Servicization

Servicization is the transformation of traditional product-based businesses into service-oriented models. Instead of just selling physical goods, companies provide services that meet customer needs, often including maintenance, support, or access to products. For example, instead of selling a car outright, a company might offer a subscription service that provides access to a vehicle along with maintenance and insurance. This shift helps businesses generate ongoing revenue, builds customer relationships, and can offer more sustainable solutions by reducing waste and encouraging efficient use of resources.