What is Needed to Expand Business in Japan’s Senior Market? Part 2: Creating Business Opportunities with Synergistic Approach
Apr. 27, 2020
As the senior market expands with the aging of society in Japan, business opportunities can be increased by making some changes to the perspective from which we imagine seniors. In this continuation of Part 1, we asked Marie Takahashi, Shitamatsu Miki, Maiko Takiguchi, and Satomi Tsunoo of NRI about each of their views on expanding business in the senior market.
Developing long-term strategies with an understanding of generational values and changes
Taking an approach that combines physical, mental, and social aspects
Tsunoo: It’s said that what seniors are looking for in senior-oriented fitness clubs, more than exercise, is the opportunity to meet and talk with their friends at the gym.
In this manner, we’ll surely see an increase in business models that provide greater value to customers through a combination of physical, mental, and social health by integrating multiple methods and functions, rather than achieving just one value by providing a single method and function. I myself want to support the development of such new business models based on the novel concept of “wellness”. I wrote my essay on “wellness”, and I aim to continue developing and organizing my own understanding of a more advanced version of the concept and transmitting it to our customers by various methods using NRI’s powers of information transmission.
Partnering with companies in different industries rather than fixating on internal technology and in-house production
Public and private cooperation for a synergistic approach to broaden the range of activities and services
Shitamatsu: Thinking about partnerships, another problem is that in the field of nursing care, the players with the technology, the players that can provide space, and the players that have the mechanisms have been separate from each other. But we’re no longer living in an era where it’s possible to compete with only one of these things; companies are being challenged to take synergistic approach to provide necessary services right where seniors are. For example, if retailers can get shopping malls to provide space and set up an event where people accumulate points by walking around the mall, seniors will be able to add these points to their spending money and enjoy shopping while improving their health. This can be expected to benefit the malls as well by increasing the number of mall-goers. Further, if multiple players cooperate and partner with each other while collecting data that couldn’t be acquired previously, they will surely come closer to understanding the actual state of seniors.
In addition, in the field of nursing care, public-private cooperation is extremely important. If the various services and strengths possessed by private companies are merged with the nursing care prevention efforts being carried out by national and municipal governments, the range of attainable activities and services will broaden. I hope to serve as a bridge for such cooperation by leveraging the insights and networks unique to NRI as a result of our support of both the public and private sectors.