What is Connected Beauty Market?
The new journey of beauty is more personal and fragmented than ever. The current multichannel world offers physical and digital shopping experiences and a gathering of touchpoints that shoppers navigate at different stages, thus causing shop keepers to move back and forth between the same stages. Customers do not necessarily go through all these levels before making their choice on buying the product. Online sales of beauty products are all-time high and the customer expectations from brands have seen a massive shift. Nowadays, consumers who are interested in beauty care want to see how technology can provide them a personal experience and make them feel connected. Beyond just the beauty improving one's good looks today’s technology and the device can empower the connected customer to self-diagnose beauty issues and then respond to it according to the imperfections. They prefer to see what a perfume smells like or may even want to try the fragrance before they order the product. With everything available online, customers are preferring to do some basic research on the product before they are going to buy it. . Consumers turn to online resources for information searches & reviews. Brands that make it easy for consumers to find this content by building multiple content platforms are likely to be preferred. With their high dependence on digital devices, today’s consumers have come to expect a high degree of ease and interactivity with the brands they get inspired by, learn and buy from.
The market study is being classified, by Application (Individual and Commercial) and major geographies with country level break-up.
L'Oréal S.A (France), AVON Beauty Products India Pvt Ltd, Inc. (India), Oriflame Cosmetics AG (Switzerland), Revlon (United States), Kao Corporation (Japan), The Estée Lauder Companies Inc. (United States), Johnson & Johnson Services, Inc. (United States), Bayer AG (Switzerland), Henkel AG & Co. KGaA (Germany) and Clarins (France) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are SkinFood (South Korea) and Alticor Inc. (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Connected Beauty market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Connected Beauty market by Type, Application and Region.
On the basis of geography, the market of Connected Beauty has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Millennial Workforce
- Rise of Internet Penetration
- Up Surging In the Consumers Inclination towards Products Developed From Unique Ingredients
- The Rise in Disposable Income
Market Trend
- Increasing Trend of Fashion Consciousness among Youngsters
- Category Trends and Innovation Including, Skincare, Color Cosmetics, Haircare Products Leveraging Popularity
Restraints
- The Lack of Professionally Trained and Skilled Personnel
- Lack of Connectivity in Under Developed Regions
Opportunities
- Increasing the Use of Beauty Devices and technology-infused Products and Services
- Integration with Upcoming Technologies Including Blockchain and Artificial Intelligence (AI) and IoT (Internet of Things)
- Consumers opting for At-Home Services as well as Online Buying
Challenges
- Complicated End-User Requirements
- Lack of Awareness among End Users
L’Oréal is researching connecting its makeup products through the Internet of Things (IoT) i.e a network of objects or “things” that can collect and exchange data with help of embedded electronics, software, sensors, and network connectivity. IoT technology will let L’Oréal track and target customers via products such as lipstick or mascara, see what customers are buying, and, in turn, let the cosmetics giant target consumers for future purchases.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Connected Beauty, Venture Capitalists and Private Equity Firms, Governmental and Regulatory Bodies and End-Use Industry