There’s not a single industry which has been immune to the massive shifts caused by the expansion of the digital landscape. In particular, fashion has always been a matter of heavy transformation, especially after it was driven by digital technology. In comparison to apparel, beauty has remained rather traditional but there are several opportunities now which the beauty brands can’t ignore in this intensifying and competitive landscape where there is always a cut-throat competition among brands for capturing consumer loyalty.
As for example, the Israeli beauty industry is also going through a havoc change with the brand new e-commerce websites like www.mixtrade.co.il. Not only Israel, the beauty care industry all over the world has already gone through a staggering change due to the digital intervention and there’s more to come in the following years. Here are few trends and opportunities in the beauty industry that you should be aware of.
- Digital will lead to fast fashion demands
It is no longer a secret that fast fashion has brought about a revolution in the fashion and beauty care industry. A Milanese cosmetics company, Kiko has lately adopted the principles which were already being used by fast-fashion clothing stores like Zara as they constantly kept changing their product line-up. One more Seoul-based e-commerce startup begun to introduce their new collections within a gap of few months after they started utilizing data that were gathered from search queries on their e-commerce apps. They also took into account social networks and customer feedback. Today’s beauty industry is built on instant gratification and this is a rapidly shifting trend.
- Brands will improve their services both online and in-store
Both e-commerce and retail stores will grow in importance and a proper integration of these channels will be vital in offering a seamless experience to the customers. The growth of e-commerce has constantly been strong in the beauty industry and it has in several ways disintermediated retail stores, thereby urging the retailers to bring forth a better collaboration with manufacturers. New demands like online category management, consumer targeting and vertical synchronization are being mastered.
- Personalization is a way of improving the shopping experience
Research reveals that personalized content can boost the average order size by at least 20%. There are still few companies which do personalization in the right way and the challenge lies in designing an omni-channel landscape from where data can be collected at various touchpoints and later on used for analytics.
Therefore, knowing the individual preferences and interests isn’t enough. The future lies heavily on personalized content. Beauty brands should be able to deliver the right products at the right time and to the right consumers. This will only increase the likelihood of increased sales and better ROI.