Beauty & Wellness 2017-11-23

Modern Innovations in Beauty and Cosmetic Business

The market size of India's beauty, cosmetic and grooming market will reach $ 20 billion by 2025 from the current $ 6.5 billion.

By Senior Sub-editor
Modern Innovations in Beauty and Cosmetic Business

Digitisation is the biggest achievement of this generation. Digitization has marked its entry in every field from every corner in everybody’s life and beauty industry is no different.

"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.

Here are some of the digital influences in Beauty and Cosmetic business:

Online Makeup Artistry:

There are many brands, which has come up with this online makeup artistry, where one can experiment with different shades of lipsticks, eye makeup, concealers, bronzers and foundations, to look better.

One can try as many looks before being sure what to buy based on the looks, tried.

There are competitions being conducted by brands, across the globe, to try different looks and the customers are willingly participating by paying subscriptions and entry fee.

Social Networking:

Entire world resides in the social networking sites and thus it is easy to spread new discoveries or looks or market new products online.

Social Networking websites such as YouTube, Instagram, Snapchat and Facebook have become the sensation of the globe.

By publishing videos of famous celebrities and their looks and also of tutorials to learn to get make up done that way, has encouraged many teenagers and youth to spend money in learning different make up and remedies.

Beauty Vloggers:

Video bloggers or YouTubers, who give tutorials online or upload videos of their tutorials, have become beauty celebrities.

One can find the number of followers and views of their page and each view goes to them in the form of money.

Moreover there are renowned beauty brands, which pay these bloggers and YouTubers really well, only to write good reviews for their products or just for promotions

Not only videos bloggers but also freelancers and bloggers too are opened as career options for many, by some big banner brands.

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.

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