Top Subscription Economy Statistics to Grow Your Business
The May 2022 Subscription Commerce Conversion Index is packed with actionable insights. Learn the top subscription economy statistics to stay successful in 2022 and beyond.
August 16, 2023
The past few years have seen enormous growth in subscriptions, but our May 2022 Subscription Commerce Conversion Index shows how recent global developments are disrupting the subscription industry.
The index, a quarterly collaboration with PYMNTS.com, gives subscription merchants insight into changing consumer demands and offers actionable advice on maintaining subscription success during global disruptions such as inflation and supply chain delays.
The report is based on a census-balanced survey of 1,919 U.S. consumers carried out between February 24 and March 21 and reveals key features that drive consumer loyalty for small, medium and large subscription companies.
These statistics offer a glimpse into the study’s central findings.
Inflationary Pressures in the Subscription Industry
22% of nonsubscribers cited cost as their most important hindrance to getting a retail subscription.
78% of retail subscribers feel the impact of rising prices.
54% of consumers who canceled their subscriptions cited the primary motivation as reducing overall expenses.
Subscribing now takes 29% more time than it did in October 2021, with consumers spending 3 minutes and 19 seconds to subscribe.
17% of consumers who canceled their subscriptions did so because their services supplied them with more of the product than they needed.
Only 33% of large firms allow subscribers to change products after subscribing, but more than 50% of small firms include this possibility.
44% of large firms offer the option to pause subscriptions or skip deliveries, but this option appears among 62% of small merchants.
Relationship Building in the Subscription Economy
73% of consumers want to buy from merchants that display a satisfaction guarantee or cancelation policy.
29% of retail subscribers feel decreased loyalty to their current subscription services due to increasing costs, irregular deliveries and a lack of product availability.
Subscription Payment and Discounts
82% of subscribers stated that the ability to pay using their preferred payment methods was one of the features they wanted most from merchants.
82% of customers see free shipping as an important subscription feature.
47% of subscribers expect better prices when subscribing to direct-to-consumer brands.
Conquer the Subscription Competition
The key to success in a volatile subscription economy is to stay on top of data trends and consumer expectations. The full May 2022 Subscription Commerce Conversion Index gives you the rundown on what consumers are expecting from their subscriptions and how you can outperform competitors.