The report also includes insights on current trends and reveals strategies that business owners and managers can use to guide their growth trajectory.
“Data is essential for true business growth, so we’re excited to share this year’s report with the industry,” he said. Sudheer Konnell, Zenoti CEO and co-founder. “We recognize the incredible value that deep data insights bring to our customers. Data makes a difference. It helps you identify strategies and set achievable goals for growth, customer satisfaction and even staff wellbeing.”
“I’m obsessed with data and I think that was the key to my success,” says Zenoti customer courtney anderson, founder and award-winning owner of Spa Trouvé. “It’s essential to know which areas of your business are growing, which areas are stagnant, and how your peers are performing. Understand and track your own numbers There’s so much value in that data, and we love that Zenoti is the only company that makes that data so easily available.”
“We have a huge passion for this industry,” continues Connell. “Going back to our beginnings as wellness business owners, we want to help every brand and individual thrive. 13 years of coaching nearly 30,000 companies has positioned us as a leader. . We feel an obligation to share these insights and are uniquely positioned to do so.”
in report
The 2024 Beauty & Wellness Benchmark Report covers seven business segments: salons, barbershops, nail salons, membership spas, non-membership spas, medical spas, and waxing centers. This degree of segmentation makes it easy for almost any beauty and wellness company to find benchmark data that is relevant to them.
Each metric has multiple benchmark levels and each business segment has 24 data points, the result of thorough data collection and analysis.
“This year’s report is a testament to our approach of combining system-wide data aggregation, normalizing for accuracy, and using consistent data for year-over-year comparisons.” srinivas karuturi, Chief Data Officer at Zenoti. “This ensures that our analysis is comprehensive, reliable and supports informed decision-making. This report is more than just numbers, it is a roadmap for future growth and innovation in the industry. It’s a map.”
Key findings and trends
The report also details the business trends currently shaping beauty and wellness, including the continued expansion of membership revenue models, the shift of gift card sales online, and the role upselling plays in revenue growth.
“We know that overall industry growth slowed to just 5% in 2023,” Koneru says. “Understanding the trends that are moving us forward is a clear advantage for business owners.”
“For example, nail salons are making a clear transition to membership revenue, which we note in our report. Nail studio owners are seeing that now is the perfect time to introduce and test membership programs. This is just a glimpse of the power of data. ”
The 2024 Beauty & Wellness Benchmark Report is now available on Zenoti’s website.
About Zenoti
Zenoti helps nearly 30,000 beauty, wellness, and fitness businesses in more than 50 countries realize their greatness with the industry’s most complete end-to-end software growth platform. With a selection of top salons, spas, medical spas, and fitness centers, Zenoti helps ambitious brands grow their business, improve the guest experience, hire talented staff, and operate more efficiently than ever before. We will help you accomplish this.
Business owners, managers, and staff use Zenoti to seamlessly run all aspects of their business, both online and in-person. Zenoti offers a single solution that includes online reservations, POS, CRM, employee management and engagement, inventory management, embedded marketing programs, and more. Zenoti is also the driving force behind Innergize, the industry’s premier live event, which will be held in 2023 and will be attended by over 600 business leaders and innovators. Las Vegas For more information about Zenoti, visit zenoti.com.
media contact
Norm Schrager,Zenoti,978.771.9976, [email protected]https://www.zenoti.com/
Source: Zenoti
