Since the pandemic started, online subscription box services have boomed. According to the UK Subscription Box Market report from Royal Mail, the UK subscription box market is set to be worth £1.8bn by 2025.
Over half (55 per cent) of subscription box customers said they had signed up because they wanted to treat themselves, which is why they work well with consumable products such as food (the most popular category according to Whistl), drink, make-up, toiletries and candles. Really think about your customer when choosing your products: their age, where they live, job title, hobbies and interests – the works.
Pricing is incredibly important here. Subscription box firm, Cratejoy, recommends pricing your box with at least a 40 per cent profit margin to be considered sustainable. Cratejoy has a subscription box calculator if you get stuck.
Digital marketing, no surprise, will help you a lot especially at launch stage. Check out these five effective digital marketing tips for a small business.