How Personal Care Industry is Going to be Disruptively Innovative in the Next 10 Years
How Personal Care Industry is Going to be Disruptively Innovative in the Next 10 Years

The beauty and personal care industry driven by a demand for cosmetics and skin care products is undergoing radical change. The industry has been thriving as a result of technological and product innovations, in addition to high-profile mergers and acquisitions, the introduction of virtual try-on, and the rise of online marketplaces. 

Personal care products, cosmetics, and even aesthetically pleasing makeup have a long and storied history in India. A growing number of domestic and international manufacturers have gradually expanded their presence, and the Indian beauty and retail market as a whole has seen newer products introduced over the years as a result of the heavy influence of western trends plus the growth of Indian entrepreneurs.

The rising number of working women, shifts in consumer preferences, and higher disposable incomes are all contributing to the sector's rapid expansion. In 2018, the global market for skin care products was estimated at $134.8 billion, and it is expected to grow at a CAGR of 4.4 percent till 2025, demonstrating the rapid expansion of the global cosmetics market. Zion Market Research predicts that by 2024, the global beauty industry will be worth $863 billion. 

Fast-Paced Growth

The demand for premium products is growing in India as Indian consumers are moving from functional products to more advanced and specialized cosmetic products. Although the market is highly saturated, it is still one of the best investment bets for market players as consumers understand the need to look flawless. But the rising priority placed on health is inspiring new developments in industry and commerce. The increasing interest in sun protection items like sunscreen, lotions, and face creams along with products like liquid collagen is also contributing to the upbeat outlook. Skincare accounts for about 45 percent of the personal care market. 

Naturally-derived ingredients from plants and other natural sources are becoming increasingly popular in the skincare industry. These products are favored because they effectively transport the antioxidant benefits of superfoods without irritating the skin. As a result of the global fallout from the pandemic, many shoppers started giving ethically sourced, packaged, and manufactured goods more thought. The market for natural and organic cosmetics is expected to grow to $22 billion by 2024. The modern consumer, empowered by digital technologies, is savvy, environmentally conscientious, and picky about the brands they support.

Improved Product Knowledge

The level of product knowledge among consumers has undoubtedly increased. Consumers today pay more attention to the information about who and what a product is meant to serve than they do to the marketing strategies used to sell it. Well-informed consumers prefer products that adhere to scientific principles. It's also changing because companies have started making everything from face washes and moisturizers to eye creams, face masks, sunscreen, and even makeup for men, who were previously ignored by the beauty industry. These products are available in ever-expanding varieties, and they all seem to have reworked packaging and distribution to win over a younger audience. 

The belief of the next generation in a non-binary gender classification has prompted the cosmetics industry to adopt gender-neutral makeup lines to be more accepting of all people. There are a lot of new products out there that don't make any effort to target a specific gender. Unisexual products that are designed to meet the needs of both sexes are replacing the once-popular practice of marketing to a specific gender.

Moving Beyond Metros

While it's true that the global pandemic has slowed the country's cosmetics industry's development, the widespread growth of the digital and manufacturing sectors has led to a booming demand for cosmetic products that isn't confined to metro and mini-metro urban centers. Considering how rapidly e-commerce has grown, several fresh, cutting-edge companies have sprung up to meet consumer demand. 

The beauty industry has continued to thrive, albeit at a slower rate, despite the difficulties caused by the pandemic. The personal care market in India experienced an immediate boom as a result of the country's improved standard of living, with Euro monitor international projecting 9.7 percent annual growth between 2018 and 2023 before the pandemic struck. The preferences of consumers have shifted significantly over the past two years, with an increasing preference for online shopping as a result. 

There has been a rise in the demand for the on-demand delivery of highly customized goods and services. A lot of people have different skin tones, hair textures, and preferred fragrances, so there's a real demand for customized cosmetics in the health and beauty industry. The success of cosmetics and hygiene product manufacturers depends on their ability to provide a unified, personalized, and convenient omnichannel shopping experience.

Brands need a quick capture of newly formed consumer expectations and shifting behaviors and an effective response to the evolving market if they are to remain competitive and have economies of scale. The expansion of consumer-friendly e-commerce options like clickable brand websites and social media platforms for advertising personal care products can only be good for business. The digitization of customer approach channels allows for the capture of new customers and the provision of a great customer journey to existing ones.

Understanding of Self-Care 

Younger generations like Gen Z, who are acutely aware of social and environmental issues, will have a profound impact on the future of the personal care industry, which will become more proactive, mindful, and motivated toward well-being. The cosmetics business could not be in a better position right now. The self-care segment of India's beauty market is growing rapidly. There has been a recent uptick in the number of consumers actively seeking a more long-term, eco-friendly, and holistic beauty routine. 

Due to increased global awareness and exposure, consumers have taken an ethical approach to their habits. These days, a product's ingredients are where the action is in terms of establishing its worth. This bodes well for those who are conscious of their beauty products, whose popularity we can expect to soar. The emphasis has shifted from superficial improvements to more fundamental ones like self-care, hygiene, and security. 

Consumers' heightened sensitivity to the quality of the goods they purchase and the reputation of the brands they favor play a significant role. It's not just about the item itself, but also about the history of the company. Healthy and environmentally friendly alternatives that don't break the bank have become a top priority.

Looking further into the future, we can also anticipate that cosmetics will serve dual purposes as skincare products. Hybrid cosmetics with skin benefits are a growing beauty category that is expected to explode next year, according to a recent Mintel report. Cosmetics with skincare benefits are a hot commodity, and both indie and mainstream brands are racing to be the first to market.

There's potential for growth in the personal care industry, but it'll have to adjust to meet consumers' shifting tastes. Data-driven customization can help make the strategy more customer-centric and responsive. As the cosmetics industry takes the lead in advocating for diversity and inclusion, we can expect to see a meteoric rise in the popularity of organic and all-natural products going forward.
 

 
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Top 15 Technology Trends Reshaping Fashion Retail in 2024: Dress for the Future
Top 15 Technology Trends Reshaping Fashion Retail in 2024: Dress for the Future
 

The fashion industry is in the midst of a digital revolution, with technology weaving its way into every aspect of retail, from design and production to marketing and customer experience. As we step into 2024, the pace of innovation continues to accelerate, presenting exciting opportunities for both established brands and emerging players. To stay ahead of the curve, understanding the key technology trends reshaping fashion retail is crucial.

This article dives deep into the top 15 trends that will have a significant impact in the coming year, providing insights and examples to help you leverage them for success. Whether you're a fashion designer, retailer, or simply an avid consumer, buckle up for a journey into the future of fashion.

1. Immersive Shopping Experiences:

Gone are the days of static images and basic product descriptions. Consumers crave engaging and interactive experiences, and technology is delivering. Here are the key drivers:

  • Augmented Reality (AR): Imagine virtually trying on clothes before buying them. AR superimposes digital clothing models onto users, allowing them to see how garments fit and look on their specific body type. This reduces returns and boosts customer satisfaction. (Source: The AR/VR Headset Market is Expected to Reach $20.4 Billion by 2024, Statista)
  • Virtual Reality (VR): Take things a step further by stepping into immersive, 3D virtual showrooms. Brands like Rebecca Minkoff and Tommy Hilfiger are already offering VR experiences, allowing customers to explore collections and interact with products in a realistic setting.
  • 3D Product Visualization: High-quality 3D models give a detailed view of products from all angles, zoom levels, and even in different lighting conditions. This enhances online shopping experiences and increases conversion rates. (Source: 3D Modeling Market to Reach $3.8 Billion by 2027, 3D Printing Industry)

2. Personalization at its Peak:

One-size-fits-all is a relic of the past. Consumers expect personalized experiences, and technology is making it possible:

  • AI-powered Recommendations: Leverage customer data and purchase history to suggest relevant products, predict styles they'll love, and offer personalized styling advice. (Source: 80% of consumers are more likely to do business with companies that offer personalized experiences, Epsilon)
  • Chatbots and Virtual Assistants: These AI-powered tools provide real-time customer support, answer product inquiries, and offer personalized recommendations, 24/7.
  • Dynamic Content: Showcasing products and offers tailored to individual preferences based on demographics, browsing behavior, and past purchases creates a more relevant and engaging experience.

3. Livestream Shopping Takes Center Stage:

Livestream shopping blends entertainment and real-time commerce, allowing brands to connect with audiences directly and generate instant sales. Expect to see:

  • Interactive Livestreaming: Viewers can ask questions, interact with hosts, and purchase products in real-time, creating a dynamic and engaging shopping experience.
  • Influencer Collaborations: Partnering with relevant influencers for livestream shopping events leverages their audience trust and drives sales.
  • Shoppable Livestreams: Products featured in the livestream are tagged and instantly purchasable, removing friction from the buying journey.

4. Omnichannel Integration Seamlessly Blends Online and Offline:

The lines between physical and digital retail are blurring. Here's how:

  • Click-and-Collect: Customers order online and pick up in-store, offering convenience and flexibility.
  • Buy Online, Return In-Store (BORIS): Allow customers to return online purchases to physical stores for added convenience.
  • Mobile Point-of-Sale (mPOS): Empower store associates with mobile devices to assist customers anywhere on the shop floor, enhancing the in-store experience.

5. Sustainability Takes Center Stage:

Consumers are increasingly conscious of the environmental impact of fashion. Technology is helping brands become more sustainable:

  • Transparency through Blockchain: Blockchain technology enables tracking the origin and journey of materials, ensuring ethical sourcing and responsible production.
  • Sustainable Materials and Production Processes: Utilizing recycled materials, organic fibers, and low-impact dyeing techniques is becoming increasingly important.
  • Circular Economy Initiatives: Resale platforms and rental services encourage clothing reuse and extend the life cycle of garments.

6. Voice Commerce Emerges as a Powerful Tool:

Voice assistants like Alexa and Google Assistant are changing how we interact with technology, and fashion is no exception. Expect to see:

  • Voice-activated Shopping: Purchase clothes hands-free using voice commands, ideal for multitasking or busy consumers.
  • Product Information and Reviews: Ask voice assistants for product details, size recommendations, and customer reviews for informed decision-making.

7. Artificial Intelligence (AI) Streamlines Operations:

AI is automating tasks and boosting efficiency across the fashion value chain:

  • Demand Forecasting: AI algorithms analyze sales data and trends to predict future demand, optimizing inventory management and reducing stockouts.
  • Automated Design and Production: AI can generate design ideas, personalize patterns, and even optimize production processes.
  • Fraud Detection and Prevention: AI helps identify and prevent fraudulent transactions, protecting both brands and customers.

8. The Rise of Social Commerce:

Social media platforms are evolving into powerful shopping destinations:

  • Shoppable Posts and Stories: Allow customers to purchase products directly through social media posts, eliminating the need to switch platforms.
  • Social Proof and Influencer Marketing: Leverage user-generated content and influencer partnerships to build trust and drive sales.
  • Social Gifting: Social media platforms are introducing gifting features, making it easier to purchase and send fashion items to friends and family.

9. The Metaverse Beckons:

The metaverse, a virtual world where people can interact, shop, and socialize, is still in its early stages, but fashion brands are already experimenting.

  • Virtual Fashion: Design and sell digital clothing items specifically for avatars within the metaverse.
  • Virtual Showrooms and Experiences: Create immersive virtual spaces where customers can explore collections and interact with brands.
  • NFTs and Digital Ownership: Offer unique, limited-edition digital fashion items secured through NFTs (Non-Fungible Tokens).

10. Data-Driven Decision Making:

Data is king, and fashion brands are leveraging it to gain insights and make informed decisions:

  • Customer Analytics: Analyze customer behavior, preferences, and purchase history to understand their needs and personalize offerings.
  • Marketing Attribution: Measure the effectiveness of marketing campaigns across different channels and optimize advertising spend.
  • Trend Forecasting: Identify emerging trends and styles based on social media data, search trends, and sales patterns.

11. Robotics and Automation Take Over Repetitive Tasks:

Robots are taking over repetitive tasks in warehouses and factories, improving efficiency and accuracy:

  • Automated Picking and Packing: Robots can speed up order fulfillment and reduce errors.
  • Quality Control and Inspection: Robots can inspect garments for defects with greater precision than humans.
  • Automated Customer Service: Chatbots powered by AI can handle basic customer inquiries, freeing up human agents for complex issues.

12. The Power of Community and Co-Creation:

Brands are building stronger relationships with customers by fostering a sense of community and co-creation:

  • User-Generated Content (UGC) Campaigns: Encourage customers to share photos and videos wearing your clothes, leveraging their authenticity and reach.
  • Crowdfunding and Collaborative Design: Allow customers to contribute to product design and development through crowdfunding platforms.
  • Loyalty Programs and Exclusive Experiences: Reward loyal customers with exclusive access to products, events, and experiences.

13. Cybersecurity Becomes Paramount:

As technology advancements create new opportunities, cybersecurity threats also evolve. Brands need robust security measures:

  • Data Protection: Implement strong data encryption and access controls to protect customer information.
  • Payment Security: Ensure secure payment gateways and transaction processing to prevent fraud.
  • Cybersecurity Awareness and Training: Educate employees about cybersecurity best practices to minimize risks.

14. The Future of Retail is Phygital:

The physical and digital worlds will converge further, creating seamless and engaging experiences.

  • Interactive In-Store Displays: Interactive displays with AR features and product information enrich the shopping experience.
  • Personalized In-Store Recommendations: Utilize customer data to offer personalized product recommendations while they shop in-store.
  • Frictionless Checkout: Implement self-checkout options and mobile payment solutions for faster and more convenient transactions.

15. Continuous Innovation is Key:

The fashion industry is constantly evolving, and staying ahead of the curve requires embracing continuous innovation. Here are some key strategies:

  • Invest in Research and Development: Allocate resources to explore emerging technologies and experiment with new solutions.
  • Partner with Tech Companies: Collaborate with technology providers to develop innovative solutions and access expertise.
  • Adopt an Agile Mindset: Be open to change, experiment quickly, and learn from failures to continuously improve.

By embracing these top 15 technology trends, fashion brands can unlock new opportunities, enhance customer experiences, and thrive in the ever-evolving retail landscape. Remember, this is just the beginning. The future of fashion is brimming with possibilities, and those who embrace technology will be the ones shaping it.

 

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