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TECHNOLOGY

The rise of the subscription model

The rise of the subscription model 41

By Matt Hammond, Founder of Talk Think Do

The rise of the subscription model 42

Matt Hammond, Founder of Talk Think Do

The role of tech solutions in enhancing consumer experience in a rapidly growing business environment 

Subscription businesses have boomed in the wake of the COVID-19 pandemic and numerous lockdowns. Studies suggest that the global ecommerce subscription market is expected to reach $904.28 billion in 2026 at a compound annual growth rate of 65.67%.

With the market becoming increasingly saturated, brands are looking to technical teams to deliver improved user experience with a competitive edge. Software architect and founder of UK tech firm Talk Think Do, Matt Hammond, believes that the quality of the software behind subscription businesses is becoming a make-or-break factor to success. 

Matt explains, “Recurring revenue is a big driver for venture-capitalists and entrepreneurs, therefore it’s unsurprising that subscription-based businesses are on the rise. In many cases, software is now being consumed as a subscription. Netflix is a prime example of where this has become a comfortable model for consumers.  Therefore, for continued success of these businesses, ensuring the software and user experience matches customer expectations is critical.” 

Matt has extensive experience developing software for subscription models, including launching Fitness First’s membership and billing system across 16 countries, supporting over 1 million members and most recently for education provider, Explore Learning. 

With the standpoint that the billing and banking element to a subscription software is possibly the most complex, Matt believes this should firmly be considered part of the user experience: “All too often there is a lack of attention to detail on the elements that wrap around the product and business. Ensuring that a customer has a smooth experience in setting up their account and providing billing details is critical to closing the sales pipeline. A good billing system needs to be robust and offer access to statements and invoices at a click of a button.”

The software specialist also advises that transparency around billing is key to retained confidence in the product and brand. 

Matt added: “With the widespread adoption of Apple Pay for example, consumers now expect friction-free payment methods, so quality subscription businesses should be ensuring they have the slickest billing systems possible going into 2023.”

Matt founded Talk Think Do in 2014 to innovate, modify, and maintain advanced, bespoke cloud-native applications that enable businesses to achieve their growth objectives. His work in delivering bespoke solutions has allowed him to see how off-the-shelf products are simply not fit for purpose for subscription models.

“Completely bespoke systems are entirely suited to the way a company does business. Off the shelf software doesn’t match the language and terminology the team use, and it isn’t aligned or adaptable to how the business and its operations run. This creates confusion among the team and customers and results in things being incredibly clunky. For a business model that promotes easy, recurring income, this isn’t ideal. 

“Bespoke tech solutions that can be curated with the customer, their billing preference and the team’s operations in mind, are the only way forward for subscription businesses wishing to thrive in 2023 and beyond.”

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