In any industry, regardless of size, scale, scope, or the level of competition, saturation is always going to be a key driving factor that forces competing businesses to get creative, innovative, and better equipped to meet the needs of today’s consumers. In the pet retail industry, this driving factor cannot be overstated. In order for the pet retail industry to remain competitive in a world where eCommerce giants like Amazon, Walmart, and eBay live on strong each and every day, the businesses that make up this industry need to become more innovative in the ways in which they approach the traditional and the contemporary consumer.
Let’s take a look to see just how the pet retail industry plans to grow in 2020. With innovation and creativity in their crosshairs, businesses far and wide are looking to differentiate themselves from companies like Amazon and Chewy, so that they can remain relevant in a saturated pet market.
Let’s Look At The Advantages
Before we get into the actions that these businesses plan to take, let’s look at the advantages that they have going for them. First and foremost, nearly 85 million American households own a pet – which is nearly 20 million more households who have children under the age of 18. This staggering statistic should be enough to keep the spirits of smaller pet retailers up! In addition, in 2018 alone, the US spent $72.5 billion on our pets all throughout the nation. This is a sign of a massive industry that continues to remain relevant. Now, how are businesses leveraging these advantages?
The Simple Sell & Purchase Model Is Shrinking
The old idea of “sell it, and they will buy,” is beginning to disappear when it comes to pet food and pet products. Why? Because pet owners far and wide are becoming much more cognizant about the ingredients that are used to craft the foods and products that they give their pets on a daily basis. With the recent shift in focus from artificial ingredients to natural ingredients, it seems that the industry is taking note of the desire for pet owners to feed their pets safer, healthier, and more wholesome foods that aren’t filled with artificial ingredients and chemical additives.
How are pet businesses taking advantage of this? They’re keeping their retail fresh, engaging, and interesting. For example, farm-to-table dog retail products have become a growing trend in the industry, with local businesses sourcing their ingredients from local farms and suppliers to offer a fresh pet food alternative. In addition, the embrace of CBD pet products has also re-energized the market. With hemp-based foods, supplements, and even pet clothing liker collars and leashes, local pet businesses all throughout the country are marketing themselves as holistic, all-natural pet retail brands that offer a new alternative to the history of artificiality that has plagued the industry for far too long.
The Small-Store Model
Again, with these once “niche” products becoming more mainstream, it’s forcing consumers to break out of the online ordering mold and instead, pay a real visit to some of the largest pet stores to find the high-quality pet products that they seek. This is the new model, and this is how pet retailers can grow in 2020.
What big retailers sell pet clothes?
Are pet stores specialty businesses or retail?
How big is the pet industry in the us?
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