2024 Trends in On-Demand Pharmaceutical Retail: Surge in Nighttime Medicine Purchases, New Opportunities for O2O Models

2024 Trends in On-Demand Pharmaceutical Retail: Surge in Nighttime Medicine Purchases, New Opportunities for O2O ModelsData from Ele.me (a Chinese food delivery platform also offering medicine delivery) shows that since December, the month-over-month growth in the delivery volume of cold medicine, anti-freeze and crack-prevention ointments, etc

2024 Trends in On-Demand Pharmaceutical Retail: Surge in Nighttime Medicine Purchases, New Opportunities for O2O Models

Data from Ele.me (a Chinese food delivery platform also offering medicine delivery) shows that since December, the month-over-month growth in the delivery volume of cold medicine, anti-freeze and crack-prevention ointments, etc., has exceeded 100%. This data underscores the booming development of the on-demand pharmaceutical retail market and foreshadows new opportunities for the pharmaceutical industry in 2024. Recently, Ele.me, in collaboration with Zhongkang Technology, released a report titled "2024 Trends in On-Demand Pharmaceutical Retail," which delves into the reasons behind this trend and predicts future development directions.

The report points out that seasonal demand is a significant driver of the growth in on-demand pharmaceutical retail. For example, the cold winter weather and frequent holiday travel lead to a substantial increase in the delivery volume of gastroenterology medications, dermatological drugs, etc. Specifically, data shows that since December, the month-over-month growth in the delivery volume of cold medicines and anti-freeze/crack-prevention products has exceeded 100%. This indicates a growing consumer need for convenient and quick access to medicine.

Beyond seasonal factors, nighttime medicine purchases, out-of-town purchases, and cross-border collaborations between food and medicine delivery services (catering and medicine) have created new growth points for the on-demand pharmaceutical retail market. The report reveals that the number of 24-hour pharmacies on the Ele.me platform has surpassed 15,000, representing a year-over-year increase of more than 30%, while grid coverage has risen to over 90%. This demonstrates the expanding network coverage of on-demand pharmaceutical retail, better meeting consumers' needs for anytime, anywhere medicine access.

The growth in nighttime medicine purchases is particularly noteworthy. Ele.me data shows that the growth rate of nighttime medicine users has exceeded 25%, with a year-over-year increase in nighttime transaction volume exceeding 50%. While 25-35-year-old young consumers remain the main force behind nighttime medicine purchases, accounting for 47%, the proportion of consumers aged 51 and above has reached 18%, indicating that nighttime medicine delivery services now cover a wider population. Furthermore, lower-tier cities (3rd and 4th tier) are increasingly accepting 24-hour pharmacies, with a significantly higher growth rate in nighttime medicine users compared to first- and second-tier cities. This presents even greater opportunities for expansion in the on-demand pharmaceutical retail market.

In terms of locations where nighttime orders are placed, the year-over-year increase in nighttime delivery volume from sports venues, shopping malls, and office buildings has exceeded 40%. This illustrates how the on-demand retail model effectively addresses the time and location constraints of nighttime medication purchases, providing consumers with a more convenient experience.

Additionally, out-of-town travel is another important growth point for the on-demand pharmaceutical retail market. The report shows that during this year's National Day Golden Week, the year-over-year growth in the delivery volume of eye drops, intimate hygiene products, and over-the-counter pain relievers exceeded 12 times. This demonstrates the effectiveness of the on-demand retail model in meeting consumers' medication needs while traveling.

It's also worth noting that several product categories have shown remarkable growth in nighttime delivery volume. Compared to previous years, fatigue relief medications saw a 194% increase, beauty and slimming products a 124% increase, insomnia medications an 89% increase, neurasthenia medications a 77% increase, and dyspepsia medications a 50% increase. These figures reflect consumers' growing emphasis on health management and offer new growth opportunities for the on-demand pharmaceutical retail market.

Zhongkang Industry Research Institute predicts that the overall growth rate of pharmaceutical products across all sales channels in 2024 is expected to fall to 4.9%. However, the market size of O2O direct-delivery pharmacy products has maintained growth for consecutive years, with a year-over-year growth rate exceeding 20% in 2023, and its importance within offline retail pharmacy channels continues to rise. This indicates that the O2O model possesses a strong competitive advantage in the pharmaceutical retail sector.

More and more pharmaceutical companies are beginning to prioritize immediate e-commerce channels and are actively driving growth through new scenarios and services. The value of on-demand e-commerce platforms like Ele.me is no longer limited to transactions themselves but extends to connecting multiple scenarios and upgrading health services, collaborating with merchants to better serve consumers. This model not only helps companies escape from ineffective internal competition and growth anxieties but also allows them to seize new market opportunities.

In conclusion, the "2024 Trends in On-Demand Pharmaceutical Retail" report clearly demonstrates the booming development momentum of the on-demand pharmaceutical retail market. The emergence of nighttime medicine purchases, out-of-town purchases, seasonal demands, and diverse consumer scenarios provides sustained growth momentum for the market. The advantages of the O2O model, along with companies' active exploration of new scenarios and services, inject new vitality into the future development of the pharmaceutical industry. With continuous technological advancements and evolving consumer needs, the on-demand pharmaceutical retail market will see even broader development space in the coming years. By accurately grasping consumer needs and continuously applying new technologies, pharmaceutical companies can better serve consumers and achieve sustained growth in a fiercely competitive market. The future pharmaceutical industry will place greater emphasis on consumer experience and actively explore more convenient and effective methods of purchasing medicine to meet the diversified needs of consumers.

The data mentioned in the report, such as the growth rate of nighttime medicine users exceeding 25%, the year-over-year increase in nighttime transaction volume exceeding 50%, and the year-over-year increase in the delivery volume of certain medicines exceeding 12 times during the National Day Golden Week, clearly showcase the strong growth momentum of the on-demand pharmaceutical retail market. This data also provides important reference points for pharmaceutical companies, helping them to better formulate development strategies and gain a favorable position in market competition. Furthermore, the report's predictions of future development trends provide forward-looking guidance, enabling companies to better adapt to market changes and achieve sustainable development. In short, the prospects for the on-demand pharmaceutical retail market are vast, making it worthy of active exploration and strategic investment by pharmaceutical companies. By innovating service models and strengthening interactions with consumers, pharmaceutical companies can further enhance their brand image and win over more consumers.

Ele.me, as a representative platform in the on-demand pharmaceutical retail sector, demonstrates its crucial role in driving the development of this market through its data growth in the number of 24-hour pharmacies, coverage area, and user numbers. In the future, on-demand e-commerce platforms like Ele.me need to continue strengthening technological investment, improving service quality, and continuously refining user experience to better meet the growing demands of consumers and maintain a leading position in the fiercely competitive market. They also need to strengthen collaboration with pharmaceutical companies to jointly explore more effective service models to better promote the healthy development of the on-demand pharmaceutical retail market. This will be a significant trend in the future development of this market.

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