Last updated on April 25th, 2023
Ecommerce Platforms has changed the business sector in various ways by allowing transactions to be conducted via the Internet. It has created a whole new era of commerce in our lives, from online shopping to online banking to social networking to the rising usage of artificial intelligence. Unfortunately, most individuals can no longer afford essential services such as doctor visits since healthcare has become prohibitively expensive, with a significant opportunity cost. E-commerce has significantly impacted the healthcare industry, making it considerably more accessible.
In the health and wellness industry, eCommerce has a significant impact:
It is no longer a secret that the worldwide online healthcare landscape has exploded in recent years due to increased e-commerce via internet penetration and increased use of mobile/internet apps. Telemedicine, medical consultation, and caregiving services are just a few of the advances impacted by e-commerce in the health and wellness market in various countries worldwide.
According to Goldman Sachs, the health and wellness business, driven by online e-commerce stores, is expected to spend roughly $32 billion on e-commerce and related web service technologies each year. This is five times more than the $6 billion spent annually on all forms of e-commerce services by online businesses.
What Impact Do Ecommerce Platforms Have On The Healthcare Industry?
E-commerce has ushered in a significant shift in the healthcare industry, as it has in other sectors. Online platforms such as Doctors on Demand and a slew of other medical apps reshape the traditional healthcare landscape. Aside from increased access to healthcare, e-commerce has several other implications for healthcare. These are some of them:
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Shopping on the Internet:
To begin with, eCommerce Platforms is changing the way consumers shop for healthcare products and how those products end up in customers’ hands. Many customers are researching on the Internet to accomplish the functions of a traditional pharmacy rather than visiting a physical facility. Super Fast delivery to patients’ doors, live online chats to answer patient inquiries, and an app that allows doctors to order directly through the company, Capsule are all features of companies like Capsule’s business strategy.
Furthermore, investors believe this novel approach to pharmaceutical fulfilment holds promise. Even though similar-structured competitors PillPack, ScriptAssist, DivvyDOSE, and others were already engaged in the market, Capsule received $20 million in 2017 from investors who believed in its business concept. PillPack was acquired by Amazon for just under $1 billion in 2018, reflecting the market’s trust in the changing healthcare sector.
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Care:
Caring has begun to implant the realm of e-commerce. Telemedicine is healthcare e-commerce pioneered by apps like Practo and FirstOpinion and websites like Doctor2U and YourDoctors.Online. Each service has a different business strategy. Still, the premise is the same: doctors provide advice to patients via text or live chat, removing the need for a physical visit to the doctor’s office or time spent away from home. Although telemedicine cannot completely eliminate the necessity for in-person tests, it can often assist patients in determining whether an examination is required.
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Improving Patient Experience:
Although it may seem counterintuitive, telemedicine and e-commerce may work together to produce a genuinely seamless patient experience. Patients can talk to a doctor about their symptoms, get a diagnosis, and have medication delivered to their homes in as little as a few hours. Prescriptions can be quickly and easily bought online through sites like Walgreens and NowRX. Health care service providers who use e-commerce to make healthcare more easily accessible to their patients will find themselves in a position to do so as technology advances.
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Presence on the Internet:
Healthcare providers have been increasingly worried about the quality of their online presence as customers abrupt use of the Internet to get products and medical care. Healthcare providers must promote themselves online in a world where transactions and information collecting are increasingly conducted online. According to one online medical marketplace, over half of their patients are referred by their primary practitioner or hospital personnel.
Even if a close friend or family member recommends a product or service, most consumers do their own research before deciding. A book review or the website of a healthcare institution can help you decide whether or not to become a patient or whether or not a restaurant is as unique as you’ve heard. As a result, healthcare workers must monitor and protect their online reputations at all times.
Doctors with a high reputation can benefit significantly from services like Yelp. They provide an opportunity for potential patients to gain a sense of the physician’s “bedside manner” and the care culture. Additionally, happy patients can use review services to elaborate on their positive experiences and health outcomes. Doctors must recognize the impact of these resources and fight to retain their good reputations.
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Accessibility:
It’s also critical for healthcare organizations to make their websites available to potential patients. One of the most significant parts of website strategy is mobile-friendly web design. Users accessing the Internet via a smartphone or tablet accounted for 52% of global web traffic in 2018. Unfortunately, mobile web traffic is sometimes devalued or even neglected in web design. Even though statistics suggest that 40% of users will switch to a competitor after a horrible mobile experience, 84% of consumers have reported problems with websites they access on their mobile devices. Healthcare providers have a tremendous opportunity to earn or lose customers based merely on the quality of their mobile sites.
A good mobile website should have a few characteristics. For example, doctors should make sure their websites have a quick server load time, are visually appealing (not too cluttered with images or words but not too empty), and have simple navigation and menus throughout. Furthermore, the physician’s attention to and specialties inpatient care must be adequately represented on the website.
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Streamline the purchasing process:
Furthermore, e-commerce offers clinics, hospitals, and doctors’ offices to expedite their medical equipment and supplies purchases. Manufacturers of medical devices are increasingly moving their operations online to allow for direct ordering and delivery of their products. This poses difficulties for healthcare providers, who must verify that their suppliers follow regulations and deliver items on the schedule. However, it also implies that clinicians can provide better treatment to their patients by focusing more on the patient and less on supply difficulties. MedicalExpo, an online exhibition of medical items that link customers and suppliers from all over the world, is an example of such a company.
E-commerce is changing the healthcare landscape, and healthcare providers must understand the ramifications. E-commerce in healthcare, like any new technology, is an undeniably good force that must be exploited with clever and imaginative thinking. As a result, new patterns are emerging.
In the healthcare industry, there are a few eCommerce trends to keep an eye on:
According to the Q4 2020 Ecommerce Trends Report by Unicommerce and Kearney, the FMCG & Healthcare (F&H) category volume increased by 46% year over year (YOY) between October and December 2020. Ecommerce for healthcare is rising not only in metropolitan areas but also in semi-urban and rural areas, according to the report, with Tier II and III cities accounting for a 90% YoY increase in volume and value.
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Subscriptions and direct-to-consumer (D2C) models:
While omnichannel shopping remains popular, eCommerce platforms are increasingly experimenting with subscription-based and direct-to-consumer (D2C) business models.
Not only do these models provide them with a greater understanding of customer preferences, but they are also known to improve customer retention.
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AI, AR, and analytics are making inroads in the tech world:
Implementing cutting-edge solutions such as artificial intelligence (AI) and augmented reality (AR) is becoming increasingly popular among startups that can integrate technology in a significant way. Artificial intelligence-based software is efficient at observing consumer behavior and offering ways to improve their experience. At the same time, augmented reality has proven to be a boon for better customer service. Add in analytics that evaluates client feedback and assist in identifying unmet needs. When the data is collected, eCommerce platforms increasingly use it to segment audiences based on their geographic area, total expenditure, age and gender, and purchasing behaviors and generate reports and improve customer relationship management (CRM).
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Wearables and other digital health solutions are becoming increasingly popular:
If you think startups are the only ones who employ health tech, you’re mistaken. Wearables and other handy devices are all the rage in the world of health tech.
Consumers are in charge, and they watch their health data in real-time; according to a Business Insider Intelligence study, more than 80% of consumers are interested in wearables. There’s no denying that eCommerce platforms aided their access to the market.
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Personalized, convenient, and cost-effective care:
Healthcare eCommerce platforms are increasingly expanding their product and service offerings to give clients a more comprehensive experience. As a result, the media are becoming a one-stop health solution supplier rather than an online store. Healthcare e-commerce platforms have made accessible, cost-effective, and personalized care feasible by bypassing intermediaries and facilitating a smoother supply chain.
Bulk customers, such as hospitals, which had to manage a long supply chain owing to shutdown constraints, are turning to e-platforms, which has helped them avoid a probable scarcity of life-saving drugs and equipment.
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A New Beginning in the Health-Care Industry:
The e-commerce and wellness industries are witnessing a renaissance. It is the era of fast delivery, and it is not limited to retail. The expansion of e-commerce marketing is knocking all industries, including the health and wellness industry.
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As more individuals worldwide become interested in digital marketing and items that will help them improve their health and fitness, it is increasingly important to assess the success and benefits of e-commerce service in the health industry.
