Fasteners are arguably one of the most under-appreciated hardware components used in many products across many markets. And fasteners are products that are in demand. In fact, according to a report from Research and Markets, the global fastener industry is expected to grow at a CAGR of about 4 percent through 2020. However, even with the positive fastener outlook, these components aren't immune from certain threats. Here's a look at some of these threats, as well as some of the key opportunities for fastener suppliers.
Here's a look at some of the biggest threats to the fastener market:
- Poorly made products: Counterfeiting doesn't just pertain to high-end jewelry, but also to hardware as well. Poorly made and counterfeit fasteners have been linked with several defective appliances and vehicles in recent years, and when such instances occur, it doesn't bode well for the entire market.
- Poor service: Various applications require different types of fasteners. For instance, factors that impact fastener performance include material, threading, applied load and stiffness, among others. The best fastener suppliers are experts and can identify the proper fasteners based on the application that they're designed for.
Though the fastener market has some threats, it also has opportunities. Here's a look at some of them:
- All in on automotive: The automotive industry is one of the largest users of fasteners each year, so there's a great deal of opportunity in this bustling sector.
- Custom fasteners: Companies that can custom design and create fasteners for end users can boast a competitive advantage over others.
- Market growth: Just because it's worth repeating, the global fastener market is expected to grow at a CAGR of about 4 percent. When there's this sort of demand, there needs to be the supply.
How eCommerce Can Help A Fastener Store
One of the biggest opportunities for fastener suppliers is supplementing their operations with a comprehensive eCommerce platform. Doing business online these days isn't so much an option as it is a necessity, and there are many benefits that can be realized. For instance:
- Customers can access your site at any minute of the day to browse your offerings and place orders. Forget the 9-5, online fastener outlets are taking orders 24/7 - a key to meeting the projected increased demand.
- Expanded customer base: No longer can fastener suppliers just do business in their geographic area. An online fastener platform helps a company expand its customer base and become a truly global company.
- Upload designs: If a customer has a special application in mind, an online platform allows them to easily and quickly upload designs and descriptions so that they can find the best fastener that suits it.
With the fastener market ripe for growth, there are various threats to steer clear of and opportunities to embrace. An eCommerce platform is certainly one of the great opportunities. For more information on how to set-up an eCommerce store contact us for a demo today!