{"id":140124,"date":"2020-01-07T10:52:16","date_gmt":"2020-01-07T10:52:16","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=140124"},"modified":"2023-09-27T19:01:56","modified_gmt":"2023-09-27T19:01:56","slug":"how-retail-can-lead-the-wellness-economy","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2020\/01\/how-retail-can-lead-the-wellness-economy\/","title":{"rendered":"How Retail Can Lead the Wellness Economy"},"content":{"rendered":"

Wellness was once a niche concept. Now, it\u2019s gone mainstream\u00a0 \u2013 we\u2019re busy, stressed, and sleep deprived. Wellness, generally accepted to mean holistic physical and mental health and the lifestyle choices that support it, is now a US$4.2 trillion<\/a>\u00a0global market.<\/p>\n<\/p>\n

\n
\n

麻豆原创 Digital Futures: How Retail Can Lead the Wellness Economy<\/a><\/h3>\n

Click the button below to load the content from YouTube.<\/p>\n

\n
\n
<\/div>\n<\/div>\n

Always allow YouTube<\/a>
\n \n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n \"麻豆原创<\/p>\n

\n \n <\/path>\n <\/path>\n <\/svg>\n <\/div>\n<\/p><\/div>\n<\/section>\n

The rapid growth of wellness\u00a0is\u00a0being\u00a0fueled by health and environmental concerns,\u00a0innovative ideas\u00a0about healthy aging, and better scientific understanding\u00a0of\u00a0the connection between body and mind.\u00a0Growth has also been driven by\u00a0the ability of\u00a0consumers to self-educate about health concerns\u00a0and access wellness products\u00a0online, and\u00a0by\u00a0the influence of social media. In the United States\u00a0especially, it also stems from\u00a0weaknesses\u00a0in conventional medical care\u00a0that\u00a0include\u00a0rising costs\u00a0and lack of focus on preventive care.<\/p>\n

But when consumers\u00a0look for answers about wellness products and services, they see a market that is deeply\u00a0fraught.\u00a0Wellness is\u00a0highly\u00a0fragmented\u00a0and\u00a0it\u2019s hard\u00a0for consumers to verify the\u00a0credibility and viability of\u00a0the things they\u2019re being urged to buy.\u00a0Consumers are\u00a0seeking\u00a0reliable sources of information and products that are trustworthy, verified,\u00a0and safe and\u00a0that\u00a0work.<\/p>\n

Retailers\u00a0have the essential\u00a0expertise\u00a0to become\u00a0trusted\u00a0advisors\u00a0in wellness.\u00a0No other industry\u00a0better understands\u00a0consumer\u00a0needs\u00a0or\u00a0has retail\u2019s\u00a0expertise in marketing, personalization,\u00a0and consumer technology,\u00a0including early uses of\u00a0artificial intelligence (AI).\u00a0Meanwhile, retailers have\u00a0a history of combining seemingly dissimilar or unrelated experiences and\u00a0brands \u2013 think\u00a0fancy restaurants within\u00a0department stores\u00a0or\u00a0cafe-bars\u00a0in laundromats.<\/p>\n

Retailers: Your Wellness Advisors<\/strong><\/h2>\n

The retailers that will lead in the new wellness economy will use these skills to\u00a0gain market share, loyalty, and\u00a0growth by\u00a0combining\u00a0what are currently highly\u00a0fragmented, episodic activities,\u00a0such as shopping for food, seeking medical advice, socializing,\u00a0and\u00a0being\u00a0physically\u00a0active. They will\u00a0craft\u00a0holistic wellness experiences\u00a0that combine convenience and emotional satisfaction.<\/p>\n

Technology will be the catalyst and enabler in this scenario.\u00a0Emerging technologies,\u00a0such as\u00a0virtual reality,\u00a0augmented reality (AR),\u00a0sensors,\u00a0and\u00a0AI,\u00a0are\u00a0enabling\u00a0the development of\u00a0new wellness products and experiences.\u00a0Switch on\u00a0Mirror,<\/a>\u00a0for example,\u00a0and\u00a0suddenly it\u2019s an\u00a0interactive workout assistant synced to personal biometrics, with\u00a0live, expert\u00a0virtual\u00a0instruction;\u00a0curated\u00a0surround-sound\u00a0audio;\u00a0and\u00a0real-time encouragement from an online community.<\/p>\n

Meanwhile, advances in\u00a0infrastructure,\u00a0such as 5G networks,\u00a0and connective technologies,\u00a0such as\u00a0the\u00a0Internet of Things,\u00a0will create opportunities to link\u00a0what are\u00a0now\u00a0highly segmented wellness categories\u00a0together.\u00a0Current efforts\u00a0only hint at the possibilities.<\/p>\n

Retailers Connect Across Segments and Industries<\/strong><\/h2>\n

For example, as electric cars\u00a0begin to\u00a0render traditional gas stations irrelevant, retail brands are looking to convert them into integrated wellness\u00a0facilities\u00a0powered by new technology.\u00a0Architecture firm Gensler\u00a0and\u00a0Reebok<\/a>\u00a0have\u00a0created\u00a0a concept for\u00a0repurposing gas stations\u00a0as\u00a0combined\u00a0wellness, fitness, and community centers that also generate power\u00a0for electric vehicles.\u00a0They envision three types of wellness stops: on interstate highways, on smaller commuter roads, and within communities, all accessible and designed to meet the needs of those three different environments.<\/p>\n

Rather than picking up junk food, soda, or tobacco when they stop to fill up, consumers who stop to charge their electric vehicles could sneak in a workout, get a massage, and buy some running shorts.<\/p>\n

To go with those shorts, consumers may consider connected running shoes, which they can get from fitness gear retailer Under\u00a0Armour.\u00a0The shoes integrate<\/a>\u00a0with the nutrition app MyFitnessPal and digital health tracker\u00a0MapMyFitness. What\u2019s more, consumers who\u00a0have\u00a0a Samsung smartwatch and wireless JBL headphones can connect to Under\u00a0Armour\u2019s\u00a0Endomondo digital fitness platform.<\/a>\u00a0The goal is to help customers use their biometric measurements to improve their overall performance and health.<\/p>\n

For\u00a0consumers\u00a0who need medical services, a retailer might provide just the right treatment.\u00a0U.S. retail chain\u00a0CVS\u00a0Health\u00a0has a\u00a0head start in becoming a trusted\u00a0medical\u00a0advisor\u00a0because its customers regularly interact with its pharmacists.\u00a0CVS\u2019s\u00a0new\u00a0in-store\u00a0HealthHUBs<\/a>\u00a0take medical advice further by\u00a0helping\u00a0people with chronic conditions,\u00a0such as\u00a0diabetes, obesity, and high blood\u00a0pressure,\u00a0stay\u00a0healthy.\u00a0The hubs provide access to health and wellness apps, connected monitors and other smart devices, and\u00a0technology-enhanced\u00a0weight\u00a0management programs,\u00a0while a human Care Concierge\u00a0educates customers and\u00a0assists in\u00a0navigating\u00a0in-store services\u00a0and products.\u00a0The first few\u00a0HealthHUBs\u00a0were so successful that CVS is now rolling out\u00a01,500 across the United States<\/a>.<\/u>\u00a0CVS\u2019s\u00a0ultimate goal\u00a0may be to guide the 22 million members of\u00a0insurer\u00a0Aetna \u2013 now a CVS\u00a0Health\u00a0subsidiary \u2013 to the\u00a0hubs where\u00a0the\u00a0insurance giant\u2019s\u00a0massive amounts of\u00a0health and wellness\u00a0data can be put to use.<\/p>\n

Tech Supplies Exponential Speed<\/strong><\/h2>\n

Retail\u2019s<\/a> talent for connecting diverse segments and industries will get a turbo-boost from\u00a0new\u00a0digital capabilities\u00a0that\u00a0continually\u00a0appear\u00a0and\u00a0advance\u00a0at exponential speed.<\/p>\n

As connectors in the wellness economy, retailers could capitalize on\u00a0ideas like\u00a0the following:<\/p>\n