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Pet Industry Is Now an ‘Omnimarket,’ Report Suggests

Packaged Facts will examine this trend and others at Global Pet Expo Digital Access on March 24.

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The U.S. pet market is in the midst of a reset in which the lines between the pet product retailing, pet services and pet care segments are increasingly blurring, reports Packaged Facts.

The result is an “omnimarket,” the market research publisher states in a press release. The firm will examine this trend and others at Global Pet Expo Digital Access on March 24.

The company explains:

Packaged Facts characterizes the pet industry as “omnimarket” to emphasize that pet industry players aren’t simply competing across brick-and-mortar channels and the Internet, the dynamic acknowledged by the term “omnichannel.” Instead, “omnimarket” encapsulates a new era of multiple-front competition that—simultaneously and somewhat chaotically—crosses former borders between medical vs. non-medical, products vs. services, food vs. non-food products, and pet owner demographics. This new era of multiple-front competition is fueled by booming e-commerce in pet products, but as importantly is being shaped by the competitive reactions of traditional pet product manufacturers and retailers.

“Omnichannel, from the retailer point of view, focuses narrowly on brick & mortar plus Internet. Omnispending, from the consumer behavior point of view, similarly recognizes that consumers now routinely spend in-store and digitally—such that by mid-decade only half of pet product spending will take place in a store,” predicts David Sprinkle, research director for Packaged Facts and presenter at Global Pet Expo Digital Access.  “As importantly, however, pet owner spending is broadening across a transformed set of products, services, and high-tech product/service hybrids, while the top tier of competitors aggressively cross borders to compete for consumer mindshare and customer loyalty.”

This reset of the U.S. pet industry, ever more sharply focused on customer convenience as well as pet health & wellbeing, is characterized by:

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  • A permanent remix of physical and digital shopping behaviors;
  • A growing role for direct manufacturer-to-consumer selling & shipping, along with retailer-based autoship and same-day delivery;
  • The continued diversification of the veterinary sector through clinic/store, pop-up, and at-home vet and petcare service options, along with digital pet health monitoring and online pet pharmacies; and
  • Expanded and reconceived pet acquisition, adoption, in-home set up, and training/obedience services.

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