How Many Subscriptions Do You Have? Here's The Reason Why You Can't Live Without Them
From music streaming platforms to gym memberships, we love our subscriptions!
Published for AIA MALAYSIA, 28 Aug 2023, 09:39 AM
If you're like the average Malaysian, you probably have a couple of subscriptions, like a mobile plan at the very least
According to Statista, the number of mobile subscriptions in Malaysia was over 47 million in 2021, more than our entire population. That just shows how much we love our mobile devices. ;P
For smartphone users, there's a high chance you're also subscribing to a music streaming platform. And when it comes to entertainment, we often subscribe to not just one, but multiple streaming platforms, so we can binge all the shows we wanna watch, whenever and wherever.
That's not even counting things like gym memberships, monthly coffee subscriptions (yes, that's a thing!), public transportation plans, co-working space passes, and food delivery subscriptions.
One of the main reasons Malaysians are so obsessed with subscriptions is because of the convenience it provides
In a National Retail Federation survey, 52% of shoppers said half or more of their purchases were influenced by convenience.
This is why subscriptions are so attractive — they save us the hassle of making decisions and having to make the same purchase over and over. Just subscribe once, and forget!
It's so convenient to the point that many of us have one or more subscriptions we pay for but don't even use.
Leading subscriptions payments platform Recharge revealed that when we buy something or consider whether an item is worth getting, we use the conscious, regulated part of our brain. While making decisions like that may seem like an afterthought, they can easily add up throughout the day and lead to time drain. That's why people love subscriptions, 'cause it gives us one less thing to worry about.
Besides that, subscriptions often come with options that can be personalised and tailored to our preferences
Take on-demand content streaming platforms, for example – some offer sports packages, while others offer movie packages. Or think about your telco subscription, which gives you unlimited combinations of mobile and broadband packages, and even the options to purchase devices or add-ons as you see fit.
Even co-working spaces and gym classes now give you the option of choosing an all-access monthly pass or a package with a set number of entries. All in all, subscriptions allow us to pick and choose what we like and pay for that only.
Lastly, a big part of why we love subscriptions is all the benefits that come with it
Subscriptions usually come with some sort of benefit, be it a discount or value-add.
For coffee subscriptions, you usually get to enjoy more bang for your buck — "Pay RM8 per day for a latte every day". Or, for entertainment platforms, you get the freedom to watch countless movies and TV shows all for just one subscription fee.
Economist John Jourville said that "temporal reframing", a.k.a. the pennies-a-day strategy, helps consumers break down costs into small, daily amounts, which could justify larger purchases.
While it'd be cheaper to just buy a RM10 cup of coffee or watch one movie in the cinema, customers are willing to pay more upfront for a subscription because of the benefits attached to it.
All in all, subscriptions always aim to make our lives better, or at the very least, just a little more convenient.
This is exactly what AIA Malaysia hopes to accomplish, by providing Malaysians with plans and offerings that are personalised to their needs and preferences so they can subscribe to a better life!
AIA Malaysia understands that everyone is different, and that you can't just fit people into cookie cutter insurance or financial plans. That's why they've come up with the 'Subscribe to a Better Life' campaign, to help Malaysians better understand and find out more about the various plans that fit with their own life profiles.
For starters, AIA Malaysia has coined profiles like Young and Ambitious, Make it Healthy, My Big Malaysian Family, and Generation Wealth. Malaysians can discover and explore the different AIA Malaysia products and offerings based on their profiles, just like they browse through movie genres on streaming platforms, all while tapping into our love of subscriptions!
The brand also wants to empower Malaysians to embrace a better life for themselves, one that is healthy, active, and vibrant
What's great about 'Subscribe to a Better Life' is that Malaysians from all walks of life can start figuring out what kind of insurance "subscription" fits them the best. You can do it all by yourself, at your own pace!
Committed to the holistic well-being of Malaysians, the campaign even goes beyond traditional insurance and takaful protection. AIA Malaysia provides comprehensive support for healthy living, financial planning, and overall lifestyle improvement, ensuring that Malaysians can live Healthier, Longer, and Better Lives.
Watch this video to see how AIA Malaysia’s ambassador, Datuk Nicol David, Subscribe to a Better Life:
Ultimately, the website aims to reshape how individuals engage with insurance, helping them realise their life aspirations through curated content that features a line-up of AIA Malaysia's solutions and offerings, including its proprietary Total Health and Wealth Solutions ecosystem.
