How Consumer Habits Influence Purchasing Decisions

💰 Join the Tomorrow Brand Challenge to enter to win the biggest prize in ecommerce history 🔗 https://tmrwbrand.getrecharge.com/ 🔁 Recharge - The subscription management platform that powers the growth and retention strategies of more than 20000 brands. Learn How Recharge Can Help Automate Recurring Payments & Billing for Your Ecomm Business 🔗 https://hubs.ly/Q02Hf0GN0 In this first episode of the Tomorrow Brand podcast, Ron Shah, CEO of Obvi, and Jen Gray, SVP of Marketing at Recharge, delve into the evolving consumer landscape, focusing on the role of subscriptions in building the brands of tomorrow. They discuss the impact of Millennial and Gen Z expectations, the importance of routine, and strategies for brands to adapt and thrive in the “routine economy.” 🌎 Subscriptions are no longer just about convenience, but also about providing value and building community. Brands need to consider the entire subscription life cycle and how it can elevate the consumer experience. 📈 Investing in subscription acquisition is worth it, despite higher upfront costs, because of the higher LTV and easier retention compared to one-time purchases. 🤸‍♀️ Gen Z values variety and niche offerings, unlike Millennials who prioritize consistency and brand loyalty. Brands must adapt to this changing expectation by diversifying their product lines and creating moments of delight. 🎉 The “routine economy” is the next level of economic value, where brands must become integral parts of a consumer’s daily life. 🚀 Recharge is launching the “Tomorrow Brand Challenge” with almost a million dollars in prizes to encourage brands to innovate and grow their subscription programs. 0:00 - Intro. 1:26 - Importance of creating a Good prouduct.​ 2:00 - Embedding subscription thinking into product development.​ 4:09 - Prioritizing recurring business for long-term success.​ 5:02 - Subscriptions drive value and customer loyalty.​ 6:05 - Subscribers' increased LTV.​ 8:06 - Understanding metrics that matter.​ 10:00 - LTV is essential for subscription success.​ 13:17 - Powering routines through subscriptions. ​14:49 - Understanding consumer behavior and priorities.​ 24:24 - Gen Z's consumer mindset.​ 25:04 - Options and experiences vs price.​ 26:00 - Decision overload on social media.​ 29:05 - Becoming part of consumers' routines.​ 32:02 - Positioning products based on consumer needs.​ 35:11 - Optimizing subscriptions for maximum customer retention.​ 38:04 - Testing different strategies for subscription success.​ 41:06 - Reward programs' impact on customer loyalty.​ 44:07 - Analyzing subscription programs for success. 46:43 - Tomorrow Brand Challenge. Follow us: Ron Shah - https://x.com/obviceo Jen Gray - https://www.linkedin.com/in/jen-l-gray/ Recharge - https://x.com/RechargePayment