India has the second-largest population in the world. The age distribution of India as in 2019 reflects, 26.62 per cent of the Indian population fell into the 0-14-year category, 67 per cent in-to the 15-64 age group and 6.38 per cent were over 65 years of age. With a huge population falling in the category of the youth, both females and males with good disposable income in hand push the demand for beauty products and wellness services. Thus, add up to potential clients. The two sectors reflect and divert our minds towards beauty, health and wellness because of larger than life images of Sports Icons, especially in Cricket and Bollywood. Both the sectors promote and endorse the need for beauty, health and wellness balance.
FICCI & EY analysis and the report has intricately captured the key trends in the Beauty, Health and Wellness industry with a touch of technology for better and efficient outcomes:
Digital Disruption: A digitally mature industry is the future of any business. And the digital strategy in any sector shall take care of customer engagement (through the use of social media and apps to interact with the customer real-time and progress as per their expectation and feedback) operational optimisation (by using the latest technology that provides solutions and helps to increase efficiency by saving on time and money). And last but not the least through product and service transformation by introducing innovative products and services by the use of disruptive technology.
Customer Convenience: On-demand-at-home services, Pay-per-use services, Subscription Services and Innovative pricing like the online beauty service provider, Yes Madam does.
Use of Software: Business Management Software supports online and mobile booking, record keeping, tracking revenue, individual team performance and elevates the guest experience by informing them about the wait time. Zenoti Software (cloud-based salon software) which replicates the Uber model is a perfect example of this. Zenoti is a powerful and rich analytical tool that elevates the guest experience by telling them the waiting time for their services and helps the service provider to understand the persona of the consumer/potential consumer and trend of what the customer will purchase or the kind of services the customer will use next time he/she visits the saloon.
A digitally mature industry is the future of any business.
Technology trends in the Beauty Industry:
Use of ‘Artificial Intelligence (AI) and Personalisation
3D or ‘e-make-up’
Virtual apps or ‘Try on’ app
Smart Skincare tools
Technology trends in Health and Wellness:
Use of Artificial Intelligence (AI) by HealthifyMe (an app that helps to track health goals such as calorie intake and workout regimens) uses AI-enabled nutritionists for continuous assistance to its members on the app
Corporate Wellness such as Gym in office premises, free health check-ups, availability of healthy food and health clubs
Wearable technologies use data and AI with biosensors. Fitbit and Smartwatch is a perfect example of wearable technologies that track the movement, sleep and energy burn
Virtual Reality (VR) experiences in spas allow the guest to be ‘transported’ to calming locations particularly in combination with mediation and mindfulness exercises
Use of Robotics in healthcare like eldercare and cognition, masses, contactless treatments
The use of Natural Products and Non-Surgical Procedures are some of the other key technology trends in the beauty and wellness industry.
What’s in it for me?
As quoted by FICCI (FICCI-EY Report), ‘Wellness and Beauty is an ecosystem in making’.
Individuals are more aware and conscious of how they look and how they feel. They care more for themselves and their loved ones. With the high level of consciousness, it means there are a lot of people who focus on beauty, health and wellness. This means the start-ups who are in the marketplace are sure to stay in business provided they are persistent and provide relevant solutions. Anyone thinking of establishing their business or setting up their start-up to provide solutions in this industry, especially Wellness, can take a plunge as today’s populace is keen to stay fit physically, mentally and look absolutely gorgeous.