Fairown is a fintech company that helps banks, brands and retailers offer products as a service.
New generation consumers want the latest products without actually owning them. Therefore, product manufacturers & retailers are increasingly turning to subscription-based distribution options for their products. This ongoing trend has already shaped many industries, contributing to the circular economy. However, implementing in-house subscription models is complex, costly and time-consuming for these companies, even for global brands like Apple.
Plug-and-play solution for product manufacturers and retailers to build the entire subscription architecture for physical products within 2-4 weeks (compared to >1 year for in-house development).
Integration of leading banks and buyback partners into the platform, enabling Fairown’s customers to introduce and manage subscription models and thus move more towards a circular economy. The choice of payment methods and ownership models will continue to be left to the end customers.
The subscription e-commerce market has grown by more than 100% p.a. over the last 5 years (Mckinsey). The largest retailers generated more than $2.6bn in revenue in 2016, up from just $57m in 2011. In 2018, 15% of online shoppers signed up for one or more subscriptions to receive regular product updates. MarketsandMarkets forecasts that the global subscription and billing management market will grow from $4bn in 2020 to $7.8bn in 2025 (CAGR of 14%).