This article in PYMNTS.com provides an excellent overview of how the automotive, appliance and other consumer-focused industries are leveraging subscription-based business models to drive higher revenues and strengthen customer relationships.

Recent announcements from Bosch, Qualcomm, Amazon, Stellantis, and others illustrate the growing wave of new Digital Solutions Economy type of applications that are changing the way many manufacturers are now going beyond one-off sales and finding ways to foster ongoing customer engagement.

According to the article, Bosch Group Chief Digital Officer Tanja Rückert said, “We are systematically digitalizing our core business to increase the benefits for our customers. Going forward, we aim to turn the sale of every digital product into services-based revenue as well.”

Bosch is also incorporating artificial intelligence (AI) into its products. For example, it offers a refrigerator that can identify its contents and suggest recipes that would use them. The company also offers an AI-powered gas sensor that can “sniff” the air to detect a forest fire and then alert authorities.

Qualcomm Technologies described its Snapdragon Digital Chassis offerings as providing global automakers with highly configurable vehicle platforms that are connected to the cloud and provide flexibility for implementing a variety of software features, which can be updated and managed remotely to create new opportunities for automakers.

As connected devices become more prevalent, leading web services providers such as Amazon Web Services are also playing a key role in providing the service infrastructure, and experiencing huge revenue growth in the process.

Read the full article at PYMNTS.com here.