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" ... Instead of the traditional approach of selling a product or service as a one-off transaction, more and more businesses are transitioning to a servitization model, in which the product or service is delivered as an ongoing subscription. Netflix is a prime example of this model in action. For a less obvious example, how about the Dollar Shave Club, which will deliver razor blades and grooming products to your door on a regular basis. Or Stich Fix, a personalized styling service that delivers clothes to your door based on your personal style, size, and budget. ... "
" ... Sharma added, “It is fascinating to see how resilient the service business has been, even in the pandemic. Companies with a firm focus on service business have seen stability and even growth in service business revenues, where other business segments have declined. So, this is a good time to start the servitization journey.” ... "
" ... The servitization business model also builds in the cost of refreshing and upgrading the product as it evolves. This becomes a natural incentive for the manufacturer to design its products in a way that makes them easily reusable, recyclable or upgradable, reducing waste and increasing profitability. ... "
" ... With servitization, all parties share the risk and benefit from the added value (rewards), whether through more resilient operations, less downtime or increased flexibility. ... "