Digitalization of Beauty Industry: Introduction
- Digitalization has changed consumer behavior. Digitalization in beauty industry simplifies the selling process of beauty products. Digital technology in the beauty industry enables consumers to experience brands through a totally new approach. The primary objective of digitalization of beauty industry is to provide its products across the globe
- Beauty industry is the fastest growing category under consumer goods, due to digital transformation. Digitalization has revolutionized the way brands can connect with their customers through social media and e-commerce. Digitalization creates long lasting relationships between brands and their consumers.
- The global digitalization of beauty industry market is projected to expand at a rapid pace during the forecast period, due to an increase in demand for digitalization in the beauty sector.
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Global Digitalization of Beauty Industry Market: Dynamics
Global Digitalization of Beauty Industry Market: Key Drivers and Restraints
- Growing adoption of beauty apps and subscription offers by beauty companies is estimated to boost the demand for digitalization of beauty industry during the forecast period.
- Rise in digital marketing platforms for beauty products is estimated to boost digitalization in beauty industry across the globe.
- Increase in the number of brand collaborations with influencers for social media content and CRM is likely to propel the need for digitalization of beauty industry during the forecast period.
- Growing use of virtual reality to improve inefficiencies of companies, and augmented reality to test on beauty products is anticipated to boost the demand for digitalization of beauty industry during the forecast period.
- Increasing need to simplify and synchronize products in the beauty industry is estimated to propel the market during the forecast period.
- Rise in demand for makeup tutorials or video content in YouTube is expected to fuel the market growth during the forecast period.
- However, concerns regarding product quality and ‘no replacement’ policy of beauty products by e-commerce sites are expected to hamper the digitalization of beauty industry during the forecast period.
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Impact of COVID-19 on Global Digitalization of Beauty Industry Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. Businesses have been adversely impacted in most countries due to partial or full lockdown. Additionally, supply chains are also affected due to transportation restrictions in states of different countries across the globe. Beauty companies are increasing digitization due to this pandemic, in a bid to resume their business, while on the other hand, companies are unable to process online orders since workplaces are prohibited from any business operations. This in turn is projected to indirectly hamper the global digitalization of beauty industry market in the next few years.
North America to Hold Major Share of the Global Digitalization of Beauty Industry Market
- In terms of region, the global digitalization of beauty industry market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global digitalization of beauty industry market in 2019, due to the presence of well-established and technologically advanced players in the region.
- The digitalization of beauty industry market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to rapid adoption of beauty products through e-commerce sites and increased digitalization in the region.
Global Digitalization of Beauty Industry Market: Competition Landscape
Several local, regional, and international players are active in the digitalization of beauty industry market with strong presence. Rapid technological advancements have created significant opportunities in the market. Market players are gradually focusing on mergers and acquisition with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach. Player are increasing their spending on digitization. For instance L’Oreal spends almost 30% of its media spend on digital channels.
Key Players Operating in the Global Digitalization of Beauty Industry Market
- Amorepacific Corporation
- CFEB Sisley SAS
- Elizabeth Arden, Inc.
- Johnson & Johnson
- Lancer Skincare
- L’Oreal S.A.
- Procter & Gamble
- The Estée Lauder Companies Inc.
Global Digitalization of Beauty Industry Market: Research Scope
Global Digitalization of Beauty Industry Market, by Component
Global Digitalization of Beauty Industry Market, by End-user
- Beauty Companies
Global Digitalization of Beauty Industry Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.