LONDON--(BUSINESS WIRE)--Technavio analysts forecast the office stationery and supplies market in the US to generate revenues of over USD 87 billion during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the office stationery and supplies market in the US for 2016-2020. Office stationery and supply products can be categorized into nine major product types, namely, paper products, desk supplies, stationery and mailing supplies, computer and printer supplies, filing supplies, binding supplies, time tracking supplies, supplies for hanging, and identification supplies.
In the US, brick-and-mortar stores exclusively offering office stationery and supplies will likely be replaced by multichannel retailers. The omni-channel strategy, which uses a mix of physical stores and online portals, is being increasingly adopted by marketers of office stationery and supplies in the country. Marketers are also witnessing significant sales growth through their omni-channel distribution. For instance, in 2015, Staples generated nearly half a billion dollars through its Click and Collect features like Buy Online Pickup in Store as well as through its in-store Staples.com kiosks.
Technavio consumer and retail analysts highlight the following three factors that are contributing to the growth of the office stationery and supplies market in the US:
- Preference for green products
- Demand for computer and printer supplies
- Growth of e-commerce
Preference for green products
The preference for green products is increasing rapidly with an increased emphasis on issues related to deforestation and with an aim to reduce the carbon footprint. To this end, vendors operating in the office stationery and supplies market in the US have also been adopting multiple ways to reduce their carbon footprints.
According to Brijesh Kumar Choubey, a lead analyst at Technavio for retail goods and services research, “Innovation through product recycling has become one of the core focus areas for all stationery and office supply manufacturers.” Some examples of recycled and green office supply products manufactured by 3M under the brand names Post-it and Scotch include Post-it Super Sticky Notes, Post-it Super Sticky Recycled Notes, Post-it Super Sticky Recycled Notes Cabinet Packs, Scotch Magic Greener Tape in Refillable Dispenser, Scotch Magic and Transparent Greener Boxed Tapes, and Scotch Adhesive Dot Roller. Retailers sell these green products through both offline and online channels. Staples.com, Amazon.com, 3MOnline, and others (Grassrootsstore.com and Buyecogreen.com) are some online retailers that sell green office stationery and supplies.
Demand for computer and printer supplies
One of the major drivers of the office stationery and supplies market in the US is the growing demand for computer and printer supplies. IT integration and industry automation are driving the market for this segment with computerized and digitized business operations.
The toner cartridges category is the largest revenue contributor to this segment. The demand for these products is rising and will grow at the highest CAGR of around 9% during the forecast period. Leading manufacturers in this segment include. These manufacturers sell their products through retailers like Staples, Office Depot, and Walmart. Therefore, this segment will drive sales in the US market over the next five years.
Growth of e-commerce through increased internet and smartphone penetration
In the US, high internet penetration has been a key driver behind the growth of the online retail market over the past decade. As of 2014, almost 279 million people in the US were internet users and this number is the third-largest globally, after China and India. As of 2014, the internet penetration rate (percentage to population) was over 87%. Internet users in the US have also been found to spend more time online than those in other parts of the world. An average US internet user spends more than 90 hours online per week, almost five times the global average.
Mobile devices are considered to be of prime importance in office stationery and supplies online retail as they bridge the gap between online and offline retail in multichannel shopping. “Office supply retailers such as Staples and Office Depot have developed their respective mobile applications for Android and iOS platforms. Other than specialty retailers, internet-only retailers such as Amazon and Alibaba have also started providing office supplies,” says Brijesh.
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