Where does the Future of the Beauty Industry lie?
The evolution of consumers affects your beauty brand which is why the beauty industry is constantly evolving as consumer trends evolve as well as our environment. The world has taken a complete turn and is changing faster than ever with the help of the covid-19 pandemic AI skin tech has become increasingly common with beauty brands in their retail and online spaces.
We conducted an online survey that was sent out to beauty brand founders and executives, in order to get a good insight into where they see the beauty industry heading. Some of the beauty founders who took place were from the likes of The Alpha Men, Bears with Benefits, Nui Cosmetics, and beauty retailer, CosBar, here are the results:
Would you invest in beauty tech solutions for your brand?
93.1% Will invest in A.I Skin Tech for their brand
A.I Skin Tech can be defined as a Foundation Shade finder AI, Skin, and haircare advisor, and an INCI Explainer all of which are products offered by Skin Match Technology. AI Skin Tech is becoming a staple to brands because 72% of consumers want more information on their products and 57% say that they won’t buy products if there are not consultations. The AI skin Tech tools mentioned solve all these needs and 80% of customers complete these quizzes in order to find their perfect products.
Do you think the beauty industry can be fully sustainable in the future?
63.3% say it will take longer than we think for the beauty industry to become fully sustainable.
Although 27% of our founders say that they see a completely sustainable future for the beauty industry in just a few years, 10% say they never see that happening. We will never know unless we try, and because this is the only earth we have it is definitely worth the try to make your brand as sustainable as possible. Many consumers are becoming aware of the what, when, and where of their products to try and be more conscious of their environmental footprints.
Do you think the beauty industry will be fully diverse/inclusive in the future?
57% say they see a fully diverse future for the beauty industry.
36% agree that it will take longer than expected. We can already observe some brands making a difference in diversifying their brands. Although the diversity spectrum is broad, i.e, gender, race, and age diversity, brands must all take the step on the diversity ship.
Concerning beauty standards, do you think as time progresses beauty standards are becoming more relatable and real?
83% agree that the concept of beauty is becoming more relatable and real.
Still, 17% say that beauty is still very narrow, and one form of beauty is only accepted. However, this does go hand in hand with diversity.
Do you think niche brands will take over the industry and outrun beauty vets?
50% of our beauty founders think that the future is with niche brands BUT…
50% say that niche brands will never outrun the beauty vets. The rise of niche brands means that consumers are seeking brands who cater to, not only, minorities but also newer, younger brands who are staying relevant to the latest beauty trends like clean beauty, etc.
With the pandemic a few brands have turned to online, do you think offline beauty shopping will still be around in the future?
27% agree that retail shopping will never go away.
The pandemic has changed many things in retail which showed industries that perhaps the future is fully online. However, that’s not to say that retail will not be around, 69% of beauty founders agree that although retail will not disappear, there will be many changes.
Which markets are set to grow the most in the coming future?
Order from Most growth to the least:
Clean Beauty
Male Beauty and skincare
Supplements
DIY clinical skincare
CBD Beauty
Do you think the beauty industry does enough to create a sustainable/clean future?
83% of beauty founders admit that the beauty industry does not do enough to create a clean and sustainable future.
A shocking revelation from the founders themselves. This could be why the clean beauty industry is set to grow the most.
What's the most popular development we could expect to see in beauty stores (online or retail) in the future?
Most popular to least:
Apps to measure Skin healing progress (Acne/Anti Aging)
Augmented Reality to test products
Virtual Assistants (bots, quiz / Tech)
Virtual Assistants (real people)
Wearable Beauty Tech (Sun / Pollution detector)
E-Makeup (Filters)
AI Skin Tech and clean beauty prove to be the top 2 indicators of the beauty industry's future. Thankfully our AI Skin tech products provide solutions for brands to make sure their brand stays relevant and evolves with the industry.
Book a demo with us to give transparency and take the next step in Clean Beauty or experience firsthand how our AI Beauty Tech works.
