In recent years, a plethora of global factors has created a consumer landscape which is highly engaged with wellness and self-care. From the impact of the pandemic – which made consumers significantly more health conscious – to the reality of an ageing population which is living longer, the global fascination with wellness is ever-present. Current market valuation is around £2.8 trillion worldwide and consumers in the UK, for example, are forecast to spend £487 per head annually on wellness products, demonstrating the current opportunity and competition within the market.
All industries must be agile to consumer needs and demands when it comes to product development Two of the leading influences on the wellness market right now are digitalisation and personalisation.
What does digitalisation mean for brands?
Wellness and self-care have become a larger part of consumers’ everyday lives due to a steep rise in technology. App subscriptions, virtual consultations, and online resource hubs have made everything from clinical healthcare solutions to cosmetic and beauty more accessible than ever before.
Digitalisation has changed the way that businesses speak to consumers and has provided a platform to share the stories that underpin research and development.
While these are the consumer facing aspects of digitilisation, there are also huge benefits to adopting digital systems internally to enhance product development operations. At H&H Group, we have implemented an electronic Quality Management System (eQMS) which enables us to improve consistency in our quality management approach. Further incorporation of digital platforms streamlines processes, enabling greater efficiency and speed to market which benefits consumers and business growth.
Should all products be personalised; bespoke to specific needs and individual preferences?
Ingredients play a fundamental part in product innovation and consumers are now looking for more personalised nutrition solutions to suit their unique needs. Research shows that 80 per cent of consumers are more likely to buy from brands that offer personalised experiences, making clear the business case for innovation in this field.
While not every product is adaptable to personalisation, businesses should carefully consider where they can tailor their offering to consumers and a first step towards this is customisation. Here, consumer data is used to drive recommendation towards some pre-defined solutions that still deliver on meeting specific needs, creating customer satisfaction and enhanced brand loyalty.
Where businesses should look next…
The rise of digitalisation and personalisation is not unique to the wellness industry. They have both become important innovation opportunities for any business looking to succeed in a rapidly changing world. These trends are accelerating and in order for businesses to stay competitive, not only must they join in, but additionally, they must look to other industries for inspiration in how to get ahead. Consumers are taking control of their own wellness using a holistic approach and brands must demonstrate that they see consumers as individuals in order to maintain a loyal customer base.
Angela Brady, Global Innovation & Partnering Director at H&H Group