Cloud Infographic: New Services Economy

Cloud Infographic: New Services Economy

The New Services Economy is here, ushering in a market opportunity that represents at least 50% of our GDP, that is trillions of dollars. Online service providers need to rethink how they service customers — more value is derived by extending new services on top of a product, rather than selling new products. Avangate recently released an infographic on consumer behaviors and buyer trends in the New Services Economy. Key data points include:

Products are Dead. Services are the New Product

  • 63% of U.S. adults use online services everyday, >50% regularly pay for online services

Buyers are in Control: Consumers are more willing to pay for an online service if it’s on their own terms.

  • 58% of consumers would be more likely to pay for services with free trials

Internet of Things = Products are Now Excuses to Sell Services

  • 55% of consumers would be more inclined to purchase wearables if they could extend with added services

Commerce complexity grows and becomes a challenge to scale as business grows

  • 90% of consumers do not remember to update their credit cards

According to Carl Theobald, CEO at Avangate:

Online Services is the next trillion dollar market being accelerated by the explosion of cloud computing and mobility, coupled with increased consumer demand to purchase whenever, wherever and however they want. This proliferation of new service offerings is cutting across all industries – from finding a limo driver, to accessing business software, to receiving legal advice. In this new world where buyers are in control, the expectations for online service providers to personalise and seamlessly sell, deliver and support have been permanently raised. We call this the New Services Economy.”

NewServicesEconomyInfographic[2]_001

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