Subscription boxes have become a popular way to deliver goods to consumers and rake in profits. In fact, the global subscription box market reached a value of $ 22.7 Billion in 2021, and is expected to reach $ 65.0 Billion by 2027!
With such a whopping industry at hand and so many competitors in the market, making your subscription box stand out in the crowd is vital. Not only will it create a unique unboxing experience, but providing a smooth customer experience from start to finish is vital to keeping customers excited about seeing your box every month.
Outside of providing excellent goods, your subscription box can build trust in your brand. There is an opportunity in communicating with each shipment. Copper Peak Logistics' white paper Lessons from Subscription Services discusses how a small change can have a large impact on customer service:
"This could be something as simple as a short note from the owner to say ‘thank you,’ or something as involved as a newsletter. Better yet, take advantage of the opportunity to include a coupon for future purchases, or a catalogue… [just] make sure that each communication is an accurate and heartfelt reflection of your brand.”
Let's take a look at some best practices to help your subscription boxes improve your customer experience and revenue.
Fill A Niche
Subscription boxes do best when they fill a specific niche in the market. Carefully research your market to determine which problem your box is solving, and what goods you can provide to your customers that they can't get anywhere else. Pet care, for example, might be too wide of a net to cast. Dog toys are a much smaller niche that still reaches the same audience.
Personalize Your Products
New customers can be hesitant to complete their purchases. More often than not, they can be just browsing online and aren't ready to make a sale. By personalizing their experience, you can push them past this hesitation and allow them to customize a box to fit their own specific needs. For example, asking your subscribers to choose dietary preferences, style preferences, or frequency of sending helps your shoppers feel excited about completing their purchase.
Ask For Feedback
Personalization doesn't stop there. Continuously following up with your customers after they make their customized purchases can help you understand if they are satisfied with their purchases. Knowing whether a buyer liked or disliked the products they received can help you grow your offerings of products and keep them satisfied.
Manage The Data You Gather
Once you begin collecting data on the types of products that are selling well, you need a way to manage this data. A warehouse management software (WMS) will monitor your inventory levels and alert you when a well-selling product is running low. You can keep tabs on what inventory isn't working well in boxes, and cycle that out for stronger-performing items on your shelves. A WMS gives you full visibility into your inventory for you to properly prepare for customer demand.
Enable OmniChannel Selling
Online selling has opened many doors in the subscription box world. Many customers make purchases from not just their computers, but from their phones through social media as well. However, if you are balancing online sales with a physical store, stockouts and inventory tracking can be a challenge.
Using a 3PL data management system can help you ensure your multi-channel sales don't interfere with fulfilling your subscription boxes. A 3PL keeps you organized across your channels while giving you full visibility into your inventory so you know exactly what is going on in your warehouse in real-time.
Build Stronger Subscription Boxes with Materialogic
Subscription boxes can drive and sustain your profits by getting more inventory out the door. Materialogic has years of experience helping businesses like yours scale their operation to drive revenue and growth. As a trusted logistics partner, we provide support in receiving, fulfillment, warehousing, reporting, and inventory management.
Schedule a call with our team to discuss how Materialogic provides insights and visibility into making your subscription boxes stronger with each delivery.