The Power of the Millennials in changing the market in the Digital Age
The word “millennial” is often used to describe the generation that changed the world – they adopted the internet, embraced and drove e-commerce, drove the gig economy and by way of working more “comfortably and easily from the coach” drove classic businesses and industries to bankruptcy. Just take JC Penny, Sears, Blockbuster, Travel agencies and even the move to ride sharing with the effect on taxi companies as a example. Entitled? Self-centered? Lazy? You name it.
But did you know that there’s more to millennials than meets the eye?
Truth be told, like it or not, millennials have a positive impact on traditional businesses in the digital age. In what ways you may ask? Let’s dive in.
Did you know that the pet industry has experienced a boom in recent years? In fact, the industry currently boasts an impressive 14% CAGR, and in 2023 sales are expected to hit $281 billion.
The reason why is clear: consumer needs are changing. Millennials are now the largest consumer group, playing a significant role in different market shifts, especially its accelerating growth, for which they are responsible for more than half.
When it comes to their pets and their pet products, millennials want different things than previous generations and are much more technologically inclined. In this age of digitalization where millennials can even do their grocery shopping online, it comes as no surprise that there is an increasing need in digital pet services too.
Strategically designed pet care ventures have always been a smart investment, but it seems that millennials are willing to spend even more money than former generations when it comes to their pets; practically flooding the industry with revenue.
While the generation known as ‘baby-boomer’ owns “only” 32% of pets, 62% are actually owned by the younger generations. Evidently, millennials are also more likely than older generations to purchase high-quality or special treats and foods, therefore, allowing for more diverse growth in the industry. It seems that millennials simply love their furry friends, making them the perfect consumer group for the pet industry. But more importantly – they are a generation that is more familiar and more inclined to use technology.
As a result, the pet industry could not have been more ready for it digitalization process, creating the appearance of new wave of pet-tech companies attempting to fill this gap in the market.
BabelBark is one of the companies leading this change. In 2015, co-founders Roy Stein and Bill Rebozo created the world’s only, globally enabled, horizontal digital platform for the pet industry. The company’s soft launch was in 2018, and since, the number of pet services and pet-related services has grown at a high rate of over 400%. It should also be noted, that the AAHA (American Animal Hospital Association) has chosen BabelBark as its exclusive vet-pet platform through December 2021. Subsequently, providing access to 4400 clinics and helping capitalize their first mover advantage.
It is undeniably the digital platform with extra value, especially to these three communities:
• New pet parents – we welcome you to a world of safety and peace of mind for your pet’s well-being. BabelBark is the only platform that allows you to locate the best pet service providers in your area. You can save your favorites and book appointments. Have you set an appointment with the groomer? Or a reminder for that heartworm medication at 8 AM tomorrow? Did you lose your pet or need emergency support? BabelBark has your back.
• Pet businesses are available through the best software tools. It has never been easier to track and manage your pet parent needs! This platform allows you to save your pet’s medical records, vaccination reminders and medication lists You can also use a medical journal to track your furry friend’s nutrition and weight.
• Veterinary hospitals – pass along all necessary resources to your trusted advisors and health care professionals. This platform can connect them with all service-providers !
BabelBark has not only connected pet parents to pet-related industries, it also created a platform that can offer more services, which you may not have known that you needed; nutritional information, virtual care via your pets personal vet, a 2 way connection with your the care giver or remote activity monitoring (like a fitbit for the pet). Because a large number of pets are now considered to be overweight, you can also take an active part and assist you pet in becoming more fit and therefore, prolonging his or her life. BabelBark is a free app with an additional subscription-based level that includes a 24/7 veterinary support hot-line, lost & found services with Amber alerts, and an option to prioritize the services best suit your needs.
With all the variety of services out there, pet sitters, vet clinics and shelters, BabelBark is a standout platform that houses all these services for all parties’ interests. It’s more than just the ease and peace of mind that it gives to pet owners – it also ensures top quality and a variety, so that you may choose the services that are tailored to your needs. Having pets, and taking care of them, can be a source for anxiety and concern – but this app revolutionizes the way that both service providers and pet owners think about pet care.
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