The men’s grooming products market was worth US$ 53.56 billion in 2020 and is poised to touch a valuation of US$ 74.82 billion by 2028 with a CAGR of 4.27 percent, according to Verified Market Research.
Some of the key factors that are driving this growth are a shift in perception around beauty and wellness among male consumers, social media trends, and the rise of male beauty/ makeup influencers. With companies – both legacy brands and startups – coming up with new technology-based advancements to improve their product offerings and enhance customer experience, the industry has no signs of slowing down anytime soon. From skin-care to makeup to shave-care, let’s have a look at how technologies are shaping and bringing new value to this industry in the current times.
Tech-Based Innovation in Shaving Products
Whether one prefers a trimmed beard or a clean-shaven, suave look, shaving is an integral part of every man’s personal care regimen. Over the years, shaving tools have undergone a technology-driven evolution – leading to the exceptional rise in demand for electric razors and beard trimmers. The modern consumer prefers an electric razor over a manual one on the back of safety, convenience, and comfort.
To cater to this demand, established brands, as well as new-age companies in the grooming segment, have started putting more emphasis on the product development process, and are making large investments in bolstering the core technology of their offerings. The changing focus of brands has enabled easy access to ergonomically designed, state-of-the-art, affordable electric razors/bread trimmers that ensure an optimal shaving experience, preventing any cuts/ nicks and skin irritation. Powered by high-tech shaving mechanisms, these innovative offerings come with advanced features such as waterproof properties, detachable blades, silicon coating for grip, etc, and require minimal maintenance.
Leading razor brands in recent years have also integrated AI into their products to provide their customers with a personalized shaving experience. These AI-powered razors can be synced with the users’ smartphones to provide recommendations on the best shaving practices based on their specific preferences. While the deployment of AI in the grooming market is still in its nascent stage, the roadmap to mass adoption is already laid out.
Integrating AR/ VR to Enable Virtual Try-On
The use of AR/ VR in the beauty industry is not particularly a new concept. However, the onset of the pandemic and the subsequent closure of physical outlets have necessitated that grooming companies integrate these technologies in their online stores/ websites/ applications to ensure their customers have an immersive, next-to-real shopping experience.
The trend of AR/ VR has proven to be especially beneficial for beauty and makeup products brands, allowing them to offer virtual try-on features for shoppers. As suggested by the name, in a virtual try-on, customers can virtually try on the cosmetic/makeup product they have chosen and then receive a mock-up picture of how they will look with it after applying. While AR functionalities cannot emulate the touch-and-feel experience of offline shopping, they play a big role in persuading new customers into making a purchase.
Blockchain-Based Currencies for Purchasing Products
This revolutionary technology has already made in-roads in industries across sectors and is now making its headway into the grooming industry. Globally, a few brands are accepting blockchain-based currencies as payments for shaving products. With India slowly embracing the idea of cryptocurrencies and the government finally acknowledging them as defined assets, home-grown companies and international brands will likely start allowing their customers to purchase products with the exchange of cryptocurrencies.
The adoption of cutting-edge technologies like artificial intelligence (AI), machine learning (ML), and augmented reality (AR)/ virtual reality (VR) has undisputedly accelerated product innovation in the grooming industry, allowing customers to have a superior experience.
These new trends are bringing a new paradigm in the men’s grooming products market and have paved the way for continuous innovation in different areas across the industry. It goes without saying that next-gen startups and D2C brands are at the forefront of the digital revolution of the personal care and grooming industry, setting new benchmarks in terms of both quality and innovation. With a customer-first approach, they are not only delivering a more personalized experience to their brand patrons but also facilitating a culture of innovation in the industry.