The future of health product retail is looking bright. However, the emergence of new technology presents both benefits and challenges for the industry. Here are a few things that health product players should keep in mind when thinking about the future of their business.
Brick and Mortar is No Longer King
The outbreak of the COVID-19 pandemic has had a huge effect on how we shop for non-food products. Lockdowns and concerns about safety and well-being have pushed consumers to turn to e-commerce for their health shopping needs. Many retailers and brands already have their products listed online. Those who do not may very well be lagging behind. These days, even consumers who like face-to-face shipping are likely to still go to a retailer’s website to check out their health products and compare prices before visiting the physical store.
With an increasing number of health product choices out there, the ability to develop brand loyalty can make or break a business. Provided that you have a good product, one way to promote brand loyalty is through subscriptions, says the co-founder of the CBD online store NordicOil. “In the near future, the health industry is likely to wake up to the idea that their repeat customers may want to set up recurring deliveries of their chosen products. It would be something akin to what used to be a monthly magazine subscription,” she says.
During the pandemic, some health brands became unavailable, and many health stores had to deal with temporary closures. This led many consumers to switch their health brands, often causing their brand loyalty to wane. This has amplified the importance of making health products accessible, appealing, and convenient for consumers to purchase. Loyalty programs are just one way of achieving this. While loyalty programs often focus on discounts and free delivery, many brands have become more creative in their quest to attract and keep customers. For example, the UK-based retailer Marks & Spencer has recently revolutionized its loyalty program with instant rewards and donations to charities.
There is nothing quite like email or text promotions of health products that take into account each consumer’s buying habits — after all; general marketing campaigns are a little like shooting in the dark. Luckily, there are software platforms out there that can help health product brands and retailers understand the needs of their consumers. Rather than offering general health products that may not attract the attention of consumers, personalized promotions zero in on the products a consumer may be specifically interested in, saving them the time they would otherwise have spent sifting through products they are simply not interested in.