The Pets, Gifts, and Hobby Industry
With Amazon knocking on the door, the Pets, Gifts, and Hobby industry must invest in omnichannel solutions, digital solutions and new store concepts to meet customers’ desire for a seamless buying experience.
Struggling with omnichannel
Since Danske Bank’s financial report relies on publicly available accounts, it has not been possible to gather enough data on this industry to make a financial analysis. Therefore, the analysis is based on the industry’s omnichannel score and external reports.
The pets, gifts and hobby industry is one of the lowest performing omnichannel industries.
Average score of the Pets, Gifts, and Hobby industry
Average score of the best performing industry
THE RESULTS ACROSS NATIONS
The industry has great potential and a necessary need to improve their omnichannel efforts due to the enormous pressure from pure players and other digital native companies.
The past couple of years, we have seen an increase in subscription model companies who disrupt the competitive environment and the customers’ expectations. This changes the terms for the industry and makes omnichannel even more crucial.
Amazon IS coming
Something else that will affect the industry is Amazon. Amazon is almost the synonym for an online bookstore, and in both the UK and the US ‘toys and games’ is among Amazon’s best-selling categories.
To beat Amazon, or at least compete against the mastodon, the industry must offer something that Amazon does not. And this little something is omnichannel.
But it requires for the industry to start connecting online and in-store at a higher level than today. For example, just 42% of the companies offer to check if a product is in stock at the customers’ local store.
During the Covid-19 pandemic, gift and hobby related products went like hot cakes, and the Danish retailer Bog & idé reached index 400+. This shows the industry’s huge potential.
If companies make an effort, a stronger omnichannel effort is the key to improving financial numbers.