Weymouth, MA—According to a recent InfoTrends study, InfoTrends’ Western European Photo Merchandise Market Forecast: 2012–2017, the Western European photo merchandise market continues to show healthy growth—a positive sign for photo print providers in the U.S. as well.
The research firm believes that “growth opportunities in the photo merchandise market are represented first by the large number of Europeans who have yet to purchase photo merchandise, and then by repeat buyers.” InfoTrends cautions that if vendors don’t invest in driving growth, there will be a risk that the European photo merchandise market will plateau. While the findings deal only with Western European countries, the advice and recommendations are sound for U.S. retailers, too.
“Those in the photo merchandise market should encourage first-time buyers; there remains huge potential in the photo merchandise market as a large percentage of consumers have not yet purchased photo merchandise,” explained Mona Belle, consultant for InfoTrends’ European Communication Supplies and Digital Photography Consulting Services. “Research has shown that consumers who purchase photo merchandise are more likely to create photo merchandise in the future compared to those who have never purchased one. One suggestion could be to offer price incentives to repeat buyers for signing up a friend, with the promotion given once the friend has placed their first order.”
InfoTrends also notes that it is obviously just good business for photo print retailers to encourage existing customers to make repeat purchases. “Repeat photo merchandise buyers can be more easily swayed to make future purchases and are willing to spend more time and money on premium products. However, industry players should consider active buyers (those who have purchased photo merchandise in the last year) and inactive buyers (those who have not purchased photo merchandise within the last year) separately in their marketing strategies.”
In fact, the company recommends that active buyers be encouraged to purchase merchandise on a regular basis and should be especially targeted for personalized offers on premium products. Retailers should also consider reasons why inactive consumers have not repurchased certain items and direct offers. InfoTrends has found that photo books and calendars do particularly well among repeat buyers, and retailers should consider marketing these on a yearly basis. infotrends.com