The pet market getting more spotlight, more apps for furry friends, and a lot of greenwashing...................................................................................................................................................................................
It’s a brand new year and with it comes the promise of fresh business opportunities. To get you up to speed and ready for success in 2023, here are some of the most important retail & e-commerce stories you should keep an eye on this year.
The demand for companionship is driving the North American pet care market to new heights with an outlook of sustained growth through 2027.
PharmaZu, an Emergent Subsidiary, recently announced the launch of its e-commerce online platform to enter the rapidly expanding $8.5 billion dollar pet medicine industry.
The rise in popularity of marketplaces is transforming the e-commerce landscape.
Amazon's environmental initiatives have been met with harsh criticism, as many believe their practices represent a 'greenwashing on a grand scale'.
Top Retail and E-commerce Stories
It's a Furry World: North American Pet Market is On the Rise
It's raining cats and dogs in the pet care industry!It has been projected that themarket value of the pet industry reached 64 billion USDin 2021 and is anticipated to expand with a CAGR of more than 3.5% during the forecast period in North America. The pet care market in North America has seen substantial growth given the rapid revenue generated by countries like the U.S.A., Mexico, and Canada. This region is leading the global market for pet care products and services.
The pet food industry is at the forefront of North America's thriving pet care sector. Currently, there has been a surge in demand for organic, healthy, and nutritious pet foods among customers. As such, the market size of North American pet food has seen tremendous growth over recent years with dog and cat treats contributing to its highest revenue figures yet. Likewise, this region's pet services sector, including healthcare, accessories, and grooming products, has piqued consumer interest as they have become more focused on providing their pets with contemporary amenities.
One of the leading factors in the pet world's success is the increase in technology. Dedicated pet apps allow owners to keep track of their furry friend's health, nutritional intake, and playtime. Pet owners, thanks primarily to the millennial generation, are dedicated to providing the utmost care for their pets which has surged consumer attention to pet-focused services.
Pet Meds: PharmaZu Launches E-commerce Online Pet Medicine Platform
Photo Credit: Emergent Health Corp., Tuesday, January 3, 2023, Press release picture
Pet meds on the way!In a bid to tap into the growing U.S. pet medicine market,PharmaZu recently announced the launch of its e-commerce online platform. Introducing a brand-new e-commerce platform, this leading provider of pet pharmacy services, vet telehealth, and pet wellness is ready to tap into the lucrative $8.5 billion online pet medicine market.
PharmaZu stands ready to take its place among the top contenders in the multi-billion dollar pet medication market. Their goal is to provide comfort, selection, and superb customer service backed by their devoted pet owners - plus a loyalty program that awards rewards, discounts, and other benefits that not only attract but encourage customers' return trips with an automated shipping option.
CEO Adam Brooks shares that the long-term goal of PharmaZu is to become a "pet community." The plan is to start with a "pet pharmacy" and scale from there to become a "one-stop-shop" for all things pet-related.
The Rise of Marketplaces: Here's What Retailers Stand to Gain by Jumping in the Game
Don't miss out on the marketplace revolution!Over the last two years, a prevailing trend has revolutionized e-commerce: enterprise marketplaces. These online platforms enable companies to link their e-commerce strategy with third-party sellers across every corner of the web — from giant titans like eBay and Amazon Marketplace to upstart ventures in specialized niches eager to reach customers globally.
Marketplaces, surprisingly, have accounted for nearly two-thirds of e-commerce sales. They have grown at nearly twice the overall rate of e-commerce and have taken the credit for many consumer favorite experiences.
The best benefit of the marketplace model is the opportunity for product assortment. When using an enterprise marketplace, one could launch with over 100 or more third-party sellers which have the potential to increase the product catalog from a few thousand to hundreds of thousands or even millions.
This keeps consumer needs at the forefront with adaptability for out-of-stock items and competitive pricing. If an item from one seller is out-of-stock, an operator can contact a partner to provide that item. Similarly, if the market is no longer paying a premium price, a different third-party seller can offer it at a lower cost to the consumer. This third-party network not only addresses consumer needs but also helps with the logistics process.
It's a prank?Amazon's environmental initiatives have been met with harsh criticism, as many believe their practices represent a 'greenwashing on a grand scale'. As it turns out — Despite Amazon's reputation for being eco-friendly, their products have been found to be manufactured up to 5,000 miles away and shipped with single-use plastic packaging.
March saw the emergence of "Amazon Aware"-- a range that was quickly met with criticism over its greenwashing on an immense scale. According toThe Telegraph, out of 103 products in this line, 20 items were packaged using single-use plastic despite being placed within the same box. Such unsustainable practices are antithetical to Amazon's claimed commitment to conservation and sustainability efforts.
An Amazon spokesperson went on to share, "We approached Amazon Aware with two goals in mind, to give millions of customers access to everyday essentials across apparel, home, beauty and more, which also have third-party certifications from our Climate Pledge Friendly program and to build knowledge, materials and other innovations that improve the products sold in our stores.”
New year, new opportunity to make sales! As we head on to 2023, let's get a recap of 2022's Q4. How are you feeling heading into Q1?
QUICK TIP
Try this. Websites with professional images, well-written descriptions, and a cohesive design are more likely to result in sales.
FUN FACT
When it was established in 1995, Amazon encountered a long-term struggle to make profits and didn't see any return on their investments until 2003.
LISTEN UP
On this 66th episode of The E-Comm Show, our host and BlueTuskr CEO Andrew Maff is up for another round of tech tips and tricks for e-commerce brands. From how to optimize your page for fast load times to pop-ups and user experience testing, Andrew here will share all the secrets on how to run a well-optimized e-comm site.
LAST WEEK'S POLL RESULTS
Last week, we asked you which "ber" month brings in the most sales, and as expected, probably a December to Remember!
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