Modern Retail – by Gabriela Barkho
As one of the largest book subscription services in the U.S., Book of the Month is trying to position itself as a go-to gift this holiday season for shoppers who might find their favorite books out of stock.
According to industry tracker NPD Bookscan, last year’s stay-at-home orders gave printed books a boost, which is still going strong. Print book sales increased 13.2% percent from 2020 to 2021, resulting in a 21% jump between 2019 and 2021. But, amid this growth, the book industry is also facing delays due to several factors, such as paper mill labor shortage and shipping freight costs.
To harness the ongoing demand, Book of the Month — which currently has over 250,000 monthly subscribers — has been planning for an uptick in subscription gifts.
Venky Ramesh, VP of consumer products and distribution at consulting firm EPAM Systems, said more and more customers are looking for “high perceived value” subscriptions.
“In a time where demand and supply uncertainties co-exist, subscriptions provide demand predictability,” Ramesh said. This allows companies to plan ahead and have the product in their customers’ hands on time. However, Ramesh also noted that to retain customers, subscription-based brands have to provide customers with the flexibility to change plans or order quantities to avoid cancellations.
For its future roadmap, Orlandi said Book of the Month will work on growing its core membership, including expanding into older age demographics. “Over time, we want to approach audiobooks and e-book formats to add more value for members,” he said.
Read the full article here: How subscription service Book of the Month is preparing for the holidays (modernretail.co).
Check out EPAM Continuum’s Consumers Unmasked Report here: Consumers Unmasked | EPAM.