News

Who is Pharmacy's Target Market?

Consumers aged 45 to 64 are the largest market for the pharmacy industry, and this group is expected to account for 45% of revenue in 2017-18. “With high disposable income, consumers in this segment are more likely to purchase front-of-store discretionary items such as cosmetics, fragrances and personal-care items,” according to a new report released by IBISWorld this week..

“Due to rising health consciousness within this age group, consumers in this segment are key consumers of vitamins and other health and wellbeing products. “This age group is also more likely to purchase anti-ageing and over-the-counter products, particularly those designed to slow the visible effects of ageing.”

An ageing population will lead to a boost in retail sales for the pharmacy industry, the report heralds.

Key success factors for the pharmacy industry according to IBISWorld include:

  • Association or affiliation with a buying group or chain;
  • Stocking appealing products that are currently favoured by the market;
  • Employing knowledgeable and skilled staff to provide healthcare services;
  • An attractive store layout and stock display, to encourage customers to purchase front-of-store products in addition to prescription products;
  • Proximity to key markets, having a location with a high volume of passing traffic, and preferably near a medical centre; and
  • Adequate stock controls in place to reduce inventory costs and increase stock turns.

Source: ajp.com.au/news/adapting-to-survive/?utm_source=AJP+Daily&utm_campaign=c6afdb4d8d-EMAIL_CAMPAIGN_2018_03_28&utm_medium=email&utm_term=0_cce9c58212-c6afdb4d8d-109985429, viewed 29 March 2018