By Maitane Zarate on 10/10/19 1:27 PM
There was a time when our contact with wellness was merely occasional. We gave ourselves the luxury of getting a massage twice per year or we visited the spa with our partner for a special occasion. But wellness is becoming less and less a sporadic luxury. People are adopting a more conscious mindset about the importance of their health and well-being and therefore, their willingness to buy experiences that will help them reduce stress, increase daily movement, or reconnect with their body has increased.
This shift in consumer demand is resulting in powerful market growth.
The global health and wellness industry is growing at a noticeably fast pace (the industry grew from a $3.7 trillion to a $4.2 trillion market between 2015-2017, nearly twice as fast as global economic growth! – GWI, 2018). With no signs of slowing down anytime soon, it is experiencing major developments on its treatment and product supply thanks to the latest scientific healthcare innovations and technological breakthroughs.
Wearables that can track movement, sleep or energy burn, emotion sensors and mental health advisors, or even Virtual Reality sets that transport you to a heavenly beach while you’re taking a massage in the spa are now a reality.
However, even though these technologies (3D Printing, Augmented Reality, Artificial Intelligence…) are being applied to improve their end products, the market still remains pretty much fossilized in terms of business development and profitability.
The way brands interact and connect with their customers, the way they sell their treatments and experiences online (if they’re selling online at all…), or even their management and decision-making processes, are still stuck in the grim old days in many cases. Moreover, there is an unarguable disconnection between what traditional wellness businesses offer and what their consumers want.
However, there’s still some companies out there betting on future technologies as key drivers of their business management success. Example of it is Epigencare, which uses Artificial Intelligence to match individuals with skincare product recommendations, specifically tailored for each consumer profile. This is just one of the million ways AI can provide wellness companies with a strong competitive advantage within their industry. But there is still so much more to explore. When embedded into booking engines, AI can help attract new customers, improve business efficiency, and even the overall guest experience.
If you are not paying attention to these developments, your business risks getting left behind in a competitive industry by those who are. Rigidity and inadaptability can be fatal in times of accelerated change. And yet, it is common for companies to delay disruptions, learning new skills, or preparing for change.
So if you want to avoid being devoured in today’s growing and rapidly-changing wellness industry, what changes will you make? How will you adapt?
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