A renewal price refers to the cost associated with the continued use of a product or service. This cost may be through an additional purchase of the product or service, or a subscription fee for use. Renewal prices are often less than the original purchase price of the product or service.
Renewal prices are usually lower in price than the original purchase price, due to the fact that the customer has already purchased the product or service once in the past and so, the customer is rewarded with a discounted cost for renewing the product or service. These savings may also come in the form of additional benefits, such as extended warranties or discounts on future purchases.
For example, an antivirus software may offer a discounted price to existing customers when they purchase a license to renew their software. Another example is the subscription service offered by streaming platforms such as Netflix, Spotify, or Amazon Prime, where existing customers are offered discounted prices when they renew their subscription.
Renewal prices can be a great way for customers to stay up-to-date and enjoy the advantages of a product or service while saving money. It is important to note, however, that renewal prices are subject to change without notice, so it is important to read the terms and conditions and explore the various options available to make sure you are getting the best deal for your money.
For more information about renewal pricing, you can check out this guide from Investopedia: https://www.investopedia.com/terms/r/renewalprice.asp