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Decision Data: Who's selling online?
A data dive yields insights on online product sales and prescription refills by different-sized veterinary practicesand how satisfied the owners and managers were with the results.
Further resources
• Evergreen advice on rocking your own online pharmacy and managing competitors.
• Educate, don't irritate, pet owners hungry for online convenience
It can often be difficult for a veterinary practice owner or manager to decide how to change their business model, when to add services and how to adjust for changing times. The team at dvm360 has been working with two of the sharpest veterinary analysts around (John Volk and Dr. Karen Felsted) to examine major changes practices have made and how happy the decision-makers were when all was said and done.
For the next few months, we'll be sharing results from their study as well as resources and commentary to help you make a decision as a practice owner or manager-or make a plan happen once you've decided.
This week, we look at which practices are selling products and refilling prescripriptions online.
NOTE: Categories are based on the survey question, “What were your practice's gross revenues in 2016?” as well as questions about 2017 behavior and decisions.
Percentage of practices offering online sales and/or prescription refills
Practices with gross revenue of ...
Percentage
Less than $500,000 54% $500,000-$999,000 51% $1 million-$1.5 million 60% $1.5 million-$2 million 58% $2 million-$3 million 56% $3 million-$5 million 56% $5 million or more 67%
Source: dvm360 Decisions Survey; Dr. Karen Felsted of PantheraT Consulting; John Volk of Brakke Consulting
No. 1 reason for beginning or expanding online sales and refill capabilities
Compete with internet vendors 43% Because that's how clients want to buy 20% Sell broader range of products 17% Improve compliance 9% Improve patient care 4% Improve revenue 4% Compete with other local practices 2% Improve practice profitability 2% Attract new clients 0
Source: dvm360 Decisions Survey; Dr. Karen Felsted of PantheraT Consulting; John Volk of Brakke Consulting
No. 1 benefit seen after offering online sales/fulfillment
Recaptured sales from internet vendors 39% Better compliance 15% Positive client feedback 15% Increased revenue 7% Stronger client bonding 6% Positive feedback from staff 1% Attracted new clients <1% No benefits 16%
Source: dvm360 Decisions Survey; Dr. Karen Felsted of PantheraT Consulting; John Volk of Brakke Consulting
Satisfaction with your online-product and refilling provider
Extremely satisfied 17% Moderately satisfied 30% Satisfied 47% Dissatisfied 5% Moderately dissatisfied 2% Extremely dissatisfied <1%
Source: dvm360 Decisions Survey; Dr. Karen Felsted of PantheraT Consulting; John Volk of Brakke Consulting
