InfoTrends Investigates Photo Merchandise Trends among End-Users
posted Wednesday, January 4, 2012 at 5:37 PM EDT
Over 32% of survey respondents had purchased photo merchandise in the past year.
A high degree of interest exists from respondents (who purchased photo merchandise) to purchase photo merchandise products created by others.
Nearly 70% of photo merchandise non-buyers have no purchase plans in the coming year.
(Weymouth, MA) January 4, 2012…InfoTrends announces the release of the 2011 Photo Merchandise End-User Survey report. Photo merchandise continues to be a bright spot in the photo imaging market, and is anticipated to reach $2 billion in revenues by 2015. InfoTrends’ consumer survey research supports an optimistic view of the market over the next few years, but advises resellers to invest in marketing to continue to push growth in this market.
Encourage word of mouth promotion
Word of mouth is a powerful motivator in photo merchandise purchases. When asked how they first became aware that they could purchase or create photo merchandise, the greatest share of photo merchandise buyers reported hearing about it from a friend or relative, so vendors must encourage this behavior. “Refer a friend” programs with incentives for customers can entice existing customers to spread the word about photo merchandise. Satisfied customers are much more likely to recommend photo merchandise to others, particularly if there is a benefit for doing so.
Enable multiple purchases
There is an opportunity for further growth by convincing buyers to order multiples of their items. For example, if a bride creates a photo book for her wedding, there is a strong likelihood that others (parents, siblings, close friends) will also be interested in purchasing that same item. Photo merchandise vendors can encourage multiple purchases of the same item by offering special deals (e.g., “buy 2+ calendars and receive a 15% discount on your entire purchase”). By providing ongoing market education, promoting special offers, and leveraging its satisfied customers, photo merchandise vendors can help drive repeat purchases.
Convince non-buyers to purchase
Since current customers are highly likely to become repeat customers, the primary challenge for photo merchandise vendors lies in convincing more non-buyers to purchase photo merchandise products for the first time. When asked why they had not purchased photo merchandise, nearly half of photo merchandise non-buyers said the products were too expensive, while 46% said that they had no need for these products. Although it may be difficult to reach consumers who do not see a need or do not have an interest in photo gifts, it is easier to overcome the perception that photo merchandise is too expensive. Prices for personalized photo products have fallen over the past few years and there are often attractive promotions that help lower costs. By educating non-buyers on the actual costs vendors can help convert non-buyers into buyers.
“Photo merchandise vendors can also use the stagnant economy to their advantage,” commented David Haueter an Associate Director at InfoTrends. “Although there is a perception that personalized photo items are expensive, these products can offer a high sentimental value and are often more affordable than traditional gifts. Vendors can encourage consumers to give ‘gifts from the heart’ like photo merchandise in lieu of more expensive gifts.”
InfoTrends’ 2011 Photo Merchandise End-User Survey report is available immediately for purchase. For more information visit InfoTrends’ online store or contact Stephanie Tose at +1 781 616 2103 or email [email protected]
InfoTrends, a Questex company, is the leading worldwide market research and strategic consulting firm for the digital imaging and document solutions industry. We provide research, analysis, forecasts, and advice to help clients understand market trends, identify opportunities, and develop strategies to grow their businesses. Additional information about InfoTrends is available on the Web at www.infotrends.com.
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