We Now Live in a Subscription Economy
We now live in a subscription economy. The way retailers conduct business has fundamentally changed. Think about the way you consume goods and services today; from news, to television, to music, to clothes. I know when I check my monthly spending it is flooded with monthly subscription services.
Over the last 50 years, the evolution of retail has changed from being all about the products to all about the customer service experience. Now, it’s all about the relationship between the customer and the company. Ask yourself…
- Has your store evolved with retail trends?
- What kind of relationship do you have with your customers?
- What would your students say about the type of relationship they have with your store?
This idea of a subscription economy is changing the way higher education bookstores are delivering course materials to students. Equitable Access (EA) programs are starting to take off. The term equitable access refers to the notion that every student in any classroom in any school should have the same opportunity as any other student. Many administrators think of EA programs as Inclusive Access for all students and all materials.
As it relates to course materials, EA is a subscription model with one price for all content. All students pay a fixed per-credit-hour fee and receive access to 100% of the required course materials adopted by faculty. The idea of subscription box services for all physical and digital materials is becoming an expectation from students.
As you continue to evaluate
the evolution of course material delivery and consider subscription services we encourage you to answer the following questions.
- Are students prepared for classes with all their materials on day 1?
- Are your materials as cheap or cheaper than Amazon on average?
- With your proximity advantage, are you fulfilling course materials faster than Amazon?
- Do you create memorable and personalized experiences for your students?
- What can you provide that online retailers can’t?
Like any major economic shift, when the dust settles there will be winners and losers. Aligning to the core characteristics that make companies successful in challenging times will be critical for college bookstores.
- Students First. Put the needs of the customers first when making decisions.
- Innovation. Think about what you can do today to adapt to the changing environment.
- Relationships Matter. Care about your people.
- Core Values. Be rooted in honesty and integrity.
If it feels overwhelming to build out a course material program that can meet the needs of today’s consumers, let Slingshot help. To learn more about the Equitable Access (EA) programs offered by Slingshot, head on over to Our Solutions page.
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