During the pandemic, the shopping behaviors of people changed all over the world and more people took to spending more time making online purchases. We have become accustomed to convenience and making our buyer decisions without leaving the comfort of our couch. We buy our clothes, shoes, groceries and dog toys online now. So, why wouldn't we buy our pharmacy goods too?
Due to the rapid increase of online ordering, pharmacies have been forced to keep up with the times with most offering basic online shopping, click & collect and delivery options for their stores.
Fortune Business Insights stated that in 2018 the global e-pharmacy market size was valued at $49,727 million and is set to reach $177,795 million by 2026. Overseas there are already large companies such as Amazon dominating this market. In Australia the online pharmacy retail market is estimated to grow by approximately 4% by 2025. During the pandemic we have seen similar trends with new online pharmacies popping up as well as delivery service platforms making it easier for community pharmacies to be in the game. Overall, the data indicates that it is a case of jumping onboard or getting left behind in terms of e-commerce for community pharmacy. If you are thinking, how am I supposed to navigate this new world of e-pharmacy; keep reading.
Everything we look at in pharmacy marketing we relate back to our Four Pharmacy KPI’s.
Increase Customer Numbers
Increase Customer Spend
Increase Customer Loyalty
Increase Customer Frequency
When we look at implementing anything new to our pharmacy business, we need to make sure that at least one or more of these KPIs are being achieved. If you look at it from this perspective, e-commerce provides a huge opportunity for growth.