The office supply industry comprises revenues brought about by the retailing of office supplies in stores that primarily operate in selling these products. Items in the office supply market include paper, pencils and pens, business forms, stationery, storage containers and other forms of office equipment. Also included in this market are wholesalers offering paper, stationery, and office supplies for purchase. The predominant products in the office supply industry are office paper, labels, greeting cards, and general office supplies; combined, these items account for over half of the overall revenue for the market. Large retailers of office supplies purchase their stock specifically from manufacturers.
The degree of business activity drives the demand for the office supply industry. Competition in this market is steep due to online retailers, warehouse clubs, and supercenters. Larger companies have the ability to provide a wide range of products to the same consumer. Smaller businesses make providing specialty products and excellent customer service their priorities. Individual companies focus on devising superior merchandising tactics, as well an effective delivery system in order to generate profit. In order to come up with the most important factors that might impact this industry, we spoke with Office Crave to come up with the analysis and justification.
Growing adoption of multichannel marketing is one of the major trends being witnessed in the global office stationery and supplies B2B market 2020-2024. Players are expanding and making amends to their distribution channels to market their products. Online shopping has spurred vendors to introduce a range of products on the online platform with the help of e-commerce players working in the market. Although online distribution has increased, offline stores governed the market in 2018 and will continue to dominate during the forecast period. The offline distribution channel is the more prominent sales channel because it holds better supply chain network.
Staples is the largest office supplier globally and serves its customers in 26 countries. It has also become the second-largest online marketer for office supplies with its online portal Staples.com after Amazon.com in the US. Various vendors are using mobile-based applications to increase their sales and expand customer outreach. Social media marketing is another important aspect that every company is implementing as it is the emerging medium for product promotion. Facebook, Twitter, LinkedIn, Google+, WhatsApp, and YouTube are the most powerful social media platforms. Marketers are also concentrating on social media campaigns for product marketing.
Integrating technology with the products
One of the key factors contributing to the growth of the global office stationery and supplies B2B market is the integration of the latest technological features to existing products. The key vendors are integrating the latest technological features to existing products, thereby augmenting their value and demand. One of the prime reasons for the growth of the market is the significant rise in the number of start-ups. The rising scope of business opportunities has encouraged players to start aligning their products in ways that meet the needs of the end-customers. International and domestic players are innovating in terms of packaging, form, shape and size. Apart from functional innovations, players are leveraging technological innovations incorporated in the products. The growth in commercial real estate and increase in the rate of employment also contribute to the demand for office stationery and supplies. Some of the office stationery that has been influenced by product innovation include permanent markers, index dividers, zip drive tapes, name badges, toner cartridges, and color-coding labels and others. The Americas held the largest share of the market for all these products in 2018, accounting for over 52% share, followed by EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period.