The Impact Of Digitization On Other Industries And Why The Fitness Industry Is Next
The rise of digitization over the past few years, and its impact, has taken many industries around the world by shock. Digitization was expected since the beginning of the information age, just not at the rate that we see today.
Even sectors such as commercial brick-and-mortar real estate that were at the bottom of the list when it came to digitization now face the risk of being wiped out by remote working technology and digitization.
The fitness industry is no exception.
Sooner or later, every single fitness center, regardless of its size, will have to come face to face with digitization and adapt to it.
The decisions gyms and fitness centers make today determine whether the rise of digitization will be a future of endless opportunity for them or a future of ruin and decline.
Other Sectors That Are Lagging Behind
The healthcare industry, like its close companion, the fitness industry, is still struggling to find its footing in the digital world.
There are many parallels between the healthcare and fitness industries. The only thing that separates the two is the copious amounts of regulation in the healthcare industry.
In healthcare, strict protocols are followed, and it takes time before new technologies are certified or approved for use.
The Fitness Industry In The Next Twenty Years
The digitization of the fitness industry is no longer a matter of “when”; it is no longer a figment of imagination or an idea of the future. It is here now. The technology trends in fitness will only deepen its roots over the coming periods fueled by the growth of:
- Streaming Services
The online streaming of fitness training by clients has seen significant growth this past decade. The online fitness market surpassed $5 billion in 2019 and is poised to grow at a CAGR rate of 30% from 2020 t0 2026. With the advent of remote working and the reduced need for commuting, online fitness streaming will only grow more popular.
- On-Demand Fitness
Many gyms are now offering on-demand fitness through their apps and websites. This service is the opposite of online or streaming since it is a downloadable fitness routine or training.
On-demand fitness enables fitness clients to access the training and fitness information at their own time. It saves them the hassle of having to fit the streaming times into their routines.
- Wearable Devices
Wearable fitness devices have been on a home run these past few years. Projections estimate that the wearable device market will be worth $12.44 billion in 2022, compared to $5.77 billion in 2016. That’s over 100% growth in just six years, and the trend is set to continue.
- Smart Phone Apps
The fitness app is the initiation of most fitness centers into digitization. Any fitness center that wants to move to the next stage usually starts with a fitness app. Forecasts expect this market, now worth over $13 billion, to see a CAGR growth rate of 31.25% during the period between 2019 and 2026.
Pros Of Digitization
Digitizing and professionalizing your gym brand comes with several advantages for fitness centers and gyms that adopt them. Apart from the contemporary and futuristic feel, the pros of digitization go further into the ease of operation, customer experience, and growth. These include:
Increased Efficiency And Convenience
Digitization leads to faster processes for both the customer and the gym user. Booking appointments, making payments, and even attendance and participation become more convenient for the gym user.
Convenience in operations on the part of the gym owner or fitness instructor leads to better margins, return on investments, improved productivity, and reduced operating costs.
Improved Customer Service
Digitization leads to an improvement in customer experience and convenience. Digitization gives the client or user more access to fitness from their points of convenience or location.
The prevalence of apps and websites makes it easier for the gym user to access information, create bookings, and even give feedback.
The analytics and tracking help the gym user keep track of their performance and create improvements where necessary. Most of all, digitization through its various health checkers, enable users to keep track of their health. This is in line with the historic shift in fitness from aesthetics to health and wellbeing.
Makes Remote Fitness A Possibility
Digitization enables a gym or fitness center to tap into previous groundbreaking technologies in hardware, software, and connectivity that make remote fitness possible.
This enables a gym or fitness center to offer modern services such as fitness streaming and on-demand workouts through their apps or websites.
Remote fitness is a win-win for both the gym owner and the user. It offers convenience to the user while at the same time boosting revenue and cutting costs for the owner.
Enables The Gym Owner To Make Use Of Data
The analytics that come with digitization open a world of endless possibilities for both the gym user, instructor, and owner/operator.
Digitization gives the gym operator access to performance data, usage time, attendance rate, personalization, and user experience.
With this data, the gym instructors and operators no longer have to drive blind. The insight gives the operator a 360-degree view of their operations and makes planning and improvement of day to day operations easier.
Data availability also enables the gym owners to eliminate redundancies or inefficiencies that impede the profitability and day-to-day running of their business.
Targeted Marketing and Segmentation
The data that digitization enables fitness centers to collect enable them to segment their existing users and prospective customers for targeted marketing.
The use of websites and applications that come with the digitization of fitness centers enables fitness centers to incorporate inbound marketing into their operations.
Inbound marketing is cheaper and more efficient than outbound marketing and offers opportunities for growth of any fitness center.
Opportunities For Expansion
The rise of digitization and remote fitness means that the regional and national growth of any fitness center is no longer tied to real estate.
With remote fitness apps and websites, expansion can be achieved without the need to set up physical fitness centers or gyms throughout the nation.
The Take-Away
Are you ready for the digitization of the fitness industry? If so, EGYM is here to help. We have spent a significant part of the past decade, creating technology and software that enable fitness centers to have a smooth transition into the digital world.
For more information, contact us today and let us be part of your story.