Changes in Wellness Industry post COVID19
Life has come to a standstill and busiest and the most buzzing towns and spots have become desolate locked down places. These are indeed frightening times when globally all countries are shutting down amidst a worldwide pandemic.
COVID-19 has attacked the global economy and brought it down on its knees. All sectors, manufacturing, agriculture, travel, financial have faced the numbing & decimating impact of Coronavirus. Social distancing, Hand sanitizing has become a crucial part in today's life. It goes without saying that the Beauty and Wellness industry hasn’t been spared either. Companies and brands are struggling to keep their business afloat and finding a survival challenge.
In these changing times, brands will have to provide an overall package to the customers with a focus on care and product safety
Most of the manufacturers have temporarily closed their facilities due to complete lockdown. Beauty products, cosmetics, and fragrances that were already manufactured and shipped are stuck in various stages of logistics. Some of these will be hit by manufacturing date and some by storage conditions.
With retails and malls shut off the shelf movement of these products has also come down to zero. This means that when the markets open up, the focus will be on goods on the shelf and in stocks resulting in a lack of fresh orders for manufacturers. Some businesses will be hurt because of the effect of changing seasons on the inventory carried by them.
With the closure of Salons, Beauty Clinics and even Hotels, the bulk-buying of beauty and wellness products have also come to a grinding halt. This one will have a spiralling effect on both beauty professionals and distributors/manufacturers.
If the above factors were not enough, customers staying home and instructed to work from home have a tendency to reduce consumption of certain products especially cosmetics.
People trying DIY - Do it yourself measures at home for beauty and wellness is the emerging trend in this gloom. They are sticking to the basics, where cleansing plays the most important part. There has been a rising demand for preventive and safe beauty products.
In these changing times, brands will have to provide an overall package to the customers with a focus on care and product safety. The demand for natural beauty products that are considered safe will be on the rise. Consumer preference will shift to product efficacy, ingredient safety and function.
The beauty Industry is a booming Industry and will continue to thrive people that they need to look and feel good.
Beauty and wellness make one feel more confident and one feel better about oneself and this will never go away.
While we are learning the home selfcare a lot these days but yes for one it's difficult to replace the power of therapist which have deep knowledge about their subject. They know the concerns and treat them accordingly. Therefore wellness Industry will be more committed towards the customers need and demand.
Beauty retail stores are based on networking and trials. For some time till the coronavirus eliminates from the minds of customers, people will hesitate and restrict venturing out. Retailers cannot expect the same walk-in into the stores as before. Customers may want to be left alone in the stores with staff maintaining advised social distance.
Store hygiene and sales staff hygiene will play an important role.
Wearing masks cannot be ruled out. As this virus impacts the elderly more, we will see them tread cautiously and wear masks. I won’t be surprised if leading designers start making their masks to match outfits.
In a situation like this, offline sales will shift to online platforms.
I believe that customer retention will be dependent on online engagement, interaction, and experience.
The above looks at just one industry but the impact of COVID-19 will be substantial on economy and nations. The revival and repair will be a long-haul process. Lay-offs and insolvencies will be a harsh reality and will have to be faced and accepted.
Let us follow advised precautions, stay safe, be practical and most important stay positive. With faith, belief and a collective global effort, humanity will triumph, and this too shall pass.