Table of Contents
Isaac Gerber
As pharmacy retailers continue to find their footing in a post-COVID world, it’s important that they look at the changing trends in health care and what consumers expect in their care. Consumers got used to telehealth visits and tracking their own health with their personal devices, so pharmacy retailers must be cognizant of this as they stock inventory and staff their pharmacies. We’ll outline below the three major trends taking place in health care and detail how pharmacy retailers can prepare themselves for the rest of 2023 and beyond.
Tailored health care
When interacting with a brand, consumers increasingly expect a tailored experience, similar to receiving music or shows based on their preferences and previous consumption habits. This expectation has now entered health care, with consumers expecting a plan tailored to their health goals and habits. For instance, over the past year, we’ve observed a steady increase in searches for DNA-based, personalized and customer-made health care. In the first quarter of 2023 alone, there were over triple the number of searches for personalized health care driven by skin care and mental health compared to 2021.
Consumers were especially interested in science-driven skin care, as brands focused on personalized, science-driven skin care, such as Dermatica and Reform, are disrupting the market. As such, retailers need to stock products that offer a personalized health care experience or provide in-store kiosks that provide customized health care plans.
Health care you can wear
Despite already being a $61 billion global market, wearables will remain a popular product category as consumers become more attuned to keeping a pulse on their health and look to make more informed decisions. While smartwatches continue to dominate the category, interest in new products is rising as consumers look to take control of their health by monitoring and tracking their vital signs. Chest straps and belts and rings have seen significant increases in searches among U.S. consumers, rising 133% and 167%, respectively. Sleep tracking and heart monitoring devices are also on the rise.
The growing popularity of these products will only add more complexity as new players start to penetrate the market with more innovative and cost-effective products. For example, wearable technology that embeds AI will be a huge category leader by capturing the intersection of these two trends.
Additionally, pharmacy retailers should acknowledge the increased interest in prevention and monitoring and use it as an opportunity to educate consumers on how to track their health effectively. In-store classes or tools available through an app are some potential ways to connect with consumers.
Telehealth remains popular
Lastly, health care will continue to move out of the doctor’s office as consumers continue to utilize the digital offerings they adopted during the pandemic. Despite the return to normalcy, some consumers will continue to use telehealth instead of in-person services.
By understanding the key drivers for remote health care amongst consumers, health care brands can more effectively connect with audience mindsets. For example, retail pharmacy brands where stores are localized can promote their convenience to a consumer’s home or work. Similarly, they can highlight their lower prices for products or services to win over consumers who are looking for more cost-efficient health care.
Pharmacy retailers have long tried to make inroads into becoming the primary health care destination for consumers. By leaning into the personalized health care trend, offering wearables and embracing the shift towards a digital health care experience, they can start to win over more consumers.
Isaac Gerber is director of commercial insights and analytics at Captify.
