Can you count on one hand how many subscriptions your household is subscribed to?
Over 62% of households are now subscribed to at least one retail membership. Not surprisingly, 54% of U.S. households are subscribed to Amazon Prime.
This week we dive deep into emerging retail subscription services and the potential of a BNPL bubble.
THIS WEEK’S HIGHLIGHTS
- BNPL: How buy now, pay later has become an unregulated mess.
Hot topic – Subscriptions: From niche to mainstream, everything you need to know about retail subscriptions.
Q1 Benchmark Report: Click HERE to download the report.
Doorcounts webinar: No webinar this week. Enjoy your morning and we will be back next week!
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Update: Buy Now Pay Later
As it turns out, nearly everyone loves the benefits of Buy now, pay later – and it is slowly becoming a problem for consumers.
4 in 5 consumers in the U.S. now use buy now, pay later on nearly anything and everything they buy.
Unfortunately, 70% of consumers admit they end up spending more than they would if BNPL was not an option. According to LendingTree, 42% of consumers who have used BNPL have made at least one late payment on the loan.
Without much regulatory oversight, the penalty for missing payments is unknown to many consumers.
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Name of the game: Subscriptions
From Costco to Amazon Prime, subscription retail services have slowly become mainstream.
Over 62% of households are now subscribed to at least one retail membership. Not surprisingly, 54% of U.S. households are subscribed to Amazon Prime.
Not only do programs like Walmart+ and Amazon prime drive more sales with the added benefits such as free shipping, but the memberships also help drive brand loyalty and trust.
Although subscription services do not directly relate to big-ticket items, early access or “subscriber-only” deals can be a great way to generate leads and brand loyalty.
Click HERE to learn more about retail subscription services.
Retail Snippets
Market insights: Analysis of 500 brands reveals gaps that retailers can turn into competitive advantages.
Supply update: How other furniture brands and manufacturers are coping with ongoing supply chain strain.
Union: Employees everywhere are organizing. Here’s why it’s happening now.
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