Wellness Franchise Opportunities

Wellness IndustryAug, 03 2017

​Technological Advances Transforming the Beauty Industry

According to a recent report released by Research and Markets, the global cosmetic packaging industry market was worth $24.3 billion in 2014 and is projected to reach $31.4 billion by 2020, with an annual growth rate of 4.3 per cent.

By Nibedita Mohanta

We have witnessed that India entered, the era of technology and digitization from the last two decades and now it has so deeply ingrained that it has become part of its DNA.

"Digital is really transformative in the way companies operate today. It has a big impact on business, it has a big impact on the way you interface with consumers, but you have to have the full support of the executive committee and of the CEO," said Lubomira Rochet, L'Oréal's chief digital officer.

The market size of India's beauty, cosmetic and grooming market will reach $ 20 billion by 2025 from the current $ 6.5 billion on the back of rise in disposable income of middle class and growing aspirations of people to live good life and look good, according to Assocham.

According to a recent report released by Research and Markets, the global cosmetic packaging industry market was worth $24.3 billion in 2014 and is projected to reach $31.4 billion by 2020, with an annual growth rate of 4.3 per cent.

Beauty Industry too has embraced the technological advances in its business as well as in its products.

Here are some of the important technological advances, which have transformed the beauty industry:

1. The Laser technology:

‘Ageless beauty’ is no longer a saying; technology has proved it in real. There is a number of laser technological uses, people have undergone to stop time for their beauty.

Laser technology to remove facial hair, to remove cataract, to remove wrinkles, to change color of skin and what not, is possible with the help of this technology.

This technology has changed the rules of nature. It has provided people, the power to change the definition of beauty in their life.

Moreover laser is not only used in enhancing certain parts of body, it is also used in medical field to cure diseases and to restrict the growth of certain disease in the cells of the body.

2. Home Beauty Services:

Many startups and entrepreneurs have chosen this path of providing beauty services at home.

Due to hectic life and time constraints, customers are ready to pay a little extra but they want the beauty treatments to be carried out in their home space.

Moreover the beauty treatment services now do not have to have a brick and mortar set up but it can grow online.

A website, where people can select the treatments, they want to get and place an order, and the team goes to their place to provide the service to the customer.

This digital media has actually opened gates for the sea of opportunities available and how one can make business easily sitting at home with lowest possible investment.

"My generation [Gen X] and older would probably see an advertisement, get some information, go into a store and buy it. … But shopping habits of younger generations are different. They do more research, they are armed with information, and they make decisions on their own versus looking for advice at the point of sale," Jane Lauder, president of cosmetics brand Clinique said.

3. The Internet:

Internet has become a lifeline of people; it has been well received by all without any age bar.

In beauty industry it has shined as the star of the dawn. Its uses have penetrated in beauty industry’s roots.

It has made people learning, buying, selling, teaching beauty products and beauty essentials easy. It has even made to establish a beauty empire possible by using the finger tips.

One just has to learn how to take help of internet, and doing business online is a child’s play for them. It has not only made easy to make a brand but to create one by anyone from anywhere.

Internet has given the beauty market a global recognition and provided global exposure to many domestic brands.

Now anyone can place an order of anything from any part of the world, simply sitting at one part of the world.

Related: Mission Rejuvenation for Indian Health & Wellness Industry

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