With the fashion industry’s rising popularity, the demand for beauty products is gradually increasing. Today, the beauty industry is huge with a tentative valuation of more than $716 billion by 2025. Everyone wants to use top-notch beauty products to look beautiful and trendy. In such a situation, beauty companies must keep on trying some innovative ways to engage the consumers perfectly!
One of the proven strategies which seem to work out for the beauty industry is an investment in technology. With the right technical solutions, these companies can boost sales and grow at a faster pace. If you are involved in this industry, you might also wonder about beauty tech investment. Let’s get straight into the details.
What are the Top 7 Reasons You Should Invest In Beauty Tech?
You will be surprised to learn the drastic beauty tech statistics which tell us that all across the globe, beauty tech is growing at a steep rate, generating a revenue of more than 3.77 USD by 2021. Now, let’s learn about some of the major reasons why you should also invest in Beauty tech.
Eliminate All Purchase Doubts With Integration of Virtual Trials
One of the major challenges faced in the beauty industry is to convince clients that they are purchasing the right product. In most cases, customers are seen to cancel the purchase just because they are doubtful of the fact whether the product is the correct choice for them or not. In such a situation, you must start eliminating these doubts with virtual trials.
Just imagine by investing in beauty tech, you will be able to help your customers try the products in online purchases even without even wearing the products! This is possible only because of generative AI. The modern online beauty websites of mobile apps are integrated with the technical features of AR/VR. With this, virtual try-on is possible. For example, when customers are buying lipstick or hair wigs, then with the help of a virtual try-on, the customer can try how different looks will appear on them. This is one of the beauty tech trends which you must invest in!
Customers Prefer Personalized Beauty Purchase Experiences
In today’s world, personalization is the key to a successful beauty business. It is with the help of tailored experiences, that beauty tech is changing the industry and impacting the experiences of the customers. According to research, 80% of customers prefer to buy cosmetic products from websites or apps that provide personalized experiences to customers.
The chances get boosted to top 3X for a confirmed purchase when you integrate personalization into the website. With the help of advanced AI algorithms, the best beauty tech companies for brands
are now understanding the behavior of the customers and accordingly suggesting products. Recently, sections like “Suggested Products”, and “People Buy This Together”, etc are being introduced to give a better experience.
When the customer finds these types of features on the site, it makes their experience very easy and smooth to decide what they want and why. They can even experiment with the looks with distinct products that they have never tried before like green mascara!
The Trend is To Sell an Experience Not Ordinary Products
IoT offers beauty brands chances to provide customized skin care solutions using connected devices. Smart mirrors and wearable sensors that use IoT can collect real-time information about customers’ skin health and what’s happening around them. This allows brands to give tailored skin care plans.
These IoT devices can monitor skin moisture levels, UV light exposure, and other important details. This gives insights into what customers need for their skincare and what they prefer. By analyzing the data, beauty brands can recommend products and routines specific to issues and to improve skin health. This is the future of the beauty industry and shortly, it will become a compulsory feature in online sites and apps.
Also, IoT devices can easily join with mobile apps or online platforms. This lets customers track their skin care progress, get product suggestions, and access learning material. By providing a complete skin care experience, brands can create long-term relationships with customers and increase repeat purchases.
Everyone Desires To Look Prettier and More Handsome
One of the innate tendencies among customers is to look better and prettier. In such a situation, it is crucial to cater to the user’s needs and help them to look better and prettier. This is made possible with the integration of e-makeup or virtual makeup. The brands like Snapchat have completely revolutionized the beauty industry, making filters a mere necessity for everyone.
These filters are meant to enhance the facial features of the customers and make them look prettier. These features are most demanded in apps like Instagram and other in-camera apps. Recently, Sephora has introduced a new trend of AR filters helping customers to try various looks and experiment with different tones of tint and foundation. Sephora intended to give a virtual makeover experience to the customers. This is one of the latest examples of beauty tech for brands which must influence you to invest more in this field. If you can provide a better customer experience, automatically there will be organic growth for the beauty brands.
Take Better Decisions With Advanced Data Analytics
When companies invest in beauty technology, they can use advanced data analysis to learn a lot about customers. By looking at how people use websites and apps, what they buy, and what they say on social media, companies gather information. This data gives insights into what customers want, how they act, and trends in the market.
Using powerful data analysis tools allows beauty brands to spot emerging trends, understand what people think, and adjust products and advertising to fit groups of customers better. Analyzing details like age, interests, and shopping habits helps companies customize what they offer and their messages to specific target audiences. This increases how relevant and meaningful their marketing is.
Data analysis also allows beauty brands to measure how well marketing campaigns work, watch important business numbers, and recognize areas that need improvement.
Improve the E-commerce KPI Metrics and Enhance Your Business Profits
In the upcoming days, making the beauty shopping experience sustainable and seamless will become a major need. For example, with the help of virtual try-on, if you can allow the customers to try the lipstick before buying it, then the customer satisfaction rate will be higher, and hence, the return rate will be majorly decreased. Hence, from these factors, you can understand that the E-commerce KPI metrics will increase with enhanced customer conversion and retention rate.
Not only this but when you integrate these latest beauty tech features, you can notice that your customers will start having fun with the filters and trials and will automatically start spending more time on your website. They will start loving more products and hence, the volume of purchases will also increase naturally. The average order value will be boosted with these latest integrations.
Companies Can Create More Innovative and Customized Products
Investing in 3D printing gives beauty brands a chance to offer make-up that fits each person perfectly. 3D printing lets companies make products for skin color, looks, and style choices. This gives customers a beautiful experience just for them.
With 3D printing, brands can create foundations, lipsticks, or eyeshadows that match someone’s skin tone exactly. Customers like having make-up only for their look.
Moreover, 3D printing helps quickly test and fix new formulas and designs. This helps brands stay ahead of changing trends and always be competitive.
Final Words
By now, you have understood the benefits of beauty tech for brands and how they will evolve the beauty industry in the upcoming days. Taking these advantages and necessities into consideration, you need to start investing in beauty tech gradually. Start integrating AI for personalized beauty recommendations and you will see the increase in customer engagement in just a few days. E-makeup and virtual trials are some of the major benefits of AR/VR in beauty which can transform the client experience. So, what are you waiting for? Start investing now in the right possible way!