Pet owners are a caring lot. They love their furry friends like family, and why not! Pets love their human parents unconditionally as they are very emotionally attached to them. It is this unconditional love that draws us towards keeping pets.
Like all other living beings, pets get afflicted by diseases. They get sick due to a variety of factors like parasites, nutritional issues, weather conditions and more. The first thing we turn to when we’re unwell is a doctor. Unfortunately for pets, vets aren’t as common as doctors for humans.
Of the many business models available today, the subscription-based business model is the most popular. The subscription-based model allows pet parents to get an online consultancy on demand at a time which is convenient to them, get a free second opinion (if needed). The system also offers many other services like Nutrition consultation, behavioral consultation and other specialist consults on demand.
How does this work?
Here’s a description of how these services work:
1. The pet parent visits the website/downloads the app and registers online
2. An option to choose a recurring subscription or a one-time single incidence charge is offered to the pet parent
3. The details of the pet are added to the app
4. The condition of the pet is chosen according to the various options available and a consultancy is booked according to the chosen plan
5. The vet available consults with the pet parent according to need and offers their opinion
6. In case of single incidence plans, the plan terminates with the first consult. In case of subscription-based models, the number of consults can vary, along with the option to choose other services on offer at a discounted member-only price
Although the online 24/7 pet consultation service is relatively new, there are many key market players that have already made a name for themselves. As the online vet industry is slated to expand at a CAGR of over 6.7%, the market has seen an upsurge as animal adoption and acceptance increases, along with a rise in disposable incomes that has helped spur this market further. The global pet services market is currently pegged at over $100 billion. Top service providers in this fray include:
Almost all the online pet health websites are a for-profit venture, with a limit number of these being a charity. The basic revenue model of these companies remains consultancy charges.
Primary Revenue Model:
As with any health clinic, every pet healthcare website wishes to earn revenue by charging for a consult and other services. While some of these websites may offer a subscription-based service with discounted pricing for pet consultancies, others offer a package for a year or a month, depending on their current revenue model.
Secondary Revenue Model:
As pet healthcare services often offer more than just advice for sick pets, they always have a secondary revenue model up their sleeve. These revenue Models include:
- Pet healthcare products
- Pet nutrition plans and dietary supplements
- Grooming and wellness services for pets
- Walking and sitting services and many more.
1. User groups: Most of these services have user groups that offer help, guidance and purchase reviews, which helps in making new pet-parents their purchase decisions.
2. Recommendations: As healthcare for pets can be confusing for new owners, recommendations of what to choose with details can always help first-time customers be confident about what they are purchasing.
3. Pet database: With a detailed sign-up and registration process, a pet parent can be assured that all the details about their pet are available with the vet at the outset along with disease history, if any.
4. USP: A USP is important to stand out from the crowd. Specials, unique offerings and a level of care unmatched by others is what most pet parents strive for.
The online pet consultancy model is rising and gaining traction by the day and there is a huge window of opportunity available for those who wish to make the most of this offering. With the rise in the number of pets owned by millennials, it is only natural that these pet parents will turn to what they trust the most- the internet.
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2. What are the highly lucrative business models in pet health tech?
Pet health tech has been a buzzword that has been trending for a while. As the percentage of millennials who own pets rises by the day, so does the advent of technology into this domain that had previously only seen minor improvements in the decades preceding the current… read here.
3. Pet health tech solutions – the why?
Pet health is a very important factor for pet owners. As pets are considered a part of the family, most pet owners are willing to go to any length to ensure the well-being of their furry friends. Today, there is no industry in the world that has not been directly… read here.