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What is Product-as-a-Service?

 , March 18, 2016 updated on January 13, 2023
Product-as-a-Service is a business model that provides a service in areas that were traditionally sold as products. A service model provides ongoing interaction with customers including support. Services may also offer the ability to exchange a product on a regular basis for a different or newer model.
The producer gets a regular income stream as services may include monthly subscription fees or usage based charges. Customers may be attracted to service models due to flexibility, enhanced support, lower upfront costs and reduced risk. For example, a customer who joins a car sharing service doesn't have to worry about maintenance and has reduced upfront costs as compared with buying a car.
Overview: Product-as-a-Service
TypeProduct Strategy
DefinitionA business model that sells items as a service that were traditionally sold as a product.
ExampleSolar panels that are sold as a service to owners of a building or home.
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