We’ve all heard the accusations against Millennials, such as the industries they’re destroying and the outdated products they’re sending out to pasture. But if there’s one thing millennials love, it’s subscription boxes.
BirchBox, Dollar Shave Club, Blue Apron, Loot Crate, and more have sprung up over the last decade to feed the human delight in receiving packages and surprises. Meanwhile, on the service side, everything from gym memberships to Netflix organize their pricing model to secure customer commitment and recurring revenue. According to McKinsey, subscription businesses raked in more than $2.6 billion in sales in 2017 and have grown 100% annually over the last five years.
Enter brothers Ronan and Aeryn Quarmby, serial entrepreneurs who are on a mission to make it easy to open a recurring revenue business, regardless of business experience or initial resources. Ronan Quarmby, 27, started his first business out of his garage, selling custom t-shirts online to the tune of $3 million in annual turnover. His younger brother Aeryn, 23, joined in to start their next series of businesses, subscription boxes for fishing aficionados and motorcyclists. Although they quickly achieved high revenues and order volumes, international customs issues and fees proved to be difficult obstacles in pushing these ventures to their full potential. Subscription business owners also need to contend with inventory, customer service, quality control, returns, recurring payments, chargebacks and fraud, and more.
That’s why the Quarmby brothers founded Xion Protocol, a platform to make the launching and maintenance of a subscription service easy and accessible to anyone. The blockchain-based platform provides everything needed to start a subscription business, including subscription framework selection, live analytics, product shipping and tracking, supply chain management, customer service messaging, content creation, and more. The solution can help SME’s turn their existing business into a subscription service, securing key recurring revenue, but it can also work for entrepreneurs starting from scratch. Prospective business owners who have a great idea for a subscription can use Xion’s platform to arrange monthly distribution of products from a range of existing suppliers, so no stock or warehouses are required.
“Whether you’re a retailer or service provider looking to expand your reach and create recurring revenue through subscriptions, or an enthusiast who only has a dream of the perfect subscription, Xion Protocol can make your vision come to life,” said Ronan Quarmby, Founder and CEO of Xion Protocol.
“Ronan and I started numerous businesses out of our garage as teenagers, and there’s no better way to learn entrepreneurship than to dive right in,” said Aeryn Quarmby, co-founder of Xion. “We’re proud to be empowering SMEs and breakout executives alike with the awesome creative and financial opportunities of recurring subscription revenues.”
Arranging all of the moving pieces required for an endeavor like this to really follow through is a tall feat, and we’ll have to see as the project builds momentum if it can deliver on all fronts. But if the Quarmby brothers can utilize blockchain technology to simplify the entire process of launching a subscription business, they could be welcoming in a new generation of entrepreneurs.