Socar's paid membership service surpasses half a million subscribers.
Why it matters: Socar, the South Korean mobility company, has announced that its Paid Membership Service has gained over 500,000 subscribers since its launch in 2021.
This milestone demonstrates the growing demand for integrated mobility memberships in the industry.
The Key points:
- The paid membership service, which allows members to earn points and secure discounts across Socar's service offerings, has seen an average of 20,000 new sign-ups per month.
- Socar's data-driven approach, which uses customer usage patterns to offer various discounts and services, is credited with increasing customer loyalty and frequency of use.
- According to Socar, paid membership service members rent a Socar vehicle approximately yearly, 4.5 times more than non-paid membership subscribers.
- Paid membership service members have access to additional services such as Socar Stay, KTX bundles, and Socar Plan, which account for over 30% of all bookings.
The Big Picture: Socar CEO Jaeuk Park says the service's success goes beyond cost savings.
It represents a strategy to improve user retention, offering additional benefits to repeat users.
Future uses include other services, suggesting an expansion of Socar's service portfolio.
The success of the paid membership service underscores the potential for integrated mobility services in South Korea's mobility sector.