Why Personalized Wellness Could Be the Next Big Thing
Some research into the Wellness industry. Consumers now want not just ‘wellness’ but ‘personalized wellness.’
As the concept of wellness is gaining traction, companies offering wellness products and services have also risen over the last few years. In fact, wellness businesses are growing so fast that McKinsey & Company estimates the global wellness market to be at 1.5 trillion dollars, with a 5 to 10% annual growth.
Now, what comes to your mind when you hear the term wellness? Is it just health and fitness? Or several other aspects of human well-being?
Well, McKinsey’s research says that even though wellness encompasses a broad range of categories, the most popular ones currently among consumers can be classified into six categories: Health, Fitness, Nutrition, Sleep, Appearance and Mindfulness.
And predictably, technology plays a crucial role in these categories. Imagine this- a working professional starts their day with an interactive online workout session and an app-based meditation session; after waking up from a good night’s sleep aided by analysis from their sleep tech device. That’s how the categories are rising.
The Next Big Thing
Wellness tech seems to be the buzzword now. But there is another trend catching up within this domain.
That trend is Personalization, which could be the next big thing in the wellness industry!
Personalization has already impacted other industries- from banking to luxury travel. Research shows that consumers are more likely to buy from brands that offer personalized products or services. Thus, it is no surprise that the trend is catching on in wellness.
Consumers now want not just wellness, but personalized wellness. They are becoming more aware of the limitations of one-size-fits-all solutions and know that each individual may require unique solutions to their wellness goals. Some of them are even preferring personalization over privacy.
The Scope of Personalized Wellness
What would personalized wellness look like across the six categories we looked at earlier?
In health, it could be about getting customized recommendations from health tech devices according to the user’s symptoms, adding an empathetic human touch to messages sent via the device. In fitness, it could be about getting a specific workout plan based on the user’s body type, physique goals, lifestyle, etc.
In nutrition, it could entail having a customized nutrition plan according to the user’s dietary preferences, genetic predisposition, etc. In sleep, it could comprise getting customized night routine suggestions in line with the user’s personality.
In appearance, it could consist of getting specific grooming tips that complement the user’s facial features. In mindfulness, it could entail getting specific guided meditation sessions based on the user’s goals.
In conclusion, for companies looking to enter the wellness space, the possibilities are many, and the opportunities are tremendous. They need to get certain things right though - like deciding their niche and tapping into artificial intelligence technology and big data analytics to offer accurate solutions at every consumer touchpoint. These aspects could be pivotal in getting ahead of the changes and creating personalized wellness products and services that consumers love. As for myself, I am an individual who is typically skeptical of one-size-fits-all tips or advice, be it in any domain. So, I welcome personalized wellness wholeheartedly.
