E-Commerce Market, Growth and Changing Trends
E-commerce has absolutely revolutionized the conventional way of doing business, providing the ease of selling goods and services electronically through the help of the internet and information technology. Facilitating new types of information-based businesses and enabling smooth communication with the customers, e-commerce creates considerable opportunities for suppliers, trading partners, and producers. Even in the developing nations, the increased usage of mobile phones and better internet penetration has allowed more accessibility to e-commerce platforms over the past few years, particularly in urban areas. The continuous advancements in the e-commerce sector and online sales channels have also created a pathway for consumers to turn towards the internet for fulfilling their healthcare needs. The online sales of healthcare products and services have been growing at a rapid rate, which is prompting renowned capitalists to put large stakes in the healthcare e-commerce market segment.
Growth Drivers of the Healthcare e-commerce Market
Convenience is the biggest driving factor of e-commerce that largely influences the buying behavior of consumers. The online e-commerce platform has become a 24X7 pharmacy with a depth of stock, which provides consumers the power to purchase medical products from their electronic devices anytime and anywhere. The online retailers aspire to provide quality customer service to the consumers at every step, right from the ordering of the product to its door-step delivery. Therefore, healthcare e-commerce platforms have become a preferred choice for customers who want a hassle-free and fast delivery of medical products rather than wasting time and energy in visiting a traditional pharmacy.
Healthcare e-commerce platforms have become a preferred choice for customers who want a hassle-free and fast delivery of medical products rather than wasting time and energy in visiting a traditional pharmacy
Online healthcare marketplaces feature hundreds and thousands of different medical products and services, which enable customers to compare prices and features for making an informed decision. The accessibility to multiple e-commerce websites has led to cut-throat competition among online retailers, thus they generally tend to sell their products at prices lesser than what the conventional pharmacies would offer. To lure the customers, some online sellers even provide heavy discounts, coupons, etc. from time-to-time, which makes online healthcare platforms a global hit.
The internet has made accessing data much easier. Provided that the customers cannot touch and feel products before they buy them electronically, online sellers normally give considerate information about the products that customers could use while making a purchase. Thus, customers can always check if the product meets the requirements from the information provided by online sellers. Besides attaining information from the website, the customers can read online reviews from different healthcare marketplaces. Even after buying a product, the customers can give their ratings and feedback based on their experience with the product or service. If the customers find products or services unsatisfactory in any way, they can call customer care within a definitive time period and ask for a refund or replacement, which most online sellers guarantee.
Enhanced Payment Flexibility
Nowadays, online retailers offer a wide range of payment options to customers, ideally with a focus on Payment Service Providers (PSPs) and mobile commerce. Thus, enhanced financial clarity, high fraud protection, automated payment options, intuitive user interface, etc., lower the purchase barriers of the consumers. The user-friendly interface of online platforms also saves the time and effort of the customers by limiting them from inserting the financial information for every purchase. So, safe business and instant transactions have helped to gain the trust of the consumers for making online purchases.
Approval of e-commerce Platforms by Healthcare Practitioners
Many healthcare e-commerce platforms have garnered the trust of medical professionals, which has played an integral role in accelerating the growth of the online marketplace. When it comes to purchasing medical supplies, people tend to buy products from a platform that has accreditation from a certified healthcare professional.
Healthcare e-commerce Trend
The growing population of millennials and internet savvy consumers pronounced internet advancements, and other technological improvements, even in remote areas, seem to orchestrate the tremendous growth spurt in the global healthcare e-commerce market. The high-value growth of the healthcare market can also be contributed to the requisite government support.
From being just a sales channel to an awareness driver, e-commerce has become critical to the growth of all pharmaceutical and medical manufacturers. Ultimately, healthcare e-commerce platforms will aid the re-distribution of stakeholders’ offline enterprise and rebuild all the links of the value chain.
During the present scenario of COVID-19, significant growth has been observed in the demand for medical supplies such as surgical masks, gloves, medicines, and other commodities. With people preferring to stay indoors and avoid visiting market places, the e-commerce market for healthcare proved to be a boon for many consumers. Mitigating all distance limitations that often prevent optimum care delivery, healthcare e-commerce platforms create a more collaborative gamut connecting healthcare professionals and patients on a remote and virtual platform. However, healthcare e-commerce companies must understand that enterprises become more skillful in determining their future course of action in the conditions of accelerated technological change.