Tech Meets Beauty – Technological Innovations in the Beauty Industry – Industry Insights

Technological Innovations in the Beauty Industry Report Overview

The integration of technology in the beauty space has steadily increased since the 19th century as technology empowers consumers with more effective solutions and allows brands to innovate. Technological innovations in the beauty industry have also given rise to consumer and brand-related benefits, chiefly about customization, convenience, accessibility, customer experience, and engagement.

The ‘Tech Meets Beauty – Technological Innovations in the Beauty Industry’ insight report explores technological innovations in the beauty industry along with the opportunities and challenges they present for brands and consumers. The report provides insights into the convenience and accessibility of using technology within the beauty landscape. The industry insight report identifies the demographic mostly engaging with the trend and details product innovations within the market.

Opportunities in the Tech Meets Beauty Landscape

Blockchain is being increasingly used in the supply chains of beauty brands. This facilitates the monitoring of ingredient sourcing, manufacturing procedures, and the veracity of claims made by companies regarding organic or natural ingredients in cosmetics. Moreover, “cobots” used in warehouses can speed up repetitive tasks leading to higher productivity and cost savings over time. Such robots can also reduce production defect rates compared to humans, as well as lift heavy objects without fatigue.

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Tech Meets Beauty - Customization

Sizable portions of Generation Z, Y, and X consumers are very or quite likely to buy more make-up and haircare online if they can visualize the products virtually before buying. This indicates that these cohorts are receptive to virtual try-on experiences, making them ideal consumer segments for make-up and haircare brands to target with such experiences. Hence, tech innovations in beauty can enhance customization options for consumers.

Consumers across all regions, especially Asia, Australasia, and the Middle East and Africa (MEA), are attracted to virtual try-on beauty products. Since consumers in the mentioned regions are more receptive to virtual try-on experiences, these regions are ideal targets for haircare and make-up brands. The younger populations inhabiting these regions are mostly digital natives who are likely to be familiar with AI and AR technology, such as virtual try-ons. This results in the popularity of virtual try-ons in Asia, Australasia, and the MEA.

Global: “Consumers who are ‘very’ or ‘quite’ likely to buy more of the following online, if they could visualize the products virtually before buying? By generation,” 2023

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Tech Meets Beauty - Convenience

AI virtual assistants and other tools like AR can save time and money by reducing the necessity to see a professional in person. These tools can deliver virtual analysis for key personal care areas like skin and hair care and then provide personalized recommendations. These suggestions are of great convenience to consumers who are inclined to purchase products based on recommendations by AI.

Consumers are also more likely to be loyal to brands if convenient product features can be offered to them. More than half of Generation Z, Y, and X consumers prefer to see how they would look wearing various products before buying them. So, beauty brands and retailers are leveraging virtual try-on experiences to increase convenience for consumers and thus increase the likelihood of purchases. Practicality and usefulness are related to convenience, indicating that these cohorts are suitable for brands to target with online ads and marketing materials highlighting virtual try-on solutions.

Global: consumers who are “very” or “quite” likely to purchase a product based on recommendations or endorsements by AI, by region, 2023

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Tech Meets Beauty - Accessibility

Brands can try to meet the more complex needs of marginalized disabled consumers. Since they face disproportional hardships in everyday life, their accessibility needs are higher. Despite sizable portions of Western, and likely non-Western, populations being disabled, provisions for these individuals are seemingly inadequate. Brands in the beauty space and other sectors have an opportunity to meet some of the needs of such consumers.

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Tech Meets Beauty - Experience and Engagement

The use of digitally advanced or “smart” products can be an effective strategy for brands to enhance customer experience. For instance, virtual try-ons add value to the customer experience since they provide an easier way for consumers to engage in informed shopping. Devices like smart mirrors in salons add further value compared to traditional beauty treatments. Considerable portions of Generation Z, Y, and X consumers are always or often influenced by how digitally advanced/”smart” a product/service is.

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Key Highlights

• Generation Y and X consumers in Asia, Australia, and the Middle East, and Africa are the most receptive to virtual try-on experiences, making them ideal consumer segments for make-up and hair care brands to target with such experiences.
• Personal care brands should look to leverage AI and AR tools that provide convenience, while effectively marketing the specific convenient features, to align with a large proportion of global consumers who are inclined to receive product recommendations from an AI assistant.
• Brands in the beauty space have an opportunity to meet some of the under-addressed needs of marginalized disabled consumers by leveraging technological innovations such as smart devices.
• The use of digitally advanced or “smart” products can be an effective strategy for brands to improve the customer experience, while metaverse integrations aligned with the generational cohort of target consumers can be leveraged to increase customer engagement.

Reasons to Buy

• Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.