How Digitalization Will Impact the Online Consulting Industry

The wave of digitalization has transformed the “Online Consulting Industry” over the years owing to the penetration of technology in our everyday lives and the increasing need for professional assistance across diverse niches like:

• Business Operations
• Healthcare
• Management Services
• Financial Services etc.

The online consulting industry experienced an uplift during the pandemic when people around the world actively prefered using online consulting platforms. People embraced technologies like automation, artificial intelligence, robotics and the internet of things that gave a boost to the Online Consulting industry with a high level of acceptance rate among all generations.

The online consulting sector is growing at a steady pace in countries like the US at the rate of 3.4% annually. Globally, the management consulting industry continues to grow and exhibit a 4.1 per cent growth rate.

Moving on to the Consulting Niches that experienced a positive impact of digitalization in terms of growth opportunities and adaptability rate:

A) Health & Nutrition Consulting

There is a dramatic shift from offline Health & Nutrition Consulting business to Online Health & Nutrition Consulting platforms. One big reason is the COVID-19 outbreak that created a need for health & nutrition consulting an important practice for each one of us.

Especially the “Kitchen medicine “ and tips on “functional food benefits” increased during the pandemic period given a boost to the online Health consulting business.

As the majority of health & nutrition consultants now prefer to connect with their patients online and only in case of an emergency are suggested to visit the clinic has made online consulting a part of our daily life.

With the increasing rate of acceptance and trust on online Health & Nutrition consulting platforms, it can be clearly said that “ digitalization has and will continue to have a positive impact on Online Health and Nutrition Consulting Business.”

B) Management Consulting Services

Over the years, the management consulting sector has become one of the most dynamic service industries worldwide. This sector has been quite innovative to adapt to the technological changes in terms of digitalization including online networks.

Management Consulting Sector was operating online for a very long time but was not that popular until it became the online medium to connect due to the COVID-19 pandemic. It became an easy and affordable way for the consultants and their clients.

The new models of engagement have emerged due to the increased commoditization of technology, agile methodologies, digitalization, and increase in demand for Management consulting services. This increase in demand has resulted in an increase in the number of online management consulting platforms especially after the outbreak of COVID-19 that made people look for such services online.

C) Virtual Beauty Consulting & Retailing

Digitalization is not limited to the service sector, it has strongly taken over the retail business by giving an additional and a highly efficient medium to earn revenue. Offline stores and their products are now available in-store as well as online.

The concept of digitization has affected major business sectors and the beauty industry is among them all. Digitalization took the beauty industry one step closer to its customers by giving a more personalized experience to shop online by introducing the virtual mirror to try the shade on and offering personalised beauty advice with a virtual skincare consultation.

Virtual appointments became an important part of the profession for beauty professionals to connect and interact with their clients/customers.

It was during the pandemic that people took to online platforms to seek beauty and skincare consultation from professionals and this brought a surge in demand for online beauty and skincare consultation platforms.

D) Financial Consulting

Next on the list is “Online Financial Consulting” which has undergone large-scale digital transformation leaving a positive impact on this sector. To meet the rising demand for online financial consulting, the financial sector has to continuously implement digital means to stay relevant.

Digitalization has increased the potential of the financial consulting sector by making the process faster and flexible. Especially during the pandemic, there was a daily increase in the number of users looking for online financial consulting services.

Financial Consulting companies have also invested heavily in digitizing their process to meet the demand in the market during the pandemic and are still continuing with the process.

Conclusion

The demand for online consulting services is high as compared to the previous years. Digitalization plays an important role in creating and maintaining the demand for “Online Consultation Services.”

All in all, 2021 continues to be a year of growth for the online consulting industry, while the UK and the US exhibit the fastest growth rates.

To gain more insights into “the online consultation business ideas for different niches” and “How to start an Online Consultation Platform” you can read the blog: “Rise of Online Consulting Platforms in The Post Covid 19 Era”