How tech is redefining the beauty industry
In the US alone, the beauty market reached approximately USD93.5 billion in 2019. Beauty and personal care is one of the fastest growing consumer markets, and companies are investing heavily by producing more tech-enabled beauty products and apps to meet consumer demands.
Customized beauty products
With unlimited choice in skincare products, no product is a one size fits all. Big beauty brands are turning to AI, big data and machine learning-enabled apps to provide in-depth analysis on the customer’s skincare needs and problem areas. Indie brands incorporating skin analysis to produce customized products specific for the individual have also garnered attention in the beauty industry for its personal subscription-like services.
At an estimation of 1.8 billion people worldwide using online shopping, AI-enabled apps can be a powerful tool in personalizing a customer’s online shopping experience. Chatbots and personalized search engines based on information provided by the customer can give similar results to that of a personal beauty consultation.
AR or ‘virtual try-on’ apps
Have you ever wondered what you would look like with a different hair colour or whether the lipstick is the right shade for you? Apps that allow you to virtually try on cosmetics instore or online before buying, such as the AR embedded mirror kiosk adopted by beauty retailer Sephora, enables customers to make smarter purchases.
Smart beauty gadgets
Global electronic manufacturers are now producing innovative beauty gadgets to capture a wider mass of consumers. Connected devices such as electric facial cleansers which provide special analysis features along with their designed functions, have been a big hit on the market in recent years. Additionally, beauty treatments that could only be performed at spas have been redesigned into affordable at-home gadgets to achieve similar results, such as LED light therapy for skin concerns and IPL hair removal systems.
Overall, advanced technologies such as artificial intelligence, big data and machine learning are a massive game changer in the beauty industry in aiding personalisation, customisation, and smarter decision-making for consumers.