The use of beauty products can be traced back to as early as 4000 B.C. And nowadays, the beauty industry continue to be a very promising industry. Since the 20th century, when the cosmetic products for households such as mascara, bronzer, and lipstick were first introduced to the market, the demand for beauty products has been growing steadily. Looking at the previous year, the estimated market value of the industry was 600 billion dollars. By the year 2024, experts estimated the growth of the industry will be 800 billion dollars. With such market value, the beauty industry appears to be a solid option for investment. However, this huge potential does not imply that it is not affected by changing trends in marketing or consumer demands. It would be better to first identify these trends and estimate how these trends are going to shape the future of the beauty industry.
When it comes to consumer goods, the shopping experience has transformed drastically with the Internet and the invention of the online shopping for the last decade or two. In addition, social media has also changed perception of the goods; it can be said that consumers have become more conscious of using sustainable beauty products. Truth be told, sustainability has always been an ongoing concern ever since the 1970s, but more awareness are being spread regarding this issue nowadays because of online platforms. People are now focusing on the production and supply processes, along with the ingredients of the products. Trends were mostly evolving around these topics, and consumers are mostly questioning company transparency statements or initiatives. Without these actions, customers tend to seek out more natural and less harmful goods.
Along with increased consumer awareness, digital marketing is slowly yet surely taking place of the traditional marketing practices. According to Global Web Index, the average social media usage time is 2 hours and 27 minutes. People are spending a lot of their time daily in these platforms and because of their accessibility and relatively less marketing expenditures, digital marketing is growing more in interest. From the different brand's own Instagram accounts to Instagram influencers and beauty bloggers, there is much more room for digital marketing campaigns. Consequently, it is getting more and more important for brands to have curated social content for different media platforms. Inviting their customers to post pictures of the products and share their opinions about them in digital formats are now used as tactics to attract new consumers to buy their goods.
In addition, websites of these beauty product brands also feature more engaging digital content. It is no longer about just listing a product and its price. Right now, online virtual experiences are also used frequently to increase customer engagement on online platforms. Many cosmetic companies have launched these virtual services during the pandemic, as many people were not able to leave their home and try make-up at stores. A great example is Sephora's launching for the Virtual ARTIST feature, where customers will be able to preview different shades of makeup online. L’Oréal Paris also made a similar Virtual Makeup Line. Along with the difficulties of the pandemic, the virtual services are great conveniences for people to look great during video call meetings, even if they are too busy and have no time to go to the malls.
Online sales of beauty products truly opened promising opportunities and advantages for the beauty market. One of them is the opportunity to open a more extensive variety of goods that can represent different groups of people. Social media has enabled millions of people to express themselves, and beauty brands can use these opinions to shape their products according to their consumers' preferences. For this reason, representation has become a dominant part of consumer demands. Beauty companies can now build and maintain diverse consumer profiles, and reach out to other potential customers in the future.
From small businesses to corporations, brands in the beauty industry will continuously follow these trends and set aside their budget for more digital marketing campaigns. The expense for digitalizing the shopping and marketing processes is going to increase over time. Businesses would have to spend more on new technologies to improve customer experience and increase customer engagement, so that they can continue to stay on the competitive digital environment of the beauty industry. On a more positive side, the future holds exciting developments for beauty brands as more companies are becoming transparent with their sustainable practices and more online opportunities to transform beauty products are increasing. At the heart of these developments are more ways capture and hold customer loyalty to the companies and gain positive impact on the planet as well. From this point on, we can expect to see more of these digital efforts overtaking the traditional practices in the beauty industry.
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