The wellness industry has provided a lot of opportunities to the consumers and the entrepreneurs to venture into and earn good revenue from it.
Wellness has always meant so much more than just taking care of body and mind. It revolves around so many things which include beauty, health, fitness, aesthetics etc. The business of wellness provides the companies in it to explore not one but many faces of wellness. The industry has moved ahead from focussing on single needs to providing varieties in every category under it. It has come a long way as not only consumers are satisfied but companies are not short on what to pursue next.
Earning it through Trends
The wellness industry has a whole lot of new trends to go after one gets too old. Be it Athleisure, going vegan, Acroyoga etc, the latest trends in the market get all the coverage. The craze among the people leads the trend to earn a good name in the market which yields revenue. The brands have an innumerable choice to go after and can dig up good revenue with each trend. The wellness industry is doing well and in the times to come it will look forward to more new trends, brand names and revenue. The Wellness industry is expected to touch Rs. 1.5 trillion by 2019-20 and is still doing well enough. Proper utilisation of trends in the market can lead to any name in the wellness industry to the path of success.
Upgraded Technology and Smart Consumers
Consumers have become more aware of what they expect from the brands and the wellness industry. Digital technology has helped the wellness business to reach new heights. Technology has contributed a lot when it comes to utilising wellness as a business prospect. The wellness industry opens many doors to opportunities which can be taken up as business ideas. Consumers are very much connected with the industry through digital and technological support as they do not want to miss on anything. They are well aware of what they want and what they are looking for in the services and products coming their way.
Spa, Salons and the fitness industry have been growing at a faster pace, thanks to the technological additions done. It has become easier to implement new techniques with the availability of latest gadgets and digital support. The combination of smart consumers and latest technology has made utilising wellness as a business in a more efficient way.
Consumers are moving very fast. There is a rise in the population of people who are aware of the various salon and spa services. We see more and more consumers coming in and are also getting exposed to matter. The consumers are a lot aware now about their well being and wellness is the fastest growing segment in the industry, says Mr Anurag Mathur, Partner- Consumer Goods and Retail, PwC India.
The Right Approach and Model
Every business requires a perfect model and approach to make it work and so is the case with business in the wellness industry. It takes the right approach and a working model to take a wellness business forward. Every business has a different approach and work differently. A yoga classes business and a salon business will never have the same approach and working model. The target market is also an important aspect in deciding the right way to work and take the business forward.
We are opening salons in big cities and trying to take the same model to small cities. This is a wrong approach. We have to customise services, quote the prices and understand what they want after which we should enter the metro cities, says Mr Nitin Kalwani, Managing Director, Juice Salon, India.
Wellness as a business prospect has a big scope. New, as well as already existing names, have a large area to explore and expand their business in. The wellness industry is growing rapidly as are the opportunities that come with it.