Impact of E-commerce on Health and Wellness Industry
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With the introduction of e-commerce in India, the way of doing business has changed considerably. The Indian e-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2018 (Source: IBEF.org). Due to technological advancements, online retailing has become much more efficient and user-friendly. Considering the evolution of the health and wellness industry in India, it is captivating how the demand for the products of this sector has grown immensely over the last decade. Due to e-commerce, health and wellness products have been in major demand in tier II and tier III cities as the facilities for a healthy lifestyle in these areas are still in a developing stage. This industry is expected to grow by $300 million dollars in the next 5 years and the online retailing for the products in the industry is evident to grow. Below are 3 emerging trends which show the impact of e-commerce on health and wellness industry:
- Many recent studies show that most of the millennials spend their money on maintaining a healthy lifestyle. They indulge in health foods and repeatedly buy gym memberships. And, according to the Organic Trade Association, 52% of organic consumers are Millennials. Furthermore, millennials eat 52% more vegetables than their older counterparts. These numbers have made the new-age entrepreneurs invest in this industry and e-commerce has become the first step on the ladder for them.
- Since many entrepreneurs are investing in health and wellness startups, it is becoming increasingly demanding to provide choice to the consumers. The consumer of today has become smart and his buying decision is often based on online reviews of the product. A good brand must portray clarity, reassurance and consistency. Hence, it would not be wrong to state that the quality of the product is the king.
- With the increase in the awareness levels, consumers are becoming smarter in their choices. They are giving huge importance to their health by monitoring their calorie intake and their sleep pattern. The entrepreneurs in the health and wellness industry must take advantage of the new consumer behaviour and make sure that they deliver the right products in a right way to their consumers.
Today’s generation is tech-savvy and does not have time to step out and compare various products before buying them. E-commerce industry must play on its strength of providing choice and convenience at a single click. E-commerce has also paved way for many budding startups in the wellness space to reach out to a wider section of customers. This is one of the many roadblocks in building a brick and mortar store. The digital world of e-commerce has been easing out the distance barrier, reducing the supply chain and introducing innovations in every supporting industry such as logistics, manufacturing and inventory management.