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.
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.
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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.
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