Today, it’s all about innovation and technology, which is making a big difference in the beauty industry. Let’s read through some of the innovations that might create ripples in the entity.
India is proving to be one of the biggest markets with a potential of reaching the mark of US$ 20 Billion by the end of the fiscal year 2025. India is a hot zone for the beauty brands that are targeting the Asia Pacific zone for better business. In the same context, the disposable income of every class has increased considerably leading the individuals to spend more on their wellness and looks.
The founder of L’Oréal, Eugene Schueller said, “I always believed that our expansion would above all depend on the excellence of a handful of results-driven researchers whose primary virtues were imagination and determination.” The statement will always remain true as innovation will bring better things in the market. This brand has 23 research division spread across the world and is determined to bring the best possible beauty products to the people.
Technological innovation always creates a landmark in every industry. The beauty industry is no exception. Below are 5 technological innovations that are quite favourable for the growth of the industry.
Incorporation of digital technologies
Physical stores are the first preference for those who are looking for a prospective product. The scenario is changing slowly, but steadily. The advent of the online stores is boosting the sales of the beauty products to a considerable extent. As per a statistical study, the online shopping spree from the consumers is contributing hugely to the entire sales figure of the brands. It is also found that 70% of the growth is driven by the influencers in social media platforms and young consumers. Digitization has driven the market toward a virtual dimension where the stores are witnessing a huge volume of footfall.
Advertisements on the social media platforms are driving the consumers directly to the site where the cosmetics are available. Once the beauty products are tested, it can be bought online without burning gas or breaking a sweat. This is probably the biggest driving factor that will elevate the market size of the beauty industry. Tailify is a new initiative that is linking the major brands with the Instagram influencers. Similarly, Cosmose, a Hong Kong initiative, is using location-based tech to connect the shoppers with the shops they visited once.
Natural products demand
Innovations in technology are also driving the beauty brands to initiate their natural product line. Majority of the individuals are not looking for cosmetics that will doll them up, but for the products that are ecologically friendly.
Brands like L’Oréal are also following the path where they leave a less environmental footprint and develop natural formulas for the customers. New techniques are being developed that will make the natural beauty products even more sustainable and long-lasting.
In this context, few inventions are aiding the consumers to detect problems and decide which beauty product to go with. For an instance, My UV Patch, developed by La Roche, can measure the amount of UV rays incident on your skin. This device can educate a consumer regarding sun safety.
Another example is the Smart Hair Brush. It has the capability of determining the quality of the hair and scalp. The insights will provide good advice to the consumers.
The latest developments in the delivery system of a beauty product ensure that the active ingredients reach the destination on a higher degree. Previously, the delivery system was either oil or aqueous. The advent of nanotechnology in the beauty industry is elevating the efficiency of the beauty products to a higher extent.
Personalized service and beauty products
Probably, this is going to revolutionize the beauty industry worldwide. The CEO of L’Oréal, Jean Paul Agon said “Consumers will be always looking for something extra in terms of performance and results. They will not compromise on quality, efficacy, security, and sincerity,”
Incorporating personalized approach will increase business by better retention of consumers. Considering ethnicity, gender, age, lifestyle, moisture balance and other factors and address an individual to buy a particular product via personalization approach will create a landmark.
The above technological developments are influencing the beauty industry in a positive way. As time passes by, the processes are getting defined and more appropriate. The consumers will be able to find better products suiting their personal requirement.