Future of Retailing in the Pet Industry
While regional and global economies are moving into recovery mode, the pet industry continues to experience tremendous growth and potential further consolidation.
Searching for some treats? We always are at SPARK! We believe that by recognising and responding to social trends and developments in consumer behavior brands can stay current, top of mind, and maximize the customer’s ‘willingness to pay and play’.
Here is a look into the Pet industry and some of the top opportunities we see that could be better addressed.
Who are the players?
raditional brick-and-mortar establishments such as Pet Lover’s Centre have successfully expanded to dominate the market as exclusive providers of high-quality food and service offerings, such as grooming or daycare. Meanwhile, digital native pet brands such as Perromart and Polypet are steadily gaining more market share. The rest of the market is still fragmented to smaller Mom & Pop stores offering personalises local store experiences.
Meanwhile international markets have seen great consolidation into mega brands offering one stop shops for all manner or pets – as successful online portals and big box physical retail formats, of which some flagship locations are now
4 Insights and Opportunities in the Pet Industry
1. Increasing Separation Anxiety
Some pets, particularly dogs, are known to suffer terrible separation anxiety when their owners are out, but now we’re starting to see pet owners (as shown in recent studies) suffering more anxiety than their pets. P
Opportunity : We see opportunities in creating more pet-friendly spaces. Co-working spaces or pet friendly offices that allow owners to continue to spend time with their pets and help to socialise and ice break with others in these shared spaces. Pet friendly hotels, cafe’s, bars and restaurants could all make the most of this opportunity in future.
2. Lifestyle Projection
Along with old age, end of life is an inevitable experience all pet owners will face. With pets seen akin to family members, there is an opportunity to better service the bereaved or those caring for very sick close to death pets.
4. Big Box
Being clear about what the brand stands for, paying attention to how your customer interacts with space, and keeping up to date with emerging technologies helps us create spaces that customers return to again and again.
SPARK are Retail Design and Customer Experience specialists, we look to the future to help businesses re-imagine their retail experiences and ensure they remain relevant to the consumer, building brand value and maximising the potential of retail spaces.
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SPARK is a Singapore based retail design specialist, delivering unique and effective retail design solutions for its clients across the Asia Pacific Region.