With the concepts of wellness and mindfulness becoming ever more essential for people, fitness has exploded into a nearly $100 billion global industry. According to the International Health, Racquet and Sportsclub Association (IHRSA), one out of every five American adults is heading to the gym or at least paying for a membership. And that number could easily double in the next 10–15 years.
That also means the fitness sector is becoming increasingly competitive. As a result, gyms and health facilities need the latest and most innovative solutions to stay ahead. While other gyms are still based on traditional equipment and personal trainers, you can adopt an IoT technology to put your smaller competitors out of business.
There has been much hype around IoT technologies in 2020.
The world’s most influential online portal for statistics, Statista, concludes that the total installed base of the Internet of Things (IoT) connected devices is projected to amount to 75.44 billion worldwide by 2025, a fivefold increase in ten years. From another perspective, management consulting firm Bain & Company reports that about 90% of business owners who took part in the survey are thinking about IoT implementation and 20% are ready to invest in the technology.
But what do you need to know to launch an IoT project? In the next section, we outline the most essential advantages of IoT systems adopted for businesses.
In a nutshell, IoT enables fitness entrepreneurs to improve the customer experience, make business processes efficient and, as a result, achieve high revenue growth. This part assumes a basic understanding of IoT technology benefits for your fitness business. Let’s take a deep dive in!
The IoT gym allows you to manage all key factors using one solution and to increase your business productivity and profitability. This gym not only attracts new customers but also optimizes the time members spend there, improves the capacity utilization of the workout area and raises efficiency.
Software-controlled gym equipment with automatic adjustment and periodized training programs decreases the time members spend on particular machines. This ensures better gym equipment utilization, higher throughput, and optimal overall capacity usage.
All-electronic equipment takes up less space in the gym. That results in an average space-saving of almost 5%. Also, trainers can remotely supervise several people at the same time.
Support via the apps, case histories and digitalized training plans, and an automatic gym management system, allows fitness businesses to simplify work processes and improve the quality of customer support.
Clients who utilize IoT gym equipment have been shown to have a lower dropout rate in comparison to clients who use traditional equipment, especially during the first weeks.
The digitalization of the workout space increases the gym’s attractiveness and makes it easier to engage new members.
As the smart gym is a pioneer solution that meets all the customers’ requirements, they are willing to pay higher average gym membership costs. Further, there are some attractive monetization options for gyms that allow you to receive extra revenues to help your business grow.
Please note that opening and maintaining a smart gym requires a lot of effort. But the biggest question is: “How much does it cost to open an IoT gym?”
Smart gym startup costs vary greatly depending on the size, location and type of operation you want to run.
Make sure you cater to each major cost when drawing up the initial investment outlay. If your costs are exceeding your current incomes, we highly recommend considering financing options like a bank or an investor.
Having analyzed a number of the most popular smart gyms, we were able to identify the basic components for an IoT-based intelligent fitness system. These include the following:
The coronavirus outbreak is forcing millions of people to stay at home. Statewide lockdown orders have closed many businesses, including fitness clubs and gyms. Gym members prefer at-home workouts. So, to save money and stay afloat, you should be ready for this challenge.
If you need some serious inspiration for your business ideas, then take a look at gym startups that strive to attract clients using AI and IoT technologies.
Whether you are a small or big business, IoT technology may be the best option to increase your income. It seems that the fitness industry is ready to grow and change like never before. Gym of the future will become virtually gamified, and totally immersive.