Pets can't talk like we do, and we can't read minds. But by implanting a subcutaneous sensor chip, we could measure their moods and other health parameters, to better understand our pets and their needs, some of which may be personalized and unique.
Many owners already get tracking chips put in their
pets in order to trace them if they get lost, etc. So it's simply a matter of redesigning and extending the functionality of those chips to incorporate the aforementioned features.
Trips to the vet would mean they get scanned with a handheld device, so that your animal's vital stats can be reviewed for anomalies.
Or you yourself could have such a device, to better know your pet's condition - including even their moods. If your pet is getting stressed over something, then you'll be able to know about it more reliably. Or, on the subject of consumer preferences, if your animal likes one kind of pet food over another, then you might actually be able to discern this through quantifiable data.