During GlobalPETS Forum 2019, which was also the 20th edition of the event, it became apparent that the shopping behaviour of maturing millennials really does differ from previous consumer groups. They are strongly influenced by online possibilities, and internet platforms are gaining a serious market share.
The consumer is in the driver’s seat and increasingly experience-focused. On top of that, both Amazon and Alibaba are entering the international pet market. Their business model, based on big data and an ecosystem approach, is disrupting traditional business models. They have the power to change the pet industry landscape for manufacturers, distributors and pet retailers alike.
Various speakers clearly illustrated that disruptors are relying on big data as the basis for their decision-making. Such data also makes it possible to personalise products and services, putting the customer at the heart of the process. This is in line with what consumers increasingly want; they like to experience added value and form a relationship during their customer journey.
Fressnapf illustrated how it is changing its company culture and concept to stay relevant in today’s shopper-driven world. The company is shifting to a less hierarchal structure, becoming more data-driven and accelerating the speed of innovation. Fressnapf plans to invest millions in putting the foundation for big data in place, developing consumer apps and so on over the coming period.
No Compromise game
The big question is, how can companies determine what is relevant in today’s consumer world? The No Compromise game gave attendees an effective tool to analyse their business situation. They reached the conclusion that not only are new parties entering the industry, but that the playing field is actually shifting too.
Findings from consumer behavioural science opened the attendees’ eyes to the fact that universal principles of how people think and act are ‘simple’ issues, proven by science, that have a high impact on sales.
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