The increased use of internet apps and internet penetration has grown e-commerce globally, with advances being made in various sectors, including the health and wellness market. Estimates from Goldman Sachs predict that the health and wellness business will spend more than $30 billion on e-commerce and associated web service technologies annually.
eCommerce platforms have impacted the healthcare industry in a number of positive ways, starting by making healthcare significantly more accessible online. Below, we look at other impacts e-commerce and telemedicine have had on the healthcare sector.
Improved patient care
Applications such as FirstOpinion and Practo and websites such as YourDoctors. Online and Doctor2U, which offer advice to patients through live chat or text, have eliminated the need for physical doctor visits. It should be noted that in-person tests are sometimes needed by physicians to determine whether further examination in needed.
Changed how people shop online
eCommerce platforms have changed the way clients shop for healthcare products and how these products are delivered to each consumer. Unlike in the past when customers had to visit a physical facility for medicine, you can now make any inquiries via live online chats, purchase healthcare products in the comfort of your home and enjoy fast delivery to your doorstep.
Improved patient experience
The adoption of telemedicine and e-commerce has given rise to a seamless patient experience that allows patients to discuss their symptoms with their doctors, receive a diagnosis and have their prescribed drugs delivered to their homes, all in a matter of hours.
Online sites that allow patients to buy their prescriptions and have them delivered include NowRX and Walgreens.
Streamlined the purchasing process
eCommerce has also afforded physician offices’, hospitals and clinics new ways to speed up their medical supplies and equipment purchases. This comes as more medical device manufacturers move their operations online to enable direct ordering and delivery of equipment. An example of such a company is MedicalExpo, an online exhibition of medical equipment that links suppliers and consumers globally.
What e-commerce trends should we look out for?
The implementation of cutting-edge solutions such as augmented reality (AR) and artificial intelligence (AI) is gaining popularity among startups, a move that may be a game changer for the whole field as its successful adoption will offer additional insights into purchasing behaviors as well as improve customer relationship management.
Additionally, more e-commerce platforms are adopting direct-to-consumer and subscription-based business models, which affords these platforms a greater understanding of consumer preferences and also improves customer retention.
It is likely that as more platforms such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) include healthcare products in their offerings, the segment could see new innovations introduced at a faster pace in the way people access healthcare services and products.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL) are available in the company’s newsroom at https://ibn.fm/NXPL
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