Subscription Economy: How Retailers are Innovating?

The subscription economy was on the rise before the pandemic, but its wider and deeper reach in nearly every industry is expected to last, even after the pandemic subsides in the United States. The UBS financial services firm predicts that this “subscription economy” will grow to $1.5 trillion by 2025, more than double the $650 billion it’s estimated to be worth now. (Washington Post). Wine Access is one company that is forging ahead in its investment in the subscription economy. A central part in Wine Access strategy to strengthen its subscription base is to offer thematic clubs that build on partnerships with other companies. In this episode of Retail Corner, we are speaking with Joe Fisch, CEO of Wine Access, who will explore what has worked for Wine Access when it comes to developing and expanding its subscription base. Few touchpoints that Joe will be focusing on during this podcast. How do you choose which organizations you partner with? What makes for a mutually beneficial relationship? Are the wine clubs distinct? How often do subscribers receive a package? What's the secret to ensuring that the packages are "something to look forward to"? How do you educate the customer within the subscription model so that they become even more connected to your company? This connection to the customer a.k.a strong customer service ethos has translated into a strong NPS (Net Promoter Score) (Net promoter score (NPS) is a metric that reveals how many customers are willing to recommend a product or service to other people.) How do you capitalize on that? Customer Service is critical to Wine Access. In fact you were named by the New York Times as the #1 Wine Club in the USA. What is Wine Access doing in this department that sets it apart from its competitors? Personalization is a trend that companies continue to build upon.. how does that work on Wine Access outside the club base? Eventually, relationships come to an end. How does that work at Wine Access? Why do you think other companies make it so difficult? And, why does Wine Access see it as a more constructive move to make it easier to end deliveries? About our guest Joe Fisch: Joe has nearly 15 years of experience leading and advising retail and consumer companies, improving their financial growth strategy. Prior to Wine Access, Joe was the Director of Finance at Ghirardelli Chocolate Company, after having spent 7 years at PwC in both the M&A advisory and audit practices. Since joining the Company in April 2017, Joe has played a key role in optimizing the company’s financial operations while building out the corporate development program. In August 2018, Joe was promoted to CEO. Under his second year of leadership as CEO, Wine Access was named as one of Wine Enthusiast’s Top Online Wine Retailer of 2020. In 2022, the New York Times Wirecutter’s named Wine Access its #1 Wine Club.   About Retail Corner Podcast: Host: Carlos Diaz Listen to other podcasts at: https://retailcorner.live Subscribe our Podcast: Apple iTunes: https://apple.co/3eoeUdT Spotify: https://spoti.fi/3dvjpDJ Google Podcast: https://bit.ly/3DFHXHw Amazon Music: https://amzn.to/3tkbhk1 Interested in being on our podcast? Submit request at: https://www.retailcorner.live/guests/intake/ or email [email protected]