Along with the global pandemic came a string of gym
closures, and the success of many fitness businesses suddenly fell into the
hands of the now accelerated fit-tech boom.
The European fitness industry – the largest in the world, worth €28.2-billion – has been forced to re-invent itself. Brick and mortar studios have continued to close down, and those that survive will need to take a digitally-led approach to make up for significantly reduced revenues. Simply put, operating at 25%-50% occupancy is not a viable option for any business.
With most of Europe reassessing how they approach their fitness
needs, the point of connection between customers and fitness companies has
become increasingly virtual: according to Allied Market Research, In 2019, the minority of Mindbody
app users used live streams (7%) or pre-recorded videos (17%) to work out. Cue
the COVID-19 pandemic, and we see that about 75% are using live stream video
workouts and about 70% are making use of pre-recorded workout videos.
This is echoed by a Garmin report, in which we saw that, while overall
steps decreased, steps from tracked workouts increased, in an effort to make up
for the suppression of normal daily movement. So, more people are exercising,
but in different ways, and the time is right for fitness companies to continue
to leverage this through tech.
Our new work-and-workout-at-home lifestyles have now had the
chance to be well entrenched, and talk of never going back to the way things
were continues to escalate. How will this impact the way – and location – in
which we work out?
Consumer preferences have changed
With training sessions now easily found on social media
channels, apps and streaming sites, the pandemic has placed fitness customers
in a position where they have not only welcomed these solutions, but have come
to rely on them for convenience, safety and deep personalisation. It’s then no
surprise that, according to global consulting firm LEK, consumers have
increased their spending on digital fitness by 30% – 35% compared to
pre-COVID-19 levels.
Fitness apps like Sudor come along to do two
things: disrupt, and keep the world moving by solving for time, space and human
connection. Through apps and other streaming platforms, many of those who begrudgingly
cancelled their gym memberships can now rejoin their fitness
communities, albeit virtually, and connect with familiar or new trainers from
around the world.
Aside from giving customers more choice and flexibility when
it comes to breaking a sweat, virtual fitness platforms also give trainers and
studios the chance to earn a living from anywhere in the world.
And as for those who have chosen to return to the gym,
digital offerings could even be used to help patrons enhance – not replace –
their in-studio experience by using an app while they train.
So yes, gym in its traditional format is fast becoming
history, and a new era has firmly put down its roots – powered by
digital.
