According to a recent report, the global office supplies
market which was valued almost USD 245.8 billion in 2020, is expected to further grow to reach a value of almost USD 283.34 billion at a CAGR of 2.4 between 2021 and 2026. The major factor contributing to its growth is the emerging trend of online ordering. With the advancements in technology, the global office supplies market is driven by the integration and automation of IT and industry, thus enhancing the demand for computer/printer supplies. Furthermore, the increase in the toner cartridges segment is also said to further the market's growth.
By consolidating the demand, the buyers can profit from the current market situation and increase their buying power. Also the buyers can unite and strengthen their supplier base, resulting in cost savings, due to the expansion of portfolios by the suppliers.
“One should always offer products in top-notch quality and not offer a product to market till it is best-in-class. Manufacturers should undertake the development process
in an extensive manner and test them thoroughly before making it market ready,” said Kamal Jain, Director of KLJ Group.
Emphasizing self-branded products
Self-branded products are gaining traction, thus resulting in more profit than other branded products due to higher margins. Today, the customers prefer to buy online as it is time and energy efficient. Hence, this benefit of online ordering is providing further acceleration to market growth.
The Growing E-commerce Marketplace in Office Supplies
Today, with the help of e-tailers, the office supplies market is increasingly putting its product offerings on the online platform. The office supplies sector is pursuing benefits from the growing e-commerce marketplace. In addition, retailers and the manufacturers are raising the bar for their other digital capabilities by focusing on various online media formats. This includes include social networking sites, mobile-based applications, among others. This helps players to expose themselves to a larger number of customers.
Flexible Working Space
In recent times, a strong role in shaping the future supply-demand dynamics is the increase in the co-working space by changing the way the serviced office industry works. The savings on operational costs and a more flexible work environment are the most significant benefits that one can reap out of flexible co-working space. Therefore, many major players and startups are getting into this segment.
Challenges that linger in the office supplies market
Today, the advancements in technologies have given birth to virtual offices, which is likely to decrease the demand for traditional supplies from corporates. And especially due to pandemic, players in the office supplies market should change with the rapidly changing market trends so as to stay relevant in the market by offering supplies relevant to the current situation.