Prime Day debut goes viral, dark horse in pet industry completes $10 million in financing

For pet e-commerce and related brands, the bonus period of the past two years has brought them considerable opportunities for development. Some companies took this opportunity to speed up the listing process, but failed halfway, while others are in the early stages of capitalization and are still accelerating. Wei Ka, which achieved a single-day sales of $300,000 on Amazon Prime Day, is one of them.

VETRESKA completes financing of tens of millions of dollars and accelerates overseas layout

VETRESKA, a pet brand that started in the domestic market , recently announced that it has completed tens of millions of dollars in financing since last year. The investors in the three rounds of financing are Bojia Capital, Clearvue Partners Kaiming Investment ( fully subscribed ) , and Singapore investment institutions Altrui Investment ( lead investor ) , and Bojia Capital ( follow-up investor ) .

VETRESKA was founded in 2017 and is a brand under Shanghai Wang Mengzhu Pet Products Co., Ltd. Its main products are pet products, including its own pet clothing, food, toys, etc. Driven by the warming of the pet industry and the dual blessing of brand influence, VETRESKA quickly captured the hearts of consumers. Related products such as cactus cat climbing frames, soilless cat grass, pet bubble boxes and other products quickly became popular once they were launched, and VETRESKA also has multiple labels such as "explosive product manufacturing machine" and "Internet celebrity manufacturing machine".

However, VETRESKA mainly focused on the domestic market in the early stage. After stabilizing its foundation in the domestic market, with the expansion of the industry scale and the improvement of brand influence, Vetreska began to accelerate its layout in overseas markets, including on Amazon's flagship store. Public data shows that VETRESKA's single-day sales on Amazon Prime Day in 2021 exceeded US$300,000, which shows how much overseas consumers like it. Due to its outstanding debut performance on Amazon Prime Day, it is also regarded as a dark horse in the industry.

VETRESKA 's rapid popularity is not accidental, it has put a lot of effort into its products. VETRESKA 's product innovation and practicality better meet the needs of buyers, and it has obvious advantages over other brands.

When choosing pet products, pet owners always put practicality first. VETRESKA has launched soilless cat grass to address consumers' pain points, making it convenient and hygienic for buyers to use the product. In addition to the practicality of the product itself, the appearance is also an important factor affecting purchasing power. VETRESKA has grasped this demand of consumers and has made careful efforts in product color, shape, and practicality. Its representative products include cactus cat climbing frames and pet bubble boxes.

In addition, VETRESKA focuses on channels first and has formed its own perfect marketing system. Its product development team brings together many cutting-edge designers with high market sensitivity. With multiple advantages, the brand's growth has accelerated, and it is no surprise that Vetreska has won the favor of consumers. It is understood that after completing this latest financing, VETRESKA will further expand its overseas market, follow market hotspots, and march into the metaverse, pushing brand development to a new level.

Although V VETRESKA has not been involved in overseas markets for a long time, judging from its previous performance and the latest financing situation, the brand has strong profitability and a strong development momentum. It may have even more surprising performances in overseas markets in the future.

Sellers flock to the "pet economy" track, but the products are not selling well

For VETRESKA , there are many strong competitors in the overseas market it is currently focusing on, such as Chewy and Worldwise, the local pet e-commerce companies in the United States.

As a well-known e-commerce platform in the United States, Chewy's sales data in the first quarter of this year is very eye-catching. Its net sales reached 2.43 billion US dollars, a year-on-year increase of 13.7%. The sales of pet toys and food are very high, the consumer repurchase rate is high, the brand stickiness is high, and the market share is obviously dominant. At present, Chewy has established cooperative relationships with more than 2,000 brands.

Chewy CEO Sumit Singh once said that its fiscal 2022 started well , and the first quarter's performance further demonstrated the resilience of the pet category ... In the future, Chewy will continue to innovate vigorously to attract customers with high lifetime value, drive engagement , and enhance profitability.

It is not easy for a "new seller " like VETRESKA to stand out from the crowd of competitors .

Recently, due to the rapid growth of the pet products market, many sellers have flocked to the industry. However, in the overseas market, professional head sellers have already occupied a stable market share. Coupled with the overseas expansion of some domestic big brands, the space left for other sellers is actually limited. For this reason, some sellers who have just entered the pet products market have not tasted the so-called sweetness. Instead, their products are not selling well due to homogeneity and lack of outstanding advantages. One seller said: "I don't know why, I saw that others were selling well, so I tried to sell it too, but the product didn't sell well."

It is not difficult to find that this phenomenon is not only seen in the pet products industry, but also in the home furnishing and toy categories. On the one hand, the new entrants have not done a good job of detailed market research in the early stage, and their products lack pertinence and innovation, making it difficult to open up sales. On the other hand, due to the serious phenomenon of product homogeneity, it is difficult to create a hit product. Except for products with stable sales in the top few, it is difficult for other products to make new breakthroughs in ranking.

Influenced by this, some sellers who have just entered the pet products market have chosen to return to their own fields. As for the prospects of the market, sellers believe that it is not that the industry is bad, but that the timing of their involvement is wrong. They need to explore and make further plans based on sales in the future.

Although some sellers make a lot of money in this market and some sellers have average sales, it has to be admitted that the prospects of the pet supplies market are very promising.

As for the US market, data shows that in 2021, the sales of the US pet products industry has reached 123.6 billion US dollars, a year-on-year increase of 13.5%, exceeding previous market expectations. Pet owners spent 50 billion US dollars on pet food and snacks , and the consumption growth rate of the best-selling products was 13.6% . Total expenditures on supplies, over-the-counter drugs, etc. were 29.8 billion US dollars, a year-on-year increase of 17.8% , the largest increase. Expenditure on other services such as grooming, dog walking and boarding was 9.5 billion US dollars, an increase of 17.3% , and the market development growth rate remained stable.

Judging from the data, the market still has a lot of room for growth. However, for new sellers who are just starting to get involved in this field, they should focus on early market research, category innovation, etc. Blindly following is not advisable.

Pet Products

VETRESKA

Financing