Every industry has been impacted by the proliferation of technology and the COVID-19 pandemic, but the death care industry has experienced a particularly high degree of change. The pandemic has changed the way that people live and die, and technology has become even more critical to the success of companies around the world. What does your business need to know about the increasing digitalization of the death care industry?
Changes in Consumer Behavior
One of the biggest changes that has come to the death care industry is the change in consumer behavior. People are much more comfortable ordering things online and planning things online. Before the pandemic, only 73% of consumers wanted to learn and compare services online. Only 64% of travelers booked hotel rooms and services online. Additionally, only 20% of people searched online for help planning funeral services and less than 50% said that they would handle funeral arrangements virtually. Before COVID-19, many people used the internet to supplement their planning, but now people are using the internet for the majority of their planning, even in the death care industry.
Changes in the Death Care Industry
As consumer behavior changes, industries will move to respond. The 2020 NFDA Cremation & Burial Report found a projected burial rate of 37.5%, down a whopping 7.7% from 2015. The cremation rate skyrocketed in response up to 56%, up 8.1% from 2015. People are also growing more interested in alternative funeral arrangements and digital services. If your death care industry business isn’t changing as people seek more digital options, you might be left behind.
Changes to Consumer Preferences
Finally, the death care industry is shifting in response to consumer preferences. People today are more comfortable with technology, which means that they also are looking for funeral homes and services that integrate technology. Even when funerals are back to being in-person consistently again, there will be consumers who seek a digital component. Increasing costs are also pushing people to explore alternatives to traditional funeral services. Just like people want to customize their homes and other aspects of their lives, people today want a build-your-own experience when it comes to death care.
Financial Planning for Every Death Care Services Industry Business from MKS&H
MKS&H provides tax and accounting services to businesses of every size and in every industry, including the death care industry. Our team can help your business gain confidence in your important accounting reports and make better, more educated financial decisions. Contact us today for a consultation.
About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by putting complex financial data into truly meaningful context. But deeper than dollars and data, our focus is on developing an understanding of you, your culture and your business goals. This approach enables our clients to achieve their greatest potential.