice consumers to develop brand loyalty is through constant, personalized communication, and a comprehensive library of data analytics that empower you to anticipate a customer’s needs before they even realize what’s missing."
The 2023 Subscription Commerce Industry Outlook Annual Report equips businesses with the knowledge and strategies to foster lifelong subscribers, build meaningful connections with engaged and disengaged customers, and showcase the wide array of benefits that come with leveraging the subscription model. This comprehensive resource serves as a roadmap to guide businesses in their quest for sustained growth and customer satisfaction.
"Attempting to trick customers into becoming subscribers goes against the mission of the subscription business model," says Christopher George, CEO of SubSummit. "Every brand’s purpose should be to improve the lives of its customers, which means giving them a chance to come and go as they please."
To access the 2023 Subscription Commerce Industry Outlook Annual Report and gain an edge in the dynamic world of subscriptions, please visit subta.com/annual-report-2023 or contact [email protected].
About SUBTA:
The mission of the Subscription Trade Association (SUBTA) is to provide
a network and resources to help nurture the largest community in DTC subscriptions. We do this by providing world-class experiences, unparalleled connections, and a comprehensive and reputable library of news, knowledge, and resources.
Contact:
SUBTA
+1(248) 918-4939
Louis Ricard, SUBTA, http://subta.com, 1 +1(248) 918-4939, [email protected]
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