Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

Comparative Analysis Between Subscription Economy and Ownership: A New Consumer Behavioral Model

Olawale C. Olawore, Taiwo R Aiki, Oluwatobi J. Banjo, Beverly B. Tambari, Victor O. Okoh, Festus I. Ojedokun, Tunde O. Olafimihan, Kazeem O. Oyerinde, Funmilayo C. Olawore, Jonathan E. Kozah

Abstract

Subscription-based services are becoming increasingly important in the modern economy, providing continuous value to consumers while generating stable revenue streams for businesses. It is essential to comprehend consumer behavior within this context to enhance service offerings and build customer loyalty. This research investigates the primary factors that affect consumer choices in subscription services. By employing both qualitative and quantitative data through an exploratory methodology, the study seeks to uncover patterns and motivations that drive consumer decisions. The analysis emphasizes the influence of pricing models, service quality, engagement tactics, and psychological elements on purchasing behavior. The outcomes present valuable recommendations for service providers, specifying approaches to boost customer acquisition and retention. This study underscores the complexity of consumer behavior in the subscription economy and aids in formulating more efficient business strategies.

Keywords

subscription-based serviceownership serviceeconomyconsumer behaviormodel.

References

T. H. Bijmolt, P. S. Leeflang, F. Block, et al., "Customer engagement analytics," Journal of Service Research, vol. 13, no. 3, pp. 341-356, 2010. A. Borg, M. Boldt, O. Rosander, and J. Ahlstrand, "Machine learning applications in customer support communications," Neural Computing and Applications, vol. 33, no. 6, pp. 1881- 1902, 2021. S. Sharma and N. Desai, "Predictive analysis of customer churn through machine learning," in 2023 3rd International Conference on Smart Generation Computing, Communication and Networking (SMART GENCON), IEEE, 2023, pp. 1-6. F. Bozyigit, O. Dogan, and D. Kling, "Machine learning approaches for customer feedback analysis in retail," Journal of Intelligent Systems: Theory and Applications, vol. 5, no. 1, pp. 85-91, 2022. S. Buckley, M. Ettl, P. Jain, et al., "Leveraging social media analytics for customer engagement," IBM Journal of Research and Development, vol. 58, no. 5/6, pp. 7-1, 2014. Y.-S. Chen and Y.-C. Chen, "Predictive analytics for customer insights: Current trends and future directions," Journal of Business Research, vol. 117, pp. 338-357, 2020. P. Chou, H. H.-C. Chuang, Y.-C. Chou, and T.-P. Liang, "Integrating machine learning with customer lifetime value models," European Journal of Operational Research, vol. 296, no. 2, pp. 635-651, 2022. T. H. Davenport, "The evolution of business analytics," Harvard Business Review, vol. 91, no. 12, pp. 64-72, 2013. M. Droomer and J. Bekker, "Predictive modeling of customer purchase behavior," South African Journal of Industrial Engineering, vol. 31, no. 3, pp. 69-82, 2020. J. Feldman, D. J. Zhang, X. Liu, and N. Zhang, "Machine learning applications in e-commerce product placement," Operations Research, vol. 70, no. 1, pp. 309-328, 2022. V. Garcia, "The impact of digital platforms on small business growth," International Journal of Contemporary Financial Issues, vol. 1, no. 1, pp. 28-38, 2021. T. Vafeiadis, K. I. Diamantaras, G. Sarigiannidis, and K. C. Chatzisavvas, "Comparative analysis of machine learning techniques for churn prediction," Simulation Modelling Practice and Theory, vol. 55, pp. 1-9, 2015. T. Verhelst, O. Caelen, J.-C. Dewitte, B. Lebichot, and G. Bontempi, "Machine learning applications in telecom churn analysis," in Artificial Intelligence and Machine Learning: 31st Benelux AI Conference, Springer, 2020, pp. 182-200. Y. Suh, "Predictive modeling of customer churn in rental businesses," Journal of Big Data, vol. 10, no. 1, p. 41, 2023. S. Sharma and N. Desai, "Advanced clustering methods for customer segmentation," in 2023 4th IEEE Global Conference for Advancement in Technology (GCAT), IEEE, 2023, pp. 1-7. D. Kilroy, G. Healy, and S. Caton, "Machine learning applications in customer needs identification," IEEE Access, vol. 10, pp. 37 774-37 795, 2022. L. Li, Y. Liu, and M. Shen, "Comparative study of machine learning techniques for customer retention," in 2018 IEEE International Conference on Data Mining Workshops (ICDMW), IEEE, 2018, pp. 1314-1320.

More Articles from IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT