Domesticated pets have been around for centuries and thanks to improving understanding, many pet owners have better access to products and services that make our pets’ lives better. Today, the range of pets includes furry friends, insects, reptiles, birds, fish, amphibians, and more. And we can thank data analytics for everything. Pet care as an industry giant is relatively new, but it’s an exciting example of building market value via data analytics. More people are adding pets to their families than ever.
In the past 20 years, the pet industry has grown into a market worth more than $70 billion. That means pet owners are spending tens of billions of dollars every year on pet needs. Healthy food & treats, toys & enrichment, and behavioral studies mean better health, fun, and training. From buying specialty food to a heated cat house, the market is filled with so many modern luxuries we didn’t have in the past and it’s all thanks to marketing insights.
Data, market, more data
So how were businesses and disruptors able to build such a huge empire? Data analytics. The obvious value of data insights in business is profit or ROI and that’s true for most industries. For a relatively new market like pet care, there’s no precedent for a lot of products and animals so data collection is key. Collecting data on households, purchasing history, and other indicative statistics can be used to identify untouched opportunities.
Source: APPA – Food is the biggest expense for pet owners
It makes sense we’re only able to have a large market following technological growth. Buyers are more educated about pets and can easily purchase goods and services online. And ecommerce gives businesses way more consumer data than ever before, which leads to sales of automatic pet feeders, cameras, and even pet-safe plants to nibble on. And it’s all thanks to data insights.
Use data to love your pets
For any good business, data analytics is the core of success and longevity. But no industry is perfect and the market has a lot to improve because we as humans don’t completely understand animals and consequences of improper care. For any loving pet owner, those marketing insights offer more ways to love their companions. Treat your loving companion and Happy National Pet Day!