Business Opportunity in Pet Wearable Industry – An Overview

Who doesn’t love the little, furry creatures? People love to have pets; it is not like a hobby or passion; it is similar to having a cute member in the family. Some couples decide to have a pet as a kid, and there is no shame in that. Pets are wonderful, but they need a lot of care and attention. They need to be taken care of and pampered, and that’s what worldwide pet owners do. 

So, the pet industry has formed its own genre. You can have pet foods, biscuits, accessories, toys, apparel, pillows, beds, fish tanks, pet hostels and boarding facilities, pet protection devices, and many more. The list is endless as pet owners are not only concerned about their love towards the pets, but they also want to ensure their pets’ safety. 

The pet wearable industry could be one of the business opportunities to explore and establish your own little empire. The competition is reasonable, but you ought to be innovative and science-based as any company can take over the market with its unique products and services. Let us learn how one can tap the pet wearable industry and make the best out of it. 

Future of the Pet Wearable Industry 

In 2019, the global size of the pet wearable market was estimated at $1.6 billion, and in the year 2020, it was estimated to be at $1.8 billion. In 2019, it was found that the largest share in the global pet wearable market was of North America. Since North Americans tend to have pets and care for their safety, the demand for fitness monitoring devices and safety equipment was on a continuous rise. 

Also, the disposable income of North Americans is higher, and so, they have an enormous spending capacity for pet wearable devices. There is an increased awareness and concern about pet safety amongst North Americans, and they do not hesitate in buying stuff that protects their pets. Hence, opening up a small business in pet wearable products is a feasible business decision. You will never experience an absence of clients in the United States as the number of pets bought or adopted is rising day by day. 

The Innovation in Pets Wearable devices 

Before you sink into the business idea and prepare a business plan for it, let us get into the importance of pet wearable devices amongst furry animals. 

Products – The foremost task is to supply products that are demanded by pet owners and pet parents. Smart devices are always in the trend. Like humans use smartwatches, pets can use smart collars, smart cameras, harnesses, and vests. The intention is not only to track the fitness activity of the pet and identify whether he or she is not inactive at home but also to track the pet in case it gets lost or stolen. 

Remember the movie, ‘The Dog’s Way Home.’ Well, every pet is not as smart and lucky as Bella to find a way home after more than four years. You ought to make your pet smart with the right devices and not by just dreaming that it will get back home when it gets lost. 

Technology – The only thing that a product can become useful and dynamic is technology. Your product will help the pet owner only if you harness the right technology and embed it into the device. GPS trackers, RFID, and sensors are the technologies you should be exploring and trying to get into the products in the best way possible. 

Your job does not end with product creation. After-sales services are something that a customer would like to have, and you should be the one initiating it effectively. 

Product Application – When you create a product or become the retailer for a popular pet wearable brand, you should know how the products can be utilized. First, they should be used for the identification of pets and tracking their movements. The devices can be used to evaluate and control their movements, particularly when the pet owner is not at home and has left the pets alone inside. Devices should also exist for the medical diagnosis of the pets so that there is no delay in the treatment. 

Place of business operation – We suggest having a place of operation at places where the pets are higher in number. If there are fewer numbers of pets in the area, there probably won’t be an awareness or a sudden rise in the demand for pets. 

Our best suggestion is to start a small online business and establish it prominently on social media accounts. Pet owners do not go away with the banners and advertisements displayed on the roads and lanes. They prefer to scroll Instagram to check what is trending amongst the pets and buy creative devices for their loved ones. So, when you start your business structure, the next thing you should do is formulate an effective social media strategy.

If you check the existing top brands in the pet wearable industry, you can find them on social media channels. You should know how your target audience (pet owners) prefers to spend time and how they would like to care for their curious yet lovable pets. 

Challenges to be faced by the Pet Wearable Businesses 

  1. Higher product costs – Even if the incomes are rising, the product prices are way higher. The customer should be fully aware of the product utility and its significance, or he might not be willing to buy an expensive product for the pet. It is not very certain how the production costs can be lowered down, as the technology, research and development, and effort involved are significant. 
  2. Battery issues in devices – As we said, the product needs to be of efficient quality, or else the customer might be complaining about it and not be happy with your devices. Also, the customer will not recommend it to other pet owners or post negative reviews on the portals. The battery issues are major and the only issue that bothers the pet owners. Customers prefer a prolonged life of the batteries, and if it has a short life, it irritates them. 
  3. New entrants – New businesses are coming up in this industry, and each one of them has something unique to offer. So, you ought to be on track about what’s new on the rival side and make suitable changes to your products and services. You should not be imitating them, but you have to impress your customers and, yes, pets too. The existing rivals might also try to do the same, and so, the key is to be on the lookout.  

However, these obstacles don’t mean it is the end of the world. You can become a retailer or a franchiser with the right products of a reputable brand, no worries. But if you want to get into the industry from scratch, it will demand a tremendous amount of patience and smart work on your side. Also, a realistic business plan is what you need to have to put your business into action and thrive in the market. 

The pet wearable industry has great potential in the future, and you can find a strong reason to get into the business. 

FASQ

1. What is the market size of the pet wearable industry?

The pet market size was valued at nearly $24.1 billion USD in 2020, and is expected to grow at a compound annual growth rate of 8.2% through 2027.

2. What are the potential business opportunities in the pet wearable industry?

Some potential business opportunities in the pet wearable industry include creating custom pet wearables, manufacturing pet health tracking devices, providing analytics services, developing pet identification systems, and more.

3.What are the key trends in the pet wearable industry?

Some key trends in the pet wearable industry include increasing demand for pet-specific wearables, increasing focus on pet wellness, growing demand for pet tracking, and rising popularity of digital pet health systems.

4. What are the most popular pet wearables?

Popular pet wearables include activity trackers, pet collars, clothing, dog tags, health monitoring systems, safety trackers, and GPS locators.

5. What are the benefits of offering pet wearable products?

The benefits of offering pet wearable products include increased customer loyalty, improved pet health, increased customer engagement, and opportunity to develop new markets.

6. What kind of business models are suitable for the pet wearable industry?

Business models suitable for the pet wearable industry include subscription-based models, direct-to-consumer models, custom pet wearables, third-party retail models, and white-label models.

7. What are the challenges in the pet wearable industry?

Some of the key challenges in the pet wearable industry include increasing competition, lack of customer data, complex regulatory environment, and security and privacy concerns.

8. What are the key metrics used to measure success in the pet wearable industry?

Key metrics used to measure success in the pet wearable industry include customer retention rate, customer satisfaction, net promoter score, and customer lifetime value.

9. What customer segments should be targeted in the pet wearable industry?

Customer segments that should be targeted in the pet wearable industry include pet owners, pet retailers, vet clinics, animal shelters, and pet-related organizations.

10. What are the opportunities for innovation and technological advancement in the pet wearable industry?

Opportunities for innovation and technological advancement in the pet wearable industry include improved biosensor technology, enhanced customer analytics, smarter pet tracking systems, better safety solutions, and increased automation of data capture and analysis.