It is now universally accepted that the Pandemic has ensured huge digital adoption. The disruption (in the true sense) that it has caused across industries is commendable. It has enabled to reimagine business like never before.
In part 1 of this blog, we delved into how it has changed Healthcare through areas such as Telemedicine, remote diagnostics, and virtual fitness centers. We also envisioned how retail has been digitally transformed through innovations such as 3D printing, Automation and Robotics. You can read more about it here: Will Pandemic induced acceleration in Digital Adoption transform Healthcare and Retail? (Part 1)
In this part, let us explore the digital disruption a little more. Let’s look at retail to begin with:
Personalized Product Recommendations: Since shopping has largely moved online and to mobile phones, personalization has got a huge fillip. With vast amount of data and patterns being generated with the way customers browse through product lines and categories on mobile (both for grocery and non-grocery retail), people are now able to view highly personalized recommendations and it has led to an increase in customer’s purchase online.
Augmented Reality and Virtual Reality based experiences:
One of the most important aspect of a shopping experience is to try out products before buying them. From clothes to shoes or even personal hygiene products, people love to try the product before committing to buy it. In the pandemic induced times, Augmented Reality and Virtual Reality are great technologies that can allow people to experience the product virtually. By standing in front of a camera, AR enables customers to try clothes, shoes etc. and hence enhance their chance of buying the product.
It can also enable customers to make purchases for their house. It is well known how IKEA has been using such technologies to enable customers to understand how well the furniture that they intend to buy will fit into their room or align with the already done interiors of their space. Paint companies are enabling customers to check out how certain shades of paint will look by just uploading the pictures of their room. They can visualize how the various design will look and figure out what will appeal most to them before making a purchase.
So, what more can change with healthcare, one might ask?
Precision medicines: With the data deluge and cost-effective computing availability, cognitive analytics platforms will leverage data across clinical, lifestyle-based patterns, and genomic data to enable medical practitioners to deliver precision medicines in very quick time. It can enhance the pace of diagnosis, ensure correct treatment, and augment the overall health of the population.
Retailization of Healthcare:
With digital technology, healthcare is no longer about traveling to a doctor or a hospital when you feel the need. It is now more predictive and proactive. You can take care of your fitness and any health condition that you may have by being in constant touch with experts through a mobile app. With a host of e-pharmacies, the medicines that are required is at a click of a button. Healthcare is increasingly becoming about the patient and the entire ecosystem of healthcare – from fitness centres to doctors, hospitals, pathology labs, etc. are all coming together in the periphery with patient, literally, at the centre. This will create new experiences for patients in terms of digital medicine and healthcare. From diagnosis to prescription and follow-ups will now happen from the comfortable confines of the patients home (digitally) and it has the potential to eventually drive down the cost of the healthcare that has been saved on administrative and infrastructure costs. It might eventually be passed on to the patients.
The first spurts of transformation in Healthcare and Retail due to digital were already visible. The pandemic has helped to give it a huge boost. It will be interesting to note if the effect remains and the transformation becomes a way of life after the pandemic as well? On the contrary, it will be also great to figure out if it would we go back to the traditional way of visiting hospitals, doctors and standing in huge queues in retail stores? Let us know your views in the comments section below.