ATLANTA, GA / ACCESSWIRE / October 19, 2020 / 2020 has been a year like no other, with the coronavirus pandemic impacting nearly every consumer category imaginable. The wellness industry - a $4.5 trillion industry - has seen a significant shift in consumer behavior, as housebound people have become hyper-aware of their health, while simultaneously having to adapt to a life without public gyms and in-person doctor visits.
Long-time entrepreneur and c-suite executive, Deepak Agarwal, explains the current shift taking place in the wellness industry.
"When the coronavirus lockdowns began, the health and wellness industry was forced to act quickly to respond to consumer needs. Since mostly everyone was homebound, businesses had to adapt to bring products and services to consumers in their homes," noted Deepak Agarwal. "Building a powerful DTC (direct to consumer) engine is more important than ever; companies that have been reliant on traditional retail are now forced to explore DTC strategies."
With brick-and-mortar stores and businesses taking the hardest hit, companies had to think outside of the box to reach their customers. Most brands turned to digital channels, using live streaming, video workouts and social media to stay in touch with their customers.
Other businesses had a headstart in addressing the health and wellness needs of their customers due to their existing business model. Peloton, for example, was well-equipped for this shift as their business hinged on at-home workouts. The same is true for Curology, a skin care provider that customizes treatments based on a survey and cell phone photos.
"For many, health and wellness always felt like an in-person experience as you would visit a gym, spa or treatment center for your services. While we saw innovation in virtual health and wellness begin before the pandemic, COVID-19 has amplified the focus and creative energy in this sector," remarked Deepak Agarwal.
As consumers spend more hours at home, many have found greater opportunities to invest in health and wellness. For example, commuters now have more time at home to focus on things like nutrition, mental health, and wellness because they are not spending their time driving to and from work. This refocus on health creates significant opportunities for retailers and companies in the wellness space.
"Since the onset of the pandemic, wellness resources have become more accessible to the average person," said Deepak Agarwal. "The increased focus on and availability of these resources will, in my opinion, be beneficial to the greater population, and spur new innovation in the industry, even beyond the pandemic,"
The wellness industry will likely continue to grow and adapt in terms of digitally-enabled wellness services but may also expand to include financial and community wellness. Because of the increasing accessibility to these kinds of resources, the wellness industry will likely be less driven by influencers and mega-corporations and more influenced by self-examination.
"The sooner that companies adapt to this new normal, the more their businesses will grow," says Dee Agarwal. "Simply put, you must get your product or service in front of the customer in the comfort and safety of their own homes and adjust to how your ideal customer is spending their time. These major shifts in consumer behavior and lifestyle have been revolutionary for the health and wellness industry, and companies must see this as an opportunity to innovate."
Andrew Mitchell
Email: media@cambridgeglobalmedia.com
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SOURCE: Deepak Agarwal
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