Had lunch with one of the corporate clients two days ago to say goodbye and farewell SoSoap relationship since we were closing our operation. It was my first time meeting him while I have met his other partners at previous workplace.
We chatted about the experience and challenges we have been through while they are still searching their path. Their MVP is quite well done and has several awards from design and architecture field, yet still struggling to find a more sustainable business model which is always normal for startups or small businesses, even for enterprises, it always needs to be reviewed.
Out of curiosity, I did some research on some potential areas they can look into. And the new term, wellness economy this term is shown. I have never learn about this term in business schools yet I am not surprised since the tech disruptions is happening everyday.
Yes it includes medicine, personal care, fitness, meditation, hospitality, real estate etc. It is real interesting to look at how tech has disrupted across multiple industries and the way the millennials are shaping the economy in the direction of wellness. Guess how much potential market in this Wellness Economy?
3.7 Trillion! $3,700,000,000,000! It’s a HUGE pie! Let’s look at the breakdown, information sourced from the Global Wellness Institute
It will be expected to be on the rise for sure as now the middle class or millennials are into aspirational lifestyle and afterall our daily life is all about wellness. Source: CB Insights
It is really exciting to look at how tech has helped to change and shape the new economy and I am sure this will be crucial for smart cities.
So back to the client, I am quite sure the insight would be beneficial as the scalability is the key since Hong Kong market is too small even it is still a best place for MVP somehow.