The DIY industry
This industry was worth 819.53 billion dollars in 2018 and is expected to reach 1137.57 billion dollars by 2025. Moreover, North America is expected to become market leader of the DIY industry, followed by Europe. This development is according to a report conducted by MarketWatch, due to a rising awareness of DIY projects, economic wealth, urbanization etc.
The greatest trends of the DIY industry
In today’s society DIY projects have become very popular because of social platforms.
Interior painting is categorized as the most popular DIY job.
Moreover, 65% of the consumers making DIY projects would pay more for sustainable materials.
Social influencers are inspiring DIY projects.
More focus on innovative projects.
Based on the above trends it is relevant to ensure that your products are differentiated from your competitors. You can differentiate your products by using a dynamic pricing engine and by ensuring a sustainable manufacturing process etc.
The growing tendency of e-commerce
The modern consumer is seeking convenient and comfortable shopping methods, as the modern society is affected by a hectic lifestyle. Especially, online stores selling DIY products have experienced great success. This has increased a high degree of competition within this sector, as online stores are offering cheap pick up and delivery services. As an example Walmart has in 2018 experienced a progress of 20% to 25% in its online revenue.
In addition, the possibility to buy most products online also makes the buying process more convenient. Therefore, consumers have increased their use of DIY products, as it is very easy to buy these online, and get them delivered right at your personal doorstep.
Best practices and solutions
The DIY industry is one of the most difficult sectors to monitor, as it is characterized by a high degree of competition. In order to succeed within the DIY industry it is crucial that your firm is able to monitor the competitors pricing points. Through a price comparison software, such as PriceShape, you are able to get an overview of your competitors and can easily setup useful pricing strategies. Moreover, you get access to competitors pricing history and will be able to place your marketing expenses more profitably.