“Fitness is something that is always evolving,” shared Equinox EVP and CTO Eswar Veluri in a recent Tech Literacy Download session. Current second-year MBA students and +Tech Scholars Eliza Brooks and Maria Sinagra facilitated the session as Veluri shared his expertise and knowledge of the intersection of technology and fitness. Veluri described Equinox as a “high performance lifestyle company” that encompasses everything from the company’s 105 physical club locations to brands including SoulCycle, Blink, Equinox Hotels. He explained that “right now every single business unit…has huge dependencies on technology,” and that today business leaders of all industries need to be aware of and interested in the power of technology. “Technology is not a siloed business unit,” he continued, explaining that business leaders of all disciplines need to understand the possibilities and limitations of technology.
Veluri sees the future of fitness as being able to meet consumers’ increased expectations and changing behaviors, especially in an increasingly hybrid world. In response to consumers’ changing work patterns, Equinox has had to consider how to balance users’ desires to either work out in person in a group fitness class or remotely at home, and make a seamless platform that serves both needs. Another unmet need he has observed in the industry is how to motivate users to workout, the challenge being that motivation is so unique to each individual. He sees the power of technology as a possible solution to this problem, envisioning systems that can tailor messages and rewards to each user based on what works best for them. With the rise of technology companies like Apple increasingly putting resources into the fitness industry, he sees fitness and wellness becoming increasingly integrated into the digital world.
Clearly, the fitness and wellness industries have only continued to grow in recent years, with the Global Wellness Institute expecting the market to reach $7 trillion by 2025. Industry experts agree with Veluri that technology-empowered personalization is the next big trend in technology. Wearables companies like Oura and WHOOP are especially leaning into this personalization, with devices able to capture everything from a user’s workout to sleep data and create custom insights. Other growth drivers in the industry include more focus on mental wellness and sleep quality, both of which technology companies are aiming to solve.