5/7/2023 0 Comments Foresight auto![]() The home of tutorials, unboxing videos, backstage content, dupe-hunting and sharing swatches, the social space is an ideal one for cosmetics shopping. With the popularity of networks like YouTube, Snapchat and Instagram among beauty vloggers and make-up brands, consumers are already finding inspiration for looks and new products on social media. Social media in particular is a new arena for retail. ![]() This is a theme we track in our trend The Shoppable Universe. Shopping is breaking free of all constraints – spaces and opportunities to buy and sell, both on- and offline, are expanding. So the market for this globally is huge – 64% of global consumers are potential users. 7% globally are forecast to be using such services by 2025 (taking into account when the technology will be widely available, among other factors) and a further 57% are interested. Great for consumers but challenging for brands as space for discovery is squeezed.Ĥ8% of our global sample says they are interested in services that would automatically order and deliver household products now, but we see this expressed interest converting into actual usage relatively soon. This is especially true of those who have already found products that suit their needs and seek the convenience of never running out. So how will this affect how people buy beauty? For beauty and personal care brands, we expect that many will favour auto-replenishment and will outsource to restock lower interest categories (shampoo, deodorant) and favourite items. Once they are granted the autonomy to order groceries for us based on past behaviour and preferences, control over which brands are selected is essentially handed over to an algorithm. Now, voice assistants happily add items to shopping lists when we ask them to. Once a user is locked in to a certain type of product – perhaps the only one which is compatible with their smart appliance – tempting them to explore new or alternative products will likely prove difficult. Auto-replenishing technology (see Amazon’s Dash Replenishment Service) and home voice assistants – such as Google’s Home or Chinese firm LingLong’s DingDong, which uses voice recognition technology to action commands and answer questions – are serious threats to brands. From dedicated stores for particular schools of thought, such as cruelty-free or fast fashion brands like H&M and retailers like ASOS launching own-brand beauty lines, to Instagram-only ranges and beauty box subscriptions, the number of ways and places to buy beauty are expanding.Īnd this is opening up both threats and opportunities for beauty brands.īrands are being rendered less visible to target customers through parallel innovation in new technologies. Retail is becoming increasingly fragmented and for the beauty industry, perhaps more than most. They are able to look at six “what if” scenarios to reallocate or increase funds, to change the media list, or to look at different target markets.Threats and opportunities for beauty brands Marketers get the optimal marketing budget allocation for generating the greatest purchase influence. Most of our quantitative analysis are customized to address specific questions and “what ifs,” however we do have a linear programming media mix optimization product that has been used successfully by our automotive clients and can be outlined here:Īnswers the question: How does a marketer get the greatest return on marketing investment? Ask us how quantitative analysis could help you tackle the tough marketing issues. ![]() We have helped clients with several quantitative measurement projects – from modeling to optimize media spending, to multivariate analysis to measure competitive advantage straight from the customer’s viewpoint. Foresight Research is your go-to-resource for advanced statistical analysis.
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