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Why MedicAnimal's Business Model is so successful?

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MedicAnimal’s Company Overview


MedicAnimal is a leading online pet healthcare retailer based in the UK. It was founded in 2009 with a clear commitment to providing quality pet health products and services. The company specializes in veterinary and wellness products and offers a comprehensive range of food, accessories, medicines, and prescriptions. MedicAnimal is passionate about ensuring the well-being of pets and, therefore, maintains a close relationship with veterinary professionals and pet-related NGOs. Their strategy involves continually expanding and adopting the latest technologies to keep improving their customer service and deliver the best shopping experience. Business Model: MedicAnimal operates an eCommerce business model, targeting pet owners seeking convenience and affordable products. Their online platform hosts a variety of pet healthcare items, ranging from prescription medicines to dietary food and wellness products to pet accessories. Every product listed on the platform is vet-approved, thus ensuring quality and safety. A core component of MedicAnimal's business model is its commitment to pet health education. They provide free expert advice and resources on their website to help pet owners make informed decisions about their pet's healthcare. Revenue Model: MedicAnimal generates revenue primarily through online sales of pet health products. Customers can purchase both non-prescription and prescription items directly from the website. A unique aspect of their revenue model is the option for customers to subscribe to regular shipments of certain products, such as pet food or medication, which provides a steady stream of recurring revenue. Additionally, MedicAnimal profits from partnerships with pet-related companies and veterinary professionals, providing a platform for their services and products.

https://medicanimal.com/

Country: England

Foundations date: 2007

Type: Private

Sector: Healthcare

Categories: eCommerce


MedicAnimal’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: wellness, therapeutic value, provides access

Functional: saves time, simplifies, reduces effort, avoids hassles, reduces cost, quality, variety, informs


MedicAnimal’s Related Competitors



MedicAnimal’s Business Operations


Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Customer loyalty:

Customer loyalty is a very successful business strategy. It entails giving consumers value that extends beyond the product or service itself. It is often provided through incentive-based programs such as member discounts, coupons, birthday discounts, and points. Today, most businesses have some kind of incentive-based programs, such as American Airlines, which rewards customers with points for each trip they take with them.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Discount club:

The discount club concept is built on perpetual high-discount deals utilized as a continual marketing plan or a brief period (usually one day). This might be seen as a reduction in the face value of an invoice prepared in advance of its payments in the medium or long term.

Direct selling:

Direct selling refers to a situation in which a company's goods are immediately accessible from the manufacturer or service provider rather than via intermediate channels. The business avoids the retail margin and any extra expenses connected with the intermediaries in this manner. These savings may be passed on to the client, establishing a consistent sales experience. Furthermore, such intimate touch may help to strengthen client connections. Finally, direct selling benefits consumers by providing convenience and service, such as personal demonstrations and explanations of goods, home delivery, and substantial satisfaction guarantees.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

eCommerce:

Electronic commerce, or e-commerce (alternatively spelled eCommerce), is a business model, or a subset of a larger business model, that allows a company or person to do business via an electronic network, usually the internet. As a result, customers gain from increased accessibility and convenience, while the business benefits from integrating sales and distribution with other internal operations. Electronic commerce is prevalent throughout all four main market segments: business to business, business to consumer, consumer to consumer, and consumer to business. Ecommerce may be used to sell almost any goods or service, from books and music to financial services and airline tickets.

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