4 Trends to Watch Out in the Healthcare eCommerce Industry
- 7 months
The revenue of the global healthcare eCommerce market is expected to reach $435.8 billion by 2025. But, what’s driving this crazy growth in the healthcare market?
Over the last few years, the online healthcare market has experienced immense growth. Since the time Amazon launched Amazon Comprehend Medical, an online platform that aids in collecting medical records using technologies like AI and ML, there has been a wave of new eCommerce healthcare products coming in one after the other.
Some of these other global healthcare eCommerce brands are eBay Inc, McCabes Pharmacy, Exactcare Pharmacy, and Alibaba Group. There are two growth drivers in the healthcare eCommerce domain and they are:
- The rise of online marketing. Because people now trust online healthcare blogs and articles, healthcare retailers got aggressive in advertising healthcare products online.
- Many healthcare online platforms have gained the trust of medical professionals. Today, doctors are delivering care through video conferencing and many such other features.
Seeing the huge potential of healthcare eCommerce, if you also want to start your online eCommerce business in the medical industry, this article is for you. In our last blog, we discussed Healthcare eCommerce Challenges and their Solutions and in this one we will be listing some trends and technologies that you must be aware of before beginning your journey.
So, let’s get started.
According to a report by Bloomberg, 16% of hospitals in the USA had critical staffing shortages in the year 2021. That means doctors, nurses, and special care staff are in short supply and this will give rise to automation.
With no one in the hospital available to attend patients, online will be the only medium for healthcare centres to fulfil demand and give care to the patients. However, successful will be those that make proper use of technology to provide personalized patient care experiences with utmost precision and care.
For example, hospitals can integrate and train Chatbots on their websites to provide initial consultation to the patients and answer their common questions.
2) Mobile Commerce
Mcommerce is one of the quickest developing subsets of the healthcare sector and has gotten a push because of the pandemic. Indeed, even before COVID, around 51% of online purchases in India was done through smartphones, when compared with the global average of 39%.
With people on the go wanting to check the medicines they need or other medical equipment that they require online, retailers have to be curious about their needs and is it also a big chunk of customers to not ignore.
Now if you are thinking you will have to invest thousands of dollars in developing a mobile app to build a presence on mobile, that is not right. You can consider developing a Magento PWA at half the cost of a mobile app and leverage all the benefits.
3) Enhanced Customer Experience
Just like in every other industry, consumer expectations are increasing in the healthcare sector as well. Today, they have more ways than one to engage with brand. For example, technologies like Artificial Intelligence, Augmented Reality, and Headless Commerce are allowing retailers to create convenient touchpoints and provide highly personalized CX.
Similarly, retailers are using these technologies widely to up their revenue game. For example, you can compel a customer to spend more time on your website by showing him products relevant to his preferences, which eventually results in sales.
4) Rise of D2C Model
While businesses are going omni-channel fast by finding and targeting their customers where they spend most of their time, the coming year will see a rise in D2C model. Selling direct to consumers provides several benefits for consumers as well as retailers including better prices and more insight about the target market. Thus, the growth of D2C will continue.
Assuredly, eCommerce will be the next enormous thing in the medical industry. To keep up with the evolving trends, medical care experts and specialists are enthusiastically searching for trusted teams who can team up with them for their eCommerce venture.
Envision eCommerce is a leading Healthcare eCommerce Development Company that can assist you with building winning eCommerce platforms for your healthcare business. We ensure that the solutions we give aren’t just secure, but also adhere to compliances to avoid any risks or problems. Talk to our experts today!