Malaysia’s homegrown digital economy enabler, Cardtrend Systems, introduces its subscription management system software for businesses interested in riding the consumer demand for subscription services. Customised for the specific product or service on offer and accompanied by end-to-end support from Cardtrend Systems, this software allows brands to implement subscription programmes that can effectively adapt to both business and customer needs.
Subscription business models are forecasted to grow from a $650 billion market to a $1.5 trillion market between 2020 and 2025 globally, driven by the willingness of today’s consumers in embracing the flexibility offered to them by automotive, entertainment, and digital workspace subscriptions.
Notably, Apple has recently announced their plans to offer a subscription plan for its iPhones and iPads. Locally, traditional brick-and-mortar businesses have started selling fresh flowers and ready-cut fruits via subscription plans, a key example of innovating to accommodate the convenience and ease of access to products that Malaysians increasingly prefer.
Cardtrend Systems sees that possibilities are plentiful if local businesses stay agile by matching the increasing consumer demand for an affordable, convenient, and digitised lifestyle. With subscription software that can be tailored for individual businesses and the expertise to implement it effectively, Cardtrend Systems is poised to help local brands improve their existing business models to meet this very demand.
For businesses, adopting a subscription-based business model creates a recurring income flow which helps ensure steadier income and heightened sustainability. By turning a one-off customer transaction into a continuous relationship that can be nurtured, brands would be able to gain better insight on the reception and popularity of products over time, mitigating the loss that may come from less successful ventures.
Meanwhile, this allows consumers to “rent” a variety of manufactured goods and services, from furniture and hardware to plumbing and lawn mowing services. With this freedom and ease of access, brands can encourage more prospective customers to sample their wares at the lower cost of renting rather than purchasing, while simultaneously helping subscribers to reduce clutter and encourage reusability.
“Cardtrend Systems always aims to serve more customer segments by enabling digital lifestyles using technology, as part of our business continuity plan. After evaluating market trends, we genuinely believe that more widespread adoption of subscription management systems is the way forward. By being a trusted provider of this software, we want to help prepare other businesses in anticipating changing customer needs and prove that despite the challenges in implementing a different business model, adopting a subscription-based model will be worth it,” shares Chee Yong Mok, Managing Director of Cardtrend Systems.
Hoping to move the industry forward, Cardtrend Systems hopes to see more local businesses take on subscription-based business models to remain agile and relevant to a wider range of consumers.