Mother and Baby Retail Market in Pharmacy in Ireland
From falling birth rates to increased competition from online retailers it is hard to see how pharmacy can maintain its position, never mind find growth in this market.
The number of births in Ireland has decreased by 15.9% in the last year, CSO figures above show there were just over 14,000 births in the third quarter of 2022 compared to over 16,500 in the previous year but according to Industry research (IRC) During the projection period of 2023-2030, the worldwide MoM and Baby products Market is anticipated to grow at an impressive Compound Annual Growth Rate (CAGR).
For the purposes of this article, I am not going to focus on what we do best –
Advise, consult, recommend, educate and be the first point of call for every future parent or worried parent that stands in our pharmacies needing and receiving expert health and advice from our wonderful caring and thorough pharmacy teams but instead look at the business of retailing products in this market space.
Our core position as pharmacy is to lead with expertise, advice and customer service, this will always be the beating heart of pharmacy. But to compete in a fast moving highly competitive retail space we need to consider what our competitors are doing and what innovation is happening in the space and watch emerging customer trends internationally and combine this with how we traditionally served this market as it is ever evolving.
We have seen growth in the category, by moving away from the traditional retailing of baby food (and low margin/ high stock write off product areas) and other lines that supermarket have more space and depth of offer and taken our lead by researching changing consumer preference. The baby market is constantly evolving and there are some key emerging trends that are shaping the baby market and influencing the way parents care for and raise infants and by that nature influence and impact on how they shop and seek advice.
Smart baby Gear – Technology is revolutionising the baby market, Parents now have access to and want a wide range of high-tech product designed to enhance safety and convenience, Products like smart baby monitors that offer real tine monitoring to advance sleep and breathing detection – all things that pharmacist are constantly asked about and are in prime position to recommend.
Consumption of data is how we live now, and this led to innovation in the space with parents now having access to an entire connected nursery with data feedback from bottles, dummies, sleep mats and more shifting task that where once intuition based to fully automated and relieving stress for the worried parent.
Health and Wellness Focus – Parents are increasingly priortizing the health and wellbeing of their babies; this has manifested in a surge in demand for organic and natural baby care products such as skincare items free from harmful chemicals. Brands are responding with developing products that align with these health-conscious values, this along with the overriding concern for the environment with everyone including parents gravitating toward more sustainable and eco – friendly baby products – compostable Water Wipes is a key example. Another area we are seeing growth in and sits very well in the pharmacy sphere is Sensory Product, pharmacist are often asked for recommendation to help regulate and calm children emotions and sensory toys, weighted blankets and ear defenders are a wonderful option for both neurotypical and neurodivergent children.
Data-obsessed parents can gat a head start on the connected nursery even before birth with smart pregnancy trackers (Credit: Alamy)
Online Retail – The convenience of online shopping has transformed the baby market. Parents can now easily browse and purchase a vast array of products from the comfort of their home, this can free up valuable space in Pharmacy that may have a smaller footprint but an online presence and even offer smaller stores a space to sell where there is no retail space available while boosting your online offer and drawing the consumer into your business and the vast array of goods and service provided by an already trusted outlet and reflective of the day to day experience had by the customer / patient in your pharmacy provide this end to end retail experience expected by customers and creating an opportunity for growth, in these busy time with the possibility of both parent working and on the go, shopping on the their mobile is there go to and use the internet to browse, compare and educate them selves is already standard practise.
By offering good category segmentation and offering tools that simplify the experience along conjoined with some advice led pharmacy blog content you can maximise shopping opportunities during parents quite moments.
The Baby growth rate may fluctuate from year to year but it is in no danger of disappearing and worth the time and investment to protect and prepare for future growth. The Mother figure in the family makes so many health decisions not only for themselves but for all members and if you can be of service, offer expertise and advice at this most crucial time you are creating a strong bond of trust that can flow in to all elements of the Pharmacy journey.
We pride ourselves as pharmacy teams at being at the heart of the community and being able to offer anyone who is on this journey insights on product that can gives them peace of mind for themselves and their little one as well as health advise, this is all part of the service.
In today’s busy world if we can guide parents not only in areas when baby is sick but give them options to prevent worry and stress this also feeds into pharmacy being on the frontline with healthcare and in a future world where pharmacy offer more services this is an area that could easily be expanded into.
KEY FACTS
While the birth rate is falling Ireland remains at above the European average with a fertility average of 1.8 children per woman in 2020 to 1.6 in Europe
Production extensions and price challenges
While economic challenge persist along with a rising price consciousness, in 2022 Mother and Baby specific products have seen a reliable and stable dynamic, with parents willing to spend and invest in products that care and protect and enhance their children life – a good example of this the children’s Sun Care market, this category has entered a period of rapid growth – I AM WILLING TO BET THAT FACTOR 50 WITH WATER RESISTANCE FOR KIDS IS YOUR TOP SELLER!!!!!
Skin protection and vulnerability to allergy is on high awareness for today parent and present growth opportunities for pharmacies with extension of an into existing areas in skin concern This is a space in which we have always had traditional market share and we are best positioned to offer advice of prevention or support on care and treatment and compete with supermarkets and other various non pharmacies retailers.
KEY FACTS
Jun 21, 2022 The average age of mothers giving birth in Ireland in 2020 was 33.1 years, the highest average age since the age of mothers was first recorded in 1955.
Rise to the challenge
Price increase, pure play Ecommerce and Digital stores
Supermarkets especially since covid one stop shopping habits and the tough Regulatory Environment all factor into increased challenges in this market space but despite that the Mom and Baby Market offer significant opportunity for growth in Pharmacy, it is our unique position as trusted advisors that will naturally bring your customer into this space it is within our grasp to provide and full 360 cohesive and integrated journey where we can help advise with all aspects of the parenting journey combing retail growth all the while with our underlying position of always putting our customer /patients first, in conclusion the Mother and Baby market continues to thrive driven by evolving need and customer preferences and it is essential we rise to and met the expectations and help patients navigate the challenges while offering advise led choices.
Key take aways for driving retail growth in other and baby market in Pharmacy.
eCommerce – is becoming the main channel to drive Mother and Baby sales.
Diversify product portfolios – customer expect that we will lead in this space.
Focus on innovation – Be aware of shopping trends and of how consumers shop them.
New Parents are highly motivated to provide the best for their baby making them a critical target audience – and they shop before baby is born.
Use technology – And as with all our categories advised, inform and educate all hose who seek the advice .
