Today consumers want comfort and convenience while shopping and brands are all out to achieve it. Brands are keeping a note of its regular consumer preferences via Big Data. Let’s see how Big Data is assisting the wellness brands in their business.
Wellness sector today is a fast-growing market. Each day, the wellness industry deals with clients from different segments of the society. The wellness market in India is continuing past the path of its projected trajectory growth, to make over 700 billion INR in the last year. This marks a stealthy 18% growth in products distinctly over the previous year. The products of the wellness industry comprise a total of 55% to 60% share of the market.
With people becoming more aware of their health, revenue of the wellness industry is always climbing up rather than slowing down even when an economic meltdown thawed its growth for a while. This has proven what a great venture the business of wellness is with no signs of a downturn in consumer spends even during inflation. With the prospects of wellness industry remaining bright, many a capitalist firms in the processor have already fine-tuned their business to sustain the growth in revenue as well as ensuring profitability.
In the processes of maintaining great health, data on the health of a person plays a great role. Among all these decisions and processes about health being taken, it plays a huge role in keeping one fit. But it is next to impossible for fitness companies of the wellness industry to keep a tab on all their customers as well as maintain their data accurately. This is where big data comes in. Big data has helped wellness industry to go digital that has made it easier for them to manage the huge amount of data easily.
Some of the companies that have witnessed a smooth flow of work by integrating big data into their processes are–
Founded in 2003 by Vikash Chhawchharia, Hidden Brains offers high-end and top-ranked services to help businesses boost their big data projects. The company has strategic alliances with acclaimed companies or brands. It offers collaborative, cost-effective and non-competitive technological solution to businesses worldwide.
Convergytics was originated in 2013 by Sanjeev Mishra. The company creates the best analytics for implementation and measurement framework of any business. The experts of Convergytics are capable of tapping into the potential data that is very helpful in basing a business decision on. The company makes some significant value out of their investments in analytics.
Established in 2001 by Anil Kaul, Sudeshna Datta, and Suhale Kapoor, AbsolutData offers businesses the best analytics solution that includes marketing analytics, customer analytics, market research, data visualization, etc. They offer their resources to Hospitality, Retail, Healthcare, CPG, entertainment, media, etc.
Here are a few ways in which big data helps the wellness industry -
Shaping the Requirements of the Market
The analyzing and recording of data manually takes a lot of time which may also seem impossible without technology stepping in to minimize the time. It has made the effort put by the wellness industry easier. Big data makes analyzing data easy and are apt in keeping tabs on the fitness level of a customer. It helps a company to store all their data regarding their clients digitally.
Focusing Matters that Matter the Most
Electronic health records have been implemented by big data in many countries around the world. It helps in centralizing and optimizing the consumer information. The behavioral patterns of the consumer can be monitored with big data. It can be used to determine the most subtle changes in their health. Big data makes it all the more convenient to keep track of things that ensure that their fitness remains in check.
Analysing Fraud Behaviour
Though everyone is aware of health, not everyone is very gung-ho about maintaining it. The analyzing power of big data the cheat would not be able to get rid of things easily. Having cheat day is important for psychological health, but not having counter measures may make one lead to their impending health disaster without ceremony. Big data helps the wellness industry in securing their client's health by informing them of the discrepancies in a timely manner.
Technology today is an evolved matter that has been of great help to mankind. Big data has been helping the wellness industry greatly by looking at the facts, records, and data that is the key to maintaining their health.