By: Catherine Perry
Do you have a passion for pets? Then you should put your passion to work for you and start your own online pet business.
People LOVE their pets! No doubt about it. Now, more than ever, pets are assuming “family” status. People consider their pets as part of the family and are really treating them as such. As a result of this sentiment, more and more dollars are being spent for everything from premium food and treats to pet beds, toys and clothes. Whether it is a furry feline, posh pooch, loving lizard or funny fish – a pet is an instant part of your family! Just like you and your family, a pet needs lots of love and great pet products to keep them happy and healthy. The “humanization” of pets is just one reason why the pet product industry is booming and market experts (as shown on Market Research’s blog “Projected 2016 Trends in the Pet Industry”) don’t see this trend ending in the near future. This is why we wanted to share with you some reasons why you should consider starting an online pet business so you can enter this growing industry.
We have pinpointed the pet industry as one that is strong and poised for continued growth in the foreseeable future. Continue reading for 4 reasons why we are recommending an online pet business as one of our top business ideas.
The Pet Industry is Booming
The Pet Industry is made up of the products and services that keep pets alive, healthy and happy – food, toys, daycare, training, beds, cages, medical services and a lot more. Pets include birds, cats, dogs, horses, freshwater and saltwater fish, reptiles, and other small animals.
Earlier in this article we talked about the current trend of humanizing our pets. So, let’s take a look at how this love of our pets is translating into dollars spent on them. According to American Pet Products, in their article on Pet Industry Expenditures, numbers projected for 2016 (actual 2016 expenditures aren’t in just yet) were $62.75 billion, which was up from actual 2015 spending of $60.28 billion. These are the items included in their breakdown for what people spent this money on: food, supplies/OTC medicine, vet care, animal purchases, and other services. All of these statistics make this a huge industry. If you want to own an online business in an industry that is strong in terms of dollars being spent, the pet industry is it!
RELATED ARTICLE: Top Industries to Start an Online Business in 2017
Large Target Market
In their article “Pets are Members of the Family” written in July 2015 the Harris Poll stated, “More than three in five Americans (62%) have at least one pet in their household, with ownership highest among the two youngest generations tested (65% among Millennials, 71% among Gen X). These demographics are important. Millennials – people born between the years 1985-2010 – are probably the first generation to grow up thinking of pets more like humans than animals. They are finding their independence and have disposable income – and they are buying pets and spoiling them. This is great for the industry because these folks will be loyal customers for decades.
Among Baby Boomers (ages 50 – 68) 59% own a pet and 49% of Matures (ages 69+) own a pet. As Baby Boomers’ children are growing up and moving out of the house, making their parents into “empty nesters,” the parents are replacing their kids with pets. And, they are treating them like grandchildren with major league pampering. While spending on everything else decreases after age 55, this does not hold true for pet spending—it is actually on the rise for this demographic.
You can see that pet ownership is a very large segment of the population and provides a huge market with potential for an online pet business.
RELATED ARTICLE: How to Start a Pet Internet Business
Lots of Choices
The possibilities are almost endless when considering the products you can offer in the pet industry. You can offer a more specific product base (like a posh pet boutique) or a more general inventory (super store). One option is to target a niche market in this space by differentiating.
The humanization of our pets is increasing the demand for upscale, premium products. Consumers are looking for pet supplies on factors other than the lowest price. Pet owners are looking to a variety and to specialty products that can be found at an online pet business. With a multitude of pet products available—everything from trendy products like pet clothing to necessities like collars and beds–you have many from which to choose for your business so you can develop your own mix of products to meet the needs of your customers.
Another option is to have a an online pet business that is a “one-stop-shop” and provide many products for ease of shopping. You can offer products on the high end or offer items that are more economic. For each option, there is a target market. You just have to decide who you want to serve!
Freedom & Flexibility with a Drop Ship Online Pet Business
Using the drop ship business model, you have freedom and flexibility to work at different locations and time zones. Many pet suppliers and manufacturers provide the drop ship option so products can be shipped directly to your customer, eliminating the need for you to carry product inventory. The drop ship model decreases overhead and allows you more time to focus on running your business and building relationships with your customers. It’s a great way to own a business that is in one of the hottest industries!
If you’re passionate about the pet industry, you’re ready to stop dreaming about having freedom and flexibility, and you’re ready for that change, then become the owner of an online pet business. Contact us at Pure-Ecommerce to find out more about the pet ready-made internet business we have for sale. This could be your key to ecommerce success!