Riverty Study: Nordic Consumers Favor Subscription Payments
A Riverty survey across six Northern European countries reveals consumer payment preferences and the growing subscription economy. The study highlights the importance of local payment methods for international growth.
Fintech company Riverty has released a comprehensive study examining consumer payment preferences and the expanding subscription economy in Northern Europe. The online survey, conducted in March-April 2022, gathered responses from nearly 6,000 consumers across Germany, Norway, Sweden, Denmark, Finland, and the Netherlands.
The research indicates that most households in the surveyed regions manage an average of ten subscriptions. These range widely, covering services from entertainment and software to utilities and insurance, reflecting the subscription model's broad appeal. Consumers value the flexibility and continuous access offered by subscriptions without the burden of ownership.
For businesses aiming for international growth within the subscription sector, offering localized payment methods is crucial. Consumer preferences regarding payment periodicity and cancellation terms differ significantly between countries. Companies must tailor their payment strategies to meet these local expectations to foster customer loyalty and reduce churn.
"Ultimately, the subscription economy allows companies to attract more consumers and build stronger relationships with them," stated Steven Piet, Product Lead Recurring Payments at Riverty. He stressed the importance of looking beyond individual transactions and focusing on the overall customer experience, utilizing data to optimize payment flows.