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  • How will the beauty industry adapt in a post-Covid world?

    2021.11.03
How will the beauty industry adapt in a post-Covid world? - Bonne News

Covid-19, an unprecedented epidemic, is affecting various industries around the world. The beauty industry was also not immune from this impact. All beauty retailers have had to adapt and stores have been closed over the past year during various lockout periods.

 

About the Post-Corona Beauty Industry Simon Clifford of Cygnia Logistics forecasts on industry trends.

 

As of 2020, the UK beauty industry is worth around £27 billion, making it the 7th largest cosmetics market in the world. The industry has traditionally enjoyed an interactive buying experience, with high-end beauty retailers proud of their personalized in-store experience.

 

However, the impact of the Covid-19 pandemic has forced almost all brands to switch to selling online, including introducing new technologies that allow for virtual testing and partnering with 3PL to carry out delivery processes to customers.

 

The impact of COVID-19 is largely divided into online sales growth, digital platform utilization, and new customer segments.

 

The closure of brick-and-mortar stores forced consumers to buy beauty products online, with around 37.2% of consumers buying health and beauty products online last year, and sales in the beauty industry were £491 million, up 38% from the previous year. Additionally, many enterprising brands have made the transition to selling online through MAC's virtual experience tools. Prior to the pandemic, older customers who had purchased from offline stores also flowed into the online market, increasing the number of 'Silver Surfers' purchases for many brands.

 

What will the industry look like post-coronavirus?

How will beauty industry companies and consumers change in the post-corona era, that is, the new normal era?

 

Experts make five predictions about this.

 

1. Online purchasing is here to stay

2. Increase in beauty subscription services

3. Personalized beauty

4. Brand authenticity

5. Transparency in operations

 

Even when a previously closed brick-and-mortar store opens, the online marketplace remains the same because of the simplicity of the process of purchasing products online. Similarly, with the ease of beauty services in the online market, a report by Royal Mail predicts that the subscription box market will grow in value by 72% by 2022. Also, in line with the global trend, people focus on personalized beauty along with the ‘multi-variety small-volume production’ system. Fourth, companies with authentic brands with a strong sense of purpose are more common than companies that simply want to increase sales. Consumers trust and prefer authentic entries that communicate with customers a lot. Finally, you choose a company that has a good business process. Since many companies have exposed supply chain weaknesses due to delivery delays, companies with operational transparency with an agile and versatile supply chain are expected to lead the post-coronavirus era.

 
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