Given the importance of sustainability for younger consumers, you may also want to consider using eco-friendly packaging or offering a take back scheme for empty containers. Here are some other ways to incorporate technology into your eCommerce business, from inventory management to chatbots.
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Many of the leading online beauty retailers now use artificial intelligence to help customers find the perfect foundation for their skin tone, or augmented reality to let customers virtually try on lipstick before buying. In general, younger consumers - think millennials and Gen Z - are the primary consumer demographic for online makeup, skincare and haircare products, so appealing to these tech-savvy shoppers is a must.
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If you’re looking to grow by tapping into a new pool of customers, check out our blog on how to win and keep customers in 2021. New players, such as Man Perfected offer anti-ageing skincare and high-grade shampoos for men alongside expert advice on how to get the perfect shave, while established businesses, such as Adore Beauty aim to increase their proportion of male customers. While women still dominate the online cosmetic and fragrances market, the male customer base has grown significantly in the last five years due to rising image-consciousness particularly among 15 to 34 year olds. Male customers are another potential niche. Rather than trying to be everything to everyone, finding a niche and targeting a specific type of customer is a smart way to build your online beauty business in an increasingly crowded market.įor instance, Liht Organics offers an organic makeup range that nourishes and helps the skin to repair and has been inundated with orders from around the world since filling this much-overlooked gap in the market. Here are some tips to succeed in the perfume and cosmetic industry. Multi-step skincare routines and male beauty are two trends generating a lot of consumer interest - and commercial benefit - at the moment, while augmented reality and live chat are just some of the ways online players are competing with department store beauty counters and even supermarkets to deliver a great customer experience and convenience. And while growth is expected to slow to a CAGR of 5.4% over the next five years to $1.8 billion in 2025-26, largely due to increased competition from new pureplay businesses and bricks-and-mortar retailers coming online, there are still opportunities to tap into new trends and expand into emerging categories. (Let’s face it, everyone wants to look good on the ‘Gram.)Ĭosmetic and perfume industry revenue was forecast to grow at a CAGR of 13.5% over the past five years to reach $1.4 billion in 2020-21.
The uptake of online shopping and rise of social media have not only led consumers to discover new skincare, haircare and makeup products in recent years, but also driven an increase in demand. The LG Group affiliate is also known to be considering acquiring U.S.-based cosmetics company Elizabeth Arden as part of its global expansion plan.It’s a good time to be an online beauty business. Of its overseas sales, worth 600 billion won last year, some 400 billion came from Japan. In Japan, one of the most advanced beauty markets globally, LG Household & Care, the nation’s No. The company hopes to continue the recent sales momentum as it will complete a new production plant in Shanghai around June. Its overseas sales, in particular, jumped 49.7 percent to reach 192.3 billion won, with Chinese earnings showing a stunning 50 percent growth.
The surging exports are also offering a chance for local companies such as AmorePacific and LG Household & Care to expand their presence globally.ĪmorePacific, the nation’s largest cosmetics maker, posted first-quarter sales of 1.825 trillion won ($1.78 billion) on Friday, topping analysts’ earlier estimates. “Considering the cosmetics industry is a value-added business, their robust exports should send off a positive signal to our economy as a whole,” said a Statistics Korea official. The top 10 markets also included the United States and Russia. In reflection of the K-pop boom in Asia, 25 percent of Korean-made beauty products were exported to China, followed by Hong Kong (19 percent) and Japan (12 percent). The number of export destinations also soared from 87 to 129 over the past 10 years.
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