How Current Trends will Fuel Future Growth for Pet Store Chains
The trends are clear and new data continues to shape the direction of pet specialty retail. With an encouraging backdrop of increased pet ownership and strong segment growth, inflationary concerns are now taking center stage. Meanwhile, labor shortages, supply chain disruptions, and continued pressure from online retailers remain challenging.
Check out our State of Pet Retail 2022 - SuperZoo Edition for the full report.
In this chaotic market, regional pet retailers have the unique and urgent opportunity to leverage their natural advantages over online and big-box mega-brands. And nimble mid-market retailers are demonstrating that industry disruptions present outsized opportunities.
This August 2022 IndiePet blog post noted that inflation is “at the top of so many retailers’ concerns,” and members discussed how the right retail software is critical to creating operational efficiencies that benefit both the customer and the business.
Ultimately, not all brick-and-mortar pet store chains will benefit equally from the market growth, particularly as the economic tides have begun to turn. The State of Pet Retail Report breaks down the need to know behind the trends and steps you can take to lead the way.
Of note, we invite you to schedule a time with us at SuperZoo 2022 to discuss how your chain might navigate these trends and grow.
Opportunities and Obstacles
Today, nearly 2 in 3 US households include a pet. As a result, sales growth for pet supplies surged 13.5% in 2021, reaching $50B for pet food and treats alone.
In light of the ever-pressing supply chain shortages and growing inflation, pet store chain leaders seek new ways to attract and retain a solid customer base.
Regional retailers already have a significant advantage when it comes to the customer experience. Growth-oriented retailers further improve the customer journey by empowering their staff with the knowledge and speed to exceed customer expectations.
All the while, efficiency is more important than ever before, especially considering that 58% of retailers view inflation as an opportunity to raise prices for increased margins, potentially broadening the disparity between rock bottom online retail giant prices.
Recommendations for Growth
By focusing on remarkable retail customer service, pet store chains can nurture a loyal customer base with a strong tendency for repeat purchases. To accomplish this, using automated retail inventory software is essential, as it frees employees to focus on shoppers.
Ultimately, keeping up with increasing customer expectations means considering a 360° view of the customer experience and continuously improving operations. This means fusing brick-and-mortar and online experiences through unified technology and operations.
Meanwhile, unified retail management software that includes real-time data analytics and insights will lend way to a relevant product mix, competitive pricing, and agility in decision-making.
Closing Remarks
Many retailers still struggle with a complex mix of interconnected systems, only to be held back when trying to adapt to shifting customer expectations. To increase market share amidst intense competition, pet store chains must adopt and integrate the right technologies with an eye on backend efficiency and frontend retail customer service.
Before attending SuperZoo 2022, read our State of Pet Retail 2022 for a look at the future of pet retail. We invite you to connect with us during the event by reserving a time slot. In turn, we can share our experiences and discuss growth strategies for mid-market retailers to emerge from changing markets on top.
SuperZoo 2022 is taking place in Las Vegas from August 23-25.