Ecommerce sales doubled between 2019 and 2021.1 And as consumers shift even more of their spending online, there's a huge opportunity to boost your digital footprint and provide more of the healthcare products that people want and need. However, beating out retail giants won't come easily, and you'll need to put together a targeted growth strategy if you want to remain competitive .
Start with your product catalog. The more healthcare items you can offer, the better you can meet evolving consumer needs and expectations – and the better you can hold your own against other online retailers.
Is it time for your retail business to increase its investment in healthcare ecommerce?
Here's what to know about current healthcare ecommerce trends, plus three ways that expanding your digital product catalog could support smart and sustainable growth for your business.
Healthcare ecommerce and the shift to consumer-driven decision-making
The internet has considerably changed the way people shop for healthcare products. Among those changes is a marked shift toward consumer-driven decision-making – with individuals taking on more responsibility for what healthcare products they purchase and how and where those purchases happen.
American consumers spent over $775 billion on out-of-pocket healthcare costs in 2020.2 Researchers expect this amount to increase over the next several years.
And in addition to primary care costs, this spending goes toward lifestyle, wellness and nutrition products, as well as over-the-counter (OTC) medications and medical devices. Increased spending on consumer healthcare products is a sign for retailers to step up their game, and it's not the only one.
Other trends that highlight the strong potential of the healthcare ecommerce market include:
- The growing popularity of home-based care3
- An aging population
- Rising rates of chronic illness4
So, if expansion is your goal, now would be a great time to figure out exactly how you'll make it happen.
3 big benefits of expanding your healthcare product catalog
The future for ecommerce is bright, as researchers expect its share of total retail sales to account for 30% by 2025.5 With digital shoppers ready to spend, it's up to individual retailers to position themselves as industry authorities – especially in the healthcare space.
Regardless of the size of your business, here are three advantages of expanding your digital healthcare product catalog, all of which are necessary for competing against big-name retailers.
1 | It helps increase the potential of your business
An expanded inventory of healthcare products could be just the thing to give you the boost you need.
Introducing more health-related products into your inventory allows you to capitalize on current healthcare ecommerce trends to better your business. And because it's such a broad category, it's practically a given that you can find products that align with your current brand strategy.
Increasing product selection can prove an efficient means of increasing sales, but few online retailers can stock thousands of products across dozens of categories. By choosing to focus your expansion on healthcare products, you tap into an established market with year-over-year growth potential. That means more money in your pocket and a heightened opportunity for long-term success in the ecommerce marketplace.
2 | It broadens your customer base and helps you provide more of what shoppers want
No matter your customer base, there's a good chance they're shopping for healthcare products online. Consumers of healthcare ecommerce products span every demographic imaginable, from the young and healthy to the old and chronically ill. It's a group without limits in location, language, gender, or physical abilities, joined by a common need for safe and effective healthcare products delivered to their door by retailers they can trust.
That's where you come in.
Expanding your healthcare catalog is one of the best ways to appeal to a wider audience and direct consumer spending toward your business. It also meets the needs of your current customers, many of whom are shopping online for healthcare products, whether they do it through you or someone else.
3 | It helps you build and maintain loyalty with online healthcare consumers
To keep pace with growth and help increase customer acquisition and retention, you'll need to provide your customers with an extensive digital catalog and reliable, fast and cost-efficient delivery. McKesson Medical-Surgical has technologies and services to help meet these needs and more.
To gain your customers' trust and build credibility, you'll also need to:
- Provide them with enough information to guide an informed purchase
- Optimize your on-site search function as much as possible as you grow your product catalog
- Supplement listings with detailed product descriptions, genuine reviews, and accurate delivery predictions
Planning for success in these areas could make all the difference in your ability to compete in this growing marketplace now and in the years ahead.
Make a wise investment in your future
Consumers are taking over the reins of personal healthcare decisions and hunting for reliable online retailers to meet their needs. Are you up to the task?
Whether you already sell healthcare products online or are entirely new to the category, we can help support your business's growth with an extensive selection of top-tier OTC health products, including lifestyle and wellness products, OTC nutrition and weight-loss products .
Expand your selection of health-related products to reach a broader audience and keep long-term customers from migrating to mega-sized marketplaces. Then collaborate with our logistics team to speed up your distribution network and get products into your customers' hands with next-day shipping services to 95% of the country.
Healthcare ecommerce is a growing opportunity for your business and your customers – make your move today.
Learn more about how we can support your retail ecommerce business.
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