What does the need for human companionship look like during a global pandemic?
Pets.
The answer is pets, and we’re excited and thrilled to be a part of the conversation. If you have any involvement or interest in the pet industry we want to be a part of that conversation with you. We’re examining the pet industry as a whole and how the industry is moving together to be part of one unified ecosystem. We’re working and talking with local animal shelters, renowned veterinarians, and leaders of the pet industry to discuss what the future looks like for our companion animals. We imagine what our world will look and feel like when we dive deeper into real-time information that our pets can provide using wearable trackers during their day-to-day lifestyles. Imagine historical pet records placed into visual dashboards. Imagine the behemoth pet industry connected with data and IoT pushing the boundaries of the system and producing advanced and tangible products for the good of us all. If our current worldly situation has taught us anything it’s that the time to collaborate and communicate is more important than ever.
Shelter and rescues empty with stay-at-home orders in place.
Let’s put the desire for human companionship right in the middle of the conversation. Shelters and rescues were emptied with the increase in foster care and adoption. This meant that thousands of homeless pets have been adopted into the world to provide companionship and comfort to our human race during unprecedented times. What does that look like for an already recession-proof industry? Bigger numbers of course, but more importantly bigger conversations within the community of the leaders within the pet industry.
It would come to no one’s surprise that not even a global pandemic could keep the pet industry from seeing an increase in spending. That increase is in large part due to the lack of human interaction during stay-at-home orders and the unconditional love that pets provide to their owners. When video chat and social media couldn’t fill the companionship void any longer, people sought out the tangible. Pets. If you’ve invested, or are thinking about investing in the pet industry. Good for you. It’s definitely a solid ROI. If you’re an industry leader in the space. Good on you. You’ve done an excellent job communicating and collaborating with industry professionals and pet parents. And, if you’re a veterinarian or practice administrator. You’ve absolutely crushed it during this trying time, and your efforts to provide uninterrupted, quality care have not gone unnoticed.
Pet industry numbers increase with animal companionship.
The pet product e-commerce market has increased since the beginning of April when stay-at-home orders really took flight. Adoptions and fostering also increased which led to a direct increase in e-commerce sales for the likes of Chewy, whose Net Sales are up 46% y-o-y. Now, some of us are returning to work and the conversation has switched to separation anxiety and how new or existing pet parents can prepare their pets for the return-to-work.
At IVEE, we expect the trend for engaging ways to keep our pets from freaking out when we’re no longer available at a moment’s notice, to not slow down. Pet parents are going to continue to seek additional advice for keeping their pets happy, healthy, and safe. This means e-commerce sales will continue to steadily increase with added tools for distraction. Items like toys, treats, food, and gadgets like treat dispensers and smart toys. Calls about behavioral and dependencies issues will increase to vets, and vet services. That interaction likely being accessed through now justifiably, acceptable, “saves-the-day” technology like telemedicine. With PetGen at the helm of the spending ship, we will also see an increase in pet tracking devices for encouraging communication with veterinarians. Although that may come with a bit more of Dr. Google involved, we tend to think it’s progressive and communication for the good of understanding how we all can better care for the pets. Don’t forget that pet insurance is also seeing an increase during this time. With NAPHIA already reporting a 24.3% increase in performance in 2019. With the increase in adoption rates and owner’s perceived value of insuring their pets, we’d suspect that number to continue to healthily increase.
So what’s the answer to the question of what does human companionship and COVID-19 look like for 2020? Take a look at the diagram we’ve put together below, and watch the reality reveal itself.
image courtesy of IVEE.
What do you think about the natural human desire for companionship and the pet industry as a whole? We’re looking forward to having a conversation with you.
Read about the increase in adoptions here:
https://www.petfoodindustry.com/articles/9287-pet-adoption-to-the-rescue-during-covid-19
Read about separation anxiety and returning to work here:
Read about North American pet health insurance here: