How to Use Big Data to Cash in on the Firearms Market

How to Use Big Data to Cash in on the Firearms Market

If you’ve never been aware of big data in the firearms industry, you’re in for a treat. Statistics over time have proven that the firearms industry does exceptionally well under two conditions: right before a presidential election and during a national crisis. Currently, the U.S. is facing both of these conditions at once. This means it’s a good time to go into business in the firearms industry.

The interesting thing about the firearms industry is a recent integration with AI. Artificial intelligence is now being used to create firearms that provide better accuracy at long distances where the accuracy doesn’t rely on the shooter’s marksmanship skills. This is part of why the industry is doing so well right now.

Firearms sales are surging

There will always be certain industries that do better than others during a crisis. Today, during the coronavirus pandemic, the firearms industry is seeing exponential sales.

Unless the entire second amendment to the U.S. Constitution is dissolved, the firearms industry will continue to grow and become more profitable. It’s not just online gun retailers that benefit from this industry. The whole industry benefits, including manufacturers, distributors, and even stockholders.

The potential for strict gun control laws is driving sales

The world is facing a presidential election with a candidate who wants to enact some of the strictest gun laws in history. In light of this news, it should be no surprise that the firearms industry is thriving.

Even though the industry has been growing for the last decade, that growth has exploded exponentially in the first half of 2020 alone. For instance, firearm sales are up 95% from 2019 and ammunition sales are up by 139%.

The mass increase in sales to existing gun owners and new gun owners has caused a shortage of ammunition and a shortage of certain guns. For example, a few months ago 9mm ammunition could still be found, but it was expensive. Today it’s nearly impossible to find any 9mm ammo. Certain AR-15 rifle and pistol models are also hard to find unless you’re willing to pay three times the usual price.

Consumers are disappointed by the lack of selection at their local gun store. Typically, they could get what they need on the internet, and although popular online gun stores like Primary Arms have plenty of options and products available,  they are selling out much quicker than normal.

The scarcity of guns and ammunition heralds a promising future market

It makes sense that firearm and ammunition sales would rise when gun rights are on the chopping block of a presidential candidate’s platform. People want to stock up as much as possible before the election to avoid the possibility of stricter laws and gun bans.

Likewise, when a national crisis emerges, people rush to buy firearms and ammunition out of fear, uncertainty, and preparedness.

If you’re going to get into the firearms market, now is the perfect time. There are multiple ways to get into the business. For instance, you can open a retail shop or become a supplier or any other part of the supply chain for firearms manufacturers and dealers.

Gun retailers are profitable businesses

It’s a great time to be a gun retailer in the United States. There isn’t a gun shop in the whole country that hasn’t experienced a surge in sales. This applies to retailers online and brick-and-mortar operations.

With that said, if you don’t want to run an actual gun shop, explore other ways of getting into the industry like becoming a supplier, transporting goods, or even creating a marketing company specifically for the firearms industry.

The firearms industry creates good paying jobs

According to the Firearm Industry Trade Association, the industry employs more than 150,700 people in the United States alone. Those jobs generate another 181,500+ jobs in supply and ancillary industries. As long as the firearms industry is doing well, the job market will be doing equally well.

It’s possible that a continued increase in the sales of firearms, parts, accessories, and ammunition could lead to a decrease in the unemployment rate for those who have access to jobs in the market.

Demand is high and will stay that way for a while

In some industries, rising demand quickly falls. With firearms, that’s not the case. Even after the presidential election is over, no matter who is in office, people will still buy guns, parts, and ammo. The overall trend has been continuing upward, so even if it slows down, the firearms market will continue to grow.

Larry Alton
Larry is an independent business consultant specializing in tech, social media trends, business, and entrepreneurship. Follow him on Twitter and LinkedIn.