Report: 4 factors transforming veterinary industryJune 1, 2018Growing competition for flea and tick medication sales online, the aging demographics of the veterinary profession, the heavy debt load of recent veterinary school graduates, and the money being offered by consolidators are transforming the veterinary industry, according to market research firm Packaged Facts' Pet Industry Outlook: Veterinary Services and Pet Product Retailing. Consolidation and ecommerce trends that in large part are fueling the shifts tie in to significant changes in the pet industry overall, including consumer preferences for pet product shopping. "It's all about customer loyalty," said David Sprinkle, research director for Rockville, Md.-based Packaged Facts. "As choices increase and customers can get their veterinary services and pet products in many places, customer loyalty spanning in-store and online will be key to retaining business and driving growth across the pet market." Consolidation brings greater purchasing power and cost savings to chain veterinary practices, including those under the expanding veterinary umbrella of Mars Inc., and those associated with pet superstores, the report states. The main challenge for independent practices is to establish how their personalized service differentiates them from the growing field of chain veterinarians. However, pet ownership attitudes, expectations, and spending patterns, along with the …
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