Photo output vendors are looking for prospects to grow their business amid the COVID-19 pandemic, as the situation presents challenges but also opportunities. Mediaclip, a Montreal-based developer of white label software for selling photo products online, hosted a webinar with live Q & A in early June to address market dynamics and issues. Rise Above Research’s David Haueter joined Mediaclip Chief Solutions Officer Marie Eve-Lemieux on the panel.
Mediaclip Marketing Director Amani Sharma opened the webinar by sharing some interesting data points. Rise Above Research is forecasting that 1.1 trillion photos will be captured worldwide this year, with close to 7 trillion photos stored worldwide by the end of the year. Mediaclip also cited research from the McKinsey Institute which stated that 58% of overall consumers want photo products. The bottom line is that there are a lot of photos out there for consumers to do things with and most consumers have a desire to make photo products.
Participants asked about topics that ranged from retail vs. online ordering trends to the impact of COVID-19 and where growth can be expected to come from. The pandemic situation is accelerating some of the trends that were already happening (albeit more slowly) in the market, such as the shift from in-store ordering to ordering online.
Some retailers were already reducing the number of stores with in-store services and the pandemic is expected to potentially accelerate that trend as more consumers order from home and avoid going into stores. Marie Eve-Lemieux commented that Mediaclip had seen a 50% increase in online orders since the April timeframe.
Rise Above Research believes that the photo product market will rebound from the current market conditions that resulted from the pandemic. Rise Above Research is forecasting units to be down around 12% this year and revenue down around 10%, but we think it will bounce back and will not take the hit that some other markets will. Since most photo products are purchased in the 4th quarter, the market is somewhat insulated from the effects of the pandemic, though ongoing unemployment is certainly an issue.
Even if the coronavirus virus has a second wave or a surge in new cases (as it is now in some states), the photo merchandise market is still well suited to recover for the Holiday season, as these are meaningful products that can be ordered online and sent in the mail. The photo products market has also traditionally had a high percent of repeat buyers and there is a lot of interest from young people, which will help to sustain the market.
Click here to listen to the full Mediaclip webinar.
For more information about Rise Above Research and to learn more about our ongoing research of the consumer and professional imaging markets, contact us at firstname.lastname@example.org.