As-a-service economy; convenience of usage without the burden of ownership

Talking about customer love on valentines day. Research shows 64% of consumers feel more connected to companies with whom they have a direct subscription experience versus one-off transactions. This market has grown to an incredible 120 billon dollars in 2022.

”The "As-a-Service" economy is growing rapidly, with more and more companies moving away from traditional ownership models to subscription-based services. This trend is evident in a variety of industries, including software, infrastructure, and transportation. Let’s explain the love for and growth of the ‘As-a-service economy’ from a B2B and a B2C perspective.

As-a-service economy in B2B
One of the key benefits of this model is cost savings, as businesses no longer need to invest in expensive equipment or infrastructure upfront. Instead, they can pay for these services on a subscription basis, which is often more affordable in the long run.

Another advantage of the As-a-Service model is flexibility. Companies can adjust their subscription levels up or down as their needs change, without being locked into long-term contracts. This is particularly beneficial for smaller businesses or startups that may not have the financial resources to invest in large, upfront costs.

As-a-service economy for B2C
The growth of technology and changing consumer preferences are driving the expansion of the As-a-Service economy. Consumers are increasingly looking for more convenient, flexible, and affordable options, and businesses are responding by offering subscription-based services that meet these demands.

One example of this is the transportation industry, where traditional car ownership is being challenged by subscription-based services like car sharing and car rental. This allows consumers to use a car as and when they need it, without the need for long-term ownership or expensive maintenance costs.

'The market in which consumers use services and products on an on-demand or subscription basis has grown worldwide from $73 billion in 2021 to $120 billion in 2022'

Growing economy
The As-a-Service economy is a growing trend that is set to continue. Businesses that are able to adapt and incorporate this model into their operations stand to benefit from cost savings, flexibility, and a competitive edge in the market. As consumers continue to demand more convenient and affordable options, subscription-based services are likely to become an increasingly important part of the economy.

GoMeddo and the as-a-service economy
GoMeddo is the native Salesforce scheduling engine to run your flexible or on-demand business on. Combine the flexibility and intelligence of GoMeddo with the power of Salesforce to create a full recurring business cycle in 5 steps in Salesforce.

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