In a survey conducted by McKinsey, 23% of all consumers said they are planning to spend more on wellness products. But, which products are they talking about?
In a few decades, the eCommerce industry has made tremendous improvements, especially in the healthcare sector. People are more likely than ever to dive into the healthcare eCommerce services now that it offers the utmost convenience.
The healthcare e-com has transformed by modelling the unthinkable services like home delivery services for medicines, lab tests, online consultations, etc. It helps the healthcare institutions, doctors, clinics and hospitals to make the most of the online channels and reach out to people.
Although the coronavirus pandemic seemed to hit business brutally, healthcare industry, on the other hand, has been blooming more than ever. In this blog, we explore what’s next for the industry and how you can make the most of it for growing profits.
The market share of Healthcare Industry
Recent research revealed that about 2.4 million jobs belonged to the healthcare sector. That’s like 14% of the jobs in the US. Now, the industry is growing tremendously, and global healthcare spending could reach over $10 trillion by 2022. The healthcare eCommerce market in the US has the highest spending capacity, around $10,224 per capita.
In 2020, the health service revenue of the US fell by 1% as compared to 2019 as things slowed down for a while. As the opportunities unfold, the impact of COVID-19 on US healthcare has increased the healthcare system by $125 Billion – $200 Billion.
With the rise of virtual interactions and home services of lab tests, the standard of care has risen, giving the healthcare industry further potential to expand.
Key players of the Healthcare eCommerce industry
The upswing in the market is returning many healthcare eCommerce manufacturers trajectory to normal. These companies have the kind of impact on the market that lends the space of a complete overhaul in terms of technology, access, reach and conversions.
Excelling with eCommerce health solutions, these companies are the major players in the industry.
- Amazon.com
- Exactcare Pharmacy
- Alibaba Group Holding Ltd.
- eBay Inc.
- Remdi SeniorCare
- Lloyds Pharmacy Ltd.
- McCabes Pharmacy
- Walgreens Boots Alliance Inc.
- CVS Health
- FSA Store
Also read: Customer Experience (CX) Changing The Face Of Online Retailers
Healthcare eCommerce Trends To Watch For In 2022
The year 2020 has altered the dynamics of eCommerce for good, even in the healthcare industry. These changes are expected to last in the near future while giving us upgraded solutions. Let’s dive into it right away.
Omnichannel solution for healthcare retailers
Most retailers know that customers want to view things on multiple channels to gain their trust. Mobiles, tablets and desktop advertising is just the beginning. Adapting to an omnichannel strategy is the best way to spike the interest of the customers. This widens the scope for healthcare retailers to connect with the audience and adapt according to their likes and dislikes.
Although there are other benefits that might help these retailers in the long run. These are,
Creating a seamless experience – Healthcare providers need to start creating a non-disruptive customer journey, regardless of the platform or device.
Personalization in ecommerce – A customer experience that is narrowed down to their preferences shall help with engagement and retention effectively.
Wearable & Digital Health Tools
The pandemic has augmented the use of digital devices, thus increasing the growth of digital-first platforms. Data from digital devices can provide seamless services to patients and guide them in their time of need. It helps the patients to stay connected with healthcare providers.
Upscaling the right technology can alert the patients at the right time to reorder and refill medicines or keep track of their health. This trend can be beneficial for the eCommerce healthcare industry to fill the gaps, give their patients what they need, and guide them towards a smarter approach to deal with health-related issues. It sums up as a cost-effective solution that will provide users with proper care.
For instance, BPM Core is a device to monitor blood pressure and the Health Mate app gives an instant color-coded feedback and professional recommendations
Also read: Five Key Benefits Of Setting Up Your ECommerce Store On A Commerce Cloud Platform
Virtual Care Solutions
Most healthcare providers have incorporated virtual check-ups, sessions, and consultancies to ease things for their patients. This trend has only picked up because of the pandemic, and it promises to provide almost everything at convenience. Thus, it has become the need of the hour to provide virtual care. Advanced technology can become the bridge between patients and healthcare providers.
Many healthcare systems have implemented this trend and registered themselves into a healthcare eCommerce platform. If you look at it, it can scale profit instantly while it caters to the need of the patients. Healthcare systems should adopt this cost-effective & customised e-trend to reach out to their patients and expand their approach using one-to-one video calls, on-demand solutions, chatbots and automated responses.
More AI benefits
In the previous years, the results of AI were either too advanced or too synthetic in reaction. The relation to eCommerce wasn’t that strong. But today, as the worldwide acceptance of technology in healthcare has risen, people are ready to put their trust in the incremental benefits that AI brings to the table.
The concept of chatbots has changed drastically in the healthcare sector. It has gone from recording messages to provide real answers. Brands should leverage the concepts of voice search and deep AI recommendations to give the patients what they need. AI could also be used at the backend to manage or predict inventory systems better.
AI is the aid we all need in this pandemic, from developing new technologies to detecting pandemics, thermal screening, vaccine development, facial recognition and much more. AI could be helpful in unimaginable ways thereby, enhancing profits while creating customer trust.
AI to manage the healthcare sector
This trend has great potential in the healthcare sector. The AI technology can improve decision making, information processing, precision, efficacy and speed of diagnosis. This would help the doctors to give early treatment and better medications with the right approach to the patient. On the other hand, with the support of machine learning, better medicines can be developed can be advanced with improved medical research and experiments. All in all, the inclusion of AI would make eCommerce a more robust structure for daily needs.
Summing It Up
AI, data science and machine learning are significant trends that will transform the healthcare industry for good. That being said, healthcare trends serve as a lighthouse for the industry. They show the way ahead with the phenomenal technologies of tomorrow.
These healthcare eCommerce trends also help the healthcare providers to understand how to match the needs of the patients and how they can upgrade their business models to fill the gaps and monetise them. So, apply them as per your own business model and personalise the outcomes in line with customer expectations.
To help you with this, Apexon is creating cohesive ecosystems that bring digital experiences to the forefront. We deliver platforms like Oracle CX Commerce that build trust within the enterprise, enabling and optimising touchpoints at every turn.
Reach out to our experts today to know more.