Over the past few years, the pet industry has been witnessing a steady and exciting growth. A recent report published by Packaged Facts indicates that the US pet industry hit a whopping $86 billion during the 2018/2019 period. Facts show these figures will only get higher. In 2018, sales in the sector rose by 5%, a number that no other sector could reach within such a short period. The industry is expanding rapidly as the interest keeps growing as well among the key players.
Amidst all these, technology is playing a significant role. It has changed the way Americans and perhaps the rest of the world view their pets. They are seen as an essential part of the family more than just something to keep them occupied. It is estimated that 68% of American homes have pets; this translates to about 84.6 million households. A report by the American Pet Association indicates that Americans spent $17 billion on their pets in 1994. In 2016, the figure rose to $62.75. It is predicted that by the end of 2020, the industry will go beyond $96 billion in sales.
Different tech trends have already set roots to make sure this happens. Here are the nine trends to watch out for this period.
Videos have been an integral part of modern communication. In the world of social media, sites that use video communication are attracting more people than those who use text chatting. This is why YouTube and Instagram have become major social sites.
Pet owners are using videos to stay connected to their pets from anywhere in the world. They don’t want to miss any second of their lives away from their beloved pets. And companies are leveraging on this trend. Petzi, for instance, created a camera with a treat dispenser to allow for remote release of pet treats using smartphones. Now you can give your pet the care they need from anywhere without having to hire someone to do it for you.
There is no doubt the US pet insurance industry is swelling. Since pets are now considered part of the family, many owners are finding it more comfortable to ensure their animals by investing heavily in pet insurance. The premium has already hit $774 million, with some companies incorporating it in employee benefits.
There are so many pet insurance firms across the USA. This huge number makes it a little hard to get the best insurance company for your pet. To make it easy to get a good insurer for your furry pet is to check Petinsurancefinder.com/, that is dedicated on ensuring that its users get the best pet insurance company for your pet. It collects information about various insurance companies, collects reviews regarding these firms and provides companies with the best service, price, and quotes.
Fitness enthusiasts find wearables an essential part of their activities. And now, it has crossed over animals where pet owners are monitoring their pet’s health properly. Human beings have been using this technology for many years, which makes it easy to adopt among pets.
Current technologies can help one monitor their pet’s body temperature, heart rate, pH level, and send the information to concerned parties. Many of them are remotely connected to veterinaries and owners through Bluetooth and the internet. Many apps like WonderWoof even tell the owner whether their animal is getting enough workouts.
Many people are familiar with how 3D printing works now. The basic principle involves the sequential printing of very thin material to build a 3D object. Now, more than eight veterinary colleges are using 3D printing in their programs.
The excitement in this cutting edge technology has heated recently. Now people can easily access 3D prosthetics and masks to help their pets recover after surgery. It has also enhanced the production of surgical models for teaching, giving the high industry hopes for better animal care.
The online sales have kept rising in recent times. And now brick-and-mortar stores are becoming defensive. However, they have no control over the massive number of pet owners who are resorting to online shopping for pets and pet equipment. Companies that deal with pet supplies and food have taken their market online, seeking to reach more people.
The future of the planet is internet technology. Today AI and IoT are making the world move faster. Ecommerce platforms are, therefore, taking advantage of the growing demand for online shopping. Packaged Facts published another report in 2018, indicating 37% of pet owners on the US bought their animals online.
Amazon will take the lead
There are many pet online stores in the world today. Many of them don’t have what it takes to serve the growing needs in the industry, but Amazon does. It has dominated the pet products market for good reasons. The app has over 65 million Prime Members on its shopping app. With a cool feature like voice command, Amazon takes more than half of the customers who buy for pet products through online channels.
Big-Box might just become the talk of the town
Walmart, Petco, and PetSmart have been struggling to retain their online customers. They have used acquisitions mostly, like in the case of PetSmart buying Chewy. This trend will only increase among legacy retailers. Big-box pet specialty and major retailers are taking advantage of in-store pickup and online ordering to make their services even more appealing.
For several years now, consumers have been taking advantage of different subscription services to get better deals on various products. This trend has turned to the world of pets. Pet owners are having their products delivered via subscriptions as services supported by monthly or yearly plans keep increasing. Facilities like pet health care monitoring systems, veterinary wellness clinic, and membership plans are on the rise and will continue so.
There are constant efforts to make pet lives better. As such, researches in pet-related products are going to swell as the market seeks better facilities for pet owners. The most important approach is with companies engineering products and services to capture customer loyalty, as indicated in a report by packaged facts.