The future of pet product retail
Over 45 percent of pet parents in the United States purchased pet supplies online rather than visiting a store in 2021. Outside of mandates during the pandemic customers cited convenience, larger selection and lower prices as the main reason for shopping on the web versus in a store. Will online or in store be the future of pet product retail?
In 2020, US households spent $103 billion on their pets.
Online pet product retail will be the norm. Brick and mortar stores will lose marketshare as pet parents opt to purchase their products through convenient and easy to use online retailers. These retailers will have an extensive selection of products to choose from, and will offer competitive prices compared to brick and mortar competitors. Online pet supply retailers will also have a variety of shipping options, making it easy for pet parents to get the products they need delivered right to their door.
Brick & Mortar Store Retailers
The pet industry is booming, and it is estimated to be worth over $120 billion by 2022. This growth is being driven by the increasing popularity of pets, especially as companions, and the growth of the pet product retail market.
70% of pet parents learn about products like Hemp Well online. However, when surveyed, 82% responded "i would prefer to purchase in store". This is true for most new products in the marketplace.
The future of pet product retail is expected to be dominated by in-store sales. This is due to the growing trend of pet owners becoming more engaged with their pets, and wanting to provide them with the best possible products and services. In addition, in-store retail allows pet owners to directly interact with pet products and get advice from experts.
Online retail is also expected to grow in importance, especially for high-end products. However, in store sales will continue to be the primary sales channel, at least for a little longer.
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