In 2019 the global toy and gaming industry reached 109,7 billion dollars. This sector is divided into specialty stores, supermarkets, and hypermarkets, departmental stores, online and general stores, which are all selling these types of products. The biggest segment in the market is buying products from specialty stores. The toy and gaming industry is expected to grow annually by 3% between 2020 to 2025.
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 toy and gaming industry is experiencing high growth due to the expansion of online webshops. It is forecasted that the online sale of toys will grow from 31,4% in 2019 to 47,9% by 2023.
In 2018 the toy and gaming industry changed dramatically, as the giant player in the market, Toys “R” Us decided to close all its shops. Since this announcement, Amazon has taken the lead and is seen as the number one choice for consumers, when they are buying toys or games online. The online sale of toys and games is growing 2-3 times as fast, as sales in physical stores.
The toy and gaming industry is characterized by a high degree of competition. Consumers are buying the products from the reseller who has the lowest price in the market. Therefore, it is crucial to be familiar with the competitive situation and the different price positions applied in the market.
By applying a price comparison software, such as PriceShape, you will be able to get an overview of your competitive situation. Based on this you can create the most optimal pricing strategy for your specific products. Moreover, it is possible through PriceShape’s software to place your marketing expenses on the most profitable brands or products of your company.
Get competitive through accurate competitive data and dynamic pricing.