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.
Weymouth, MA (PRWEB) December 05, 2013
The Western European photo merchandise market continues to show healthy growth. According to InfoTrends, 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. Unless vendors invest in driving growth, there is a risk that the European photo merchandise market will plateau sooner than expected.
Mona Belle, Consultant for InfoTrends’ European Communication Supplies and Digital Photography Consulting Services, recommends, “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. 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 just as important for retailers to encourage existing customers to make repeat purchases as it is to attract first time buyers. 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. Active buyers should be encouraged to purchase merchandise on a regular basis. They should be targeted heavily especially for personalized offers on premium products. Inactive buyers need to be convinced to buy merchandise again. Retailers should consider possible reasons why consumers have not repurchased certain items and direct offers accordingly. 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’ Western European Photo Merchandise Market Forecast: 2012-2017 provides a forecast for total values for Western Europe as a whole as well as individual country sections for France, Germany, Italy, Spain, and the United Kingdom. This forecast includes data for unit sales, revenues, and average selling prices. For more information, please visit our online store or contact Matt O’Keefe at matt.okeefe(at)infotrends(dot)com or 781 616 2115.
InfoTrends is the leading worldwide market research and strategic consulting firm for the imaging, document solutions, production print, and digital media industries. We provide insights and advice to help clients understand market trends, identify opportunities, and grow their business. Additional information about InfoTrends is available on the Web at http://www.infotrends.com.
For media inquiries contact Donna O'Malley at +1 781 616 2116 or donna.omalley(at)infotrends(dot)com.