The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
The fast pace at which consumer attitudes and beauty industry dynamics are changing, alongside lower barriers to entry have created a ripe environment for disrupting traditional models at all price tiers, by smaller start-ups and legacy brands alike.
Just as this is creating further inspiration for innovation, knowledge sharing and a widening consumer base, it is also heightening price competition and pressure to stay aligned with a fast-paced consumer landscape. Existing operation models, as well as new ones looking to scale up are facing challenges that are varied but equal in magnitude.
Beyond the rising demand for more individualized solutions, personalization is far more wide-encompassing involving the ability to influence new product concepts through crowdsourced feedback, being part of the creation process, as well as being empowered with tools (most often digital) to guide discovery, selection and personal suitability. Co-creation also reinforces the community and shareability aspect, which is crucial to experiences today.
Moving forward personalization through guidance, diagnosis and crowdsourcing will take a new dimension, which necessitates ongoing and long-term solutions and support of routines over time, rather than one-off recommendations and involvement.