The Next Normal: A Look Forward for Personal Health Brands

The Next Normal: A Look Forward for Personal Health Brands

In the aftermath of a pandemic that changed how we do, well, pretty much everything, brands are left wondering: Which old consumer preferences are gone forever? Which pandemic trends will stick? And most importantly, how can personal health thrive in the next normal? To answer these questions, take a look below.

A Changing Retail Environment

• Many tried-and-true methods of personal health retail will no longer work. Companies like cosmetics giant Sephora, with models built on tactile in-store experiences and close employee-customer interactions, will have to reinvent their stores completely. With narrowing options for in-store experiences, retail may continue to lose its intimacy, one of its longstanding advantages over e-commerce.
• Retail-only will no longer be an effective business model. Last month, one of the best-known companies in the vitamin industry filed for Chapter 11 bankruptcy, announced the closure of 1200 stores nationwide, and introduced plans to restructure into e-commerce. This loss of reliance on retail is indicative of a needed strategy shift in personal health as a whole.
• Many traditional retail customers will continue to shop online instead. According to a recent Deloitte survey, 48% of Americans still feel unsafe going in-person to a store. As cases continue to climb in the US, customers may be wary of retail for the long haul.
• Personalized nutrition is on the rise. Brands like Vous Vitamin, for example, believe that the standard multivitamin is being redefined. A personalized approach for the consumer where different lifestyles interact to demand unique nutritional needs is an emerging channel. Vous Vitamin's COO Brad Helfand believes "E-commerce is taking off, and will benefit the consumer in the long run. We think personalized offerings will thrive in an environment that is not constrained by shelf space."

The Growing Role of E-Commerce

• E-commerce sales continue to see strong growth. Amazon sales alone are set to top $410 billion this year, a 20.2% YoY increase.
• The e-commerce experience will become more cohesive and all-inclusive. Walmart recently announced a subscription service that will include exclusive online deals and shipping perks. Services like this, which incentivize online shopping and make e-commerce more preferable to consumers, are growing in popularity.
• New innovations will attempt to make e-commerce more like in-person shopping. E-commerce live streaming has recently emerged as a novel way for brands to showcase their products online in an engaging way. More innovations will surely follow.

Concerns over the longevity of COVID-19, large investments in e-commerce tech, and the increasingly precarious state of retail all suggest that the next normal will have e-commerce on center stage. As the next normal becomes today, it is more important than ever that brands adopt a strong, savvy online presence. 

How are you adapting your retail strategy? 

Sources

1. https://fortune.com/2020/07/08/walmart-plus-membership-ecommerce-amazon-prime/
2. https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html
3. https://technode.com/2020/06/15/e-commerce-webinar-is-the-covid-19-boost-a-new-normal/
4. https://www.pymnts.com/news/retail/2020/us-gets-hip-to-livestreaming-ecommerce/
5. Image Credit: https://www.thehealthy.com/healthcare/most-trusted-health-wellness-brands/