How To Cash In On The Lucrative Pet Products & Services Market

Marketing Tip

How To Cash In On The Lucrative Pet Products & Services Market

For entrepreneurs who have been considering whether to enter the pet industry, there is no better time than the present. According to a report by Research and Markets, as cited by Yahoo! Finance, retail sales for pet products and services in the United States have hit an astonishing high of USD 107 billion. This is about a 9 percent increase compared to total sales numbers in 2019, an impressive result given the negative impact of the COVID-19 pandemic on many other industries.

Many attribute this to the spike in pet ownership as a way of coping during state-mandated lockdowns. In fact, these pandemic-driven behaviors are considered accelerations of existing trends in the pet industry. As such, it is predicted these numbers will not be going down drastically anytime soon, even after the pandemic is over. The remarkable growth in sales also makes the pet industry one of the most recession-resistant ones that budding entrepreneurs can tap into.

To take advantage of the current trend in the pet industry this 2021, pet-related businesses will want to look into optimizing their available retail channels. In particular, look into intertwining their customers’ physical and digital shopping behaviors. It is also advised to adopt a multi-platform marketing approach to increase brand visibility and build customer trust among pet parents.

Businesses that may not necessarily have anything to do with pets can still benefit from the pet industry’s massive growth. Indeed, it is a prime opportunity to start expanding their existing offerings to cater to the pet owners within their existing audience demographics. Given the large demand for pet products, investing in popular items such as branded or custom wholesale dog toys, wholesale dog collars, and wholesale dog beds may prove to be highly profitable. For example many breweries and restaurants have found success with pet products.

Whether your business is an existing player or a newcomer to the pet industry, there is no better time than now to take advantage of these promising trends.

For more pet-related news and stories, visit the PrideBites blog.

Look at how other brands are using PrideBites products to connect with and forge a connection with their pet-loving communities

 

 


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