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The industry is growing by 6% a year and, like many other retail sectors, is going through some major changes. In many retail leisure sectors, the industry is splitting into commodity retailing and lifestyle retailing. 65% of pet products in the USA are still purchased as commodity products via supermarkets and mass merchandisers, but the growth sector are specific pet “box” store retailers who are introducing lifestyle retailing. Petco has 5.4% of the U.S. market and are introducing 12,000 to 15,000 square foot pet stores across the USA. Their rival Petsmart had 612 stores and 9.6% market share. Their stores are 19,000 to 26,000 square foot and include Veterinary Surgeons and a trial on the Pet Hotel. I am sure these two companies will be fighting it out for the pet supermarket dominance over the next few years. The traditional corner pet store seems to be the sector that is losing market share and is down to 7.7% of the market and I would not be surprised to see that shrink further while the overall market expands. Who is growing the market and spending the dollars? Pet Parents. These are singles, generation X and baby boomers using pets as child substitutes. To attract this time poor but cash rich market sector, you need to provide an experience. Distributors and retailers both need to be aware of how to build the experience economy as it relates to the pet industry. Providing an Experience Customers are bored with seeing products on retail shelves, they are looking for more exciting experiences. The challenge is, are you in the commodity business, selling products or are you providing an experience. Commodity sellers place tangible items on shelves and benches and sell units of product. The challenge is always to increase the average sale per customer, one way of achieving this is to introduce service and services i.e. activities you execute. Many retailers have achieved this by providing delivery services, demonstrations, tasting stations and technical knowledge. Now is the time for retailers to move on and provide an experience. This means we should create an experience for the customer where they are fully engaged with what we are doing. In the USA, Pike Place Fish Market is looked on as the ultimate experience in Seattle’s retail scene. In Australia, the Beechworth Bakery in Victoria, many would argue, creates the same experience. Whilst in South Africa, Lifestyle Garden Centre is recognised as a global leader in the experience market. The guide to building an experience is explained in the book The Experience Economy, work is theatre and every business a stage by B.Joseph Pirie II and James H. Gilmore. Think of developing your business experience based on four key elements: - Education - Escapism - Entertainment - Aesthetics Education Consumers enjoy experiences that provide a forum for education. This can be via cooking or tasting classes, educational leaflets and information provided by your team. Today many people want to be healthier and more educated, and therefore talks on your products with tips on how to use them to enhance the customers lifestyle will be a major draw. Escapism Consumers want escapism, they want an environment that takes them away from the mundane, they don’t want to walk down rows of shelves, they want to experience boutique layouts and areas that are themed to a particular lifestyle statement. Lifestyle Garden Centre in South Africa invites garden designers to create garden rooms based on products that can be purchased in the garden centre. This has proved to be a huge success and has made Lifestyle a destination. Entertainment Entertaining your customers gives you an opportunity to let your imagination go wild. In recent months I have come across face painters, clowns, drum demonstrations for children, the list is endless. The secret is to provide a consistent package of entertainment away from your core business. A shopping centre in Las Vegas uses ‘living sculptures’ (actors dressed up as statues) in their centre….. you’ve got to dare to be different! Aesthetics Aesthetics, could include how you use aromatherapy, music and create an atmosphere for your customers. Keep music at less than sixty beats per minute, it will relax your customers. We can learn from Brista Brava coffee bars in Washington DC. Their motto is “Our business is providing customer experiences, our industry is coffee.” Change the word coffee to whatever is relevant for your business and then you have a motto for the future of your business.
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