Table of Contents
The way we have seen a boom of ecommerce in the healthcare sector in the last two years, it is safe to say that e-healthcare has become the hottest online business. According to a recent report by CMS, the total spending on healthcare has reached 3.8 trillion $ with a 4.6 percent increase in the last year. These are the statistics from the US alone.
Coronavirus has not only caused the rise in healthcare spending – this pandemic highlighted the significance of medical ecommerce in recent times. Tech giants like Google and Amazon have realized the potential of the healthcare ecommerce market even before the COVID-19 pandemic.
In fact, Amazon was experimenting in the healthcare ecommerce industry decades ago. The first e-health project of Amazon dates back to the year 1999! There is a reason giants become giants – they are proactive in gaining business opportunities. In this article, you will learn what ecommerce is and how it is revolutionizing medical e-business. You’ll also get a tour of the latest technology trends in ecommerce healthcare.
What is Ecommerce?
Ecommerce is the short form of electronic commerce. It is the practice of buying and selling goods and/or services online. Modern ecommerce follows an omnichannel model that focuses on providing seamless customer experience through all of the sources, whether they are smartphones, laptops, or tablets.
Need to know more about ecommerce? This article might help you.
Since its inception, ecommerce has evolved immensely throughout the years. Especially the growth of ecommerce in healthcare is mind-boggling. Let’s have a look:
There can be a variety of applications of ecommerce in the healthcare sector. These include e-medical services, healthcare-related products retail, electronic healthcare record management, online nursing, and patient care. Healthcare ecommerce is allowing us to create a highly collaborative and effective healthcare sector.
Top Advantages of Healthcare Ecommerce
Here are some of the key advantages of online healthcare:
Availability and Patient Care
There are numerous advantages of ecommerce for patient care, such as patient support virtual assistants, 24 hours of medical practitioners’ availability, and personalized healthcare. Online healthcare services can also provide virtual nursing and psychological help. Telemedicine can assist patients virtually rather than in hospitals reducing physical encounters. This releases pressure from both doctors and patients. Furthermore, artificial intelligence researchers are using ML algorithms to study patients’ data, assisting doctors to provide personalized care using pattern recognition.
Saving Time and Cost
Online healthcare services can help in connecting healthcare professionals with patients from across the world. This ease to reach and communicate without borders is increasing accessibility and reducing costs for everyone. It is a win-win situation for all of the stakeholders: doctors, patients, and healthcare business owners.
Healthcare Product Ecommerce
Medical product ecommerce is assisting both businesses and customers. Ecommerce has provided businesses to sell and market their products to a massive target market. On the other hand, it has also helped in controlling the costs of the products due to increased online competition.
More online vendors mean more stock, which gives the customer a large range of products to compare costs against. There is another reason for cost reduction – managing an ecommerce healthcare store is far cheaper than running a traditional shop. This makes it easy for the business owners to reduce the costs and stay in the competition.
Ecommerce Trends in Healthcare
Artificial Intelligence in Healthcare Ecommerce
There are numerous use-cases of Artificial Intelligence for ecommerce in healthcare. These include the diagnosis of diseases, patient care, medication allocation, healthcare research, surgery, pandemic spread prediction, virtual assistance, and healthcare product recommendation.
Need more information on how AI is transforming healthcare? Read this article.
Blockchain’s role in Medical Ecommerce
Yes! You read it right. Blockchain is not limited to fintech and cryptocurrency. It has applications in almost every field of life. The prospects of blockchain technology in healthcare ecommerce are huge. Take an example of electronic health record (EHR), the blockchain-driven EHRs are far more secure and robust than the traditional ones, making them more suitable for healthcare businesses.
Omnichannel Healthcare Ecommerce
Omni-channel e- healthcare is a multichannel approach that focuses on providing a smooth customer experience through all of the online sources. Customers might use different devices – such as are phones, laptops, tablets, or a physical store. Omni-channel healthcare is a trend that is here to rule the medical e-business.
Virtual Reality in Online Healthcare
VR has become the favorite trend of the online healthcare business. From SMBs to tech giants, everyone is betting on VR to be the next big thing in healthcare. According to a recent study, the global VR and AR investment in the healthcare market is expected to reach $5.1 billion by 2025! For example, in the case of telemedicine, doctors can now monitor a patient’s health through remote locations using VR technology.
Wrapping up, it is evident that the role of ecommerce in the healthcare sector cannot be undermined. The future of medical ecommerce is big and bright, and we can see applications of disruptive technology revolutionizing online medical businesses.
Do you have an idea for an online healthcare business and need to know how to make it a reality? Or you want to revamp your online healthcare business? Check our healthcare services page, and do not hesitate to contact our experts.