Today’s digital world has brought photography into our daily life like never before. This year only, 1.1 trillion pictures are expected to be captured, predominantly on mobile devices. By the end of the year, it is estimated that nearly 7 trillion photos will be floating around cyber space, with the majority to remain digitally stored. With the widespread of photography brought on by its digitalization, photo products are increasingly becoming a prized outlet for these floating images. This increase in demand for the photo product is the biggest opportunity for those wondering how to increase market shares for their photo business.
Indeed, the digitalization of the photo printing and merchandise market has revived an entire industry, with photo printing accounting for a majority of the revenue within this industry. Nonetheless, the latter segment is steadily gaining momentum and is responsible for driving growth for that entire market. As a matter of fact, by the end of 2028, the revenue contribution through merchandise printing to the global photo printing and merchandise market value is anticipated to reach around 25%.
With a global rise of gifting culture, the consumer leaning towards online shopping, as well as the rapid increase in the number of photos being captured today, the desire to customize gifts through online personalization has become highly demanded. Photo businesses who embrace this trend are discovering lucrative opportunities that not only offer greater margins and profits but also increase customer demand, engagement, and loyalty.
To find all the answers to your questions relating to this rapidly growing market segment, as well as the business opportunities available for photo labs and retailers to modernize their business and capture larger shares of the consumer market, you are invited to watch our webinar on future proofing your business strategy. In this interactive Q&A, David Haueter, Director at strategic consultancy firm Rise Above Research, and Marie-Eve, CSO at Mediaclip, share their insights into why the market and the consumers’ desires for personalized products hold strong, even during unstable economic times, and discussed reasons why the growth potential of this market is expected to continue its upward climb.