Cosmetic Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2025
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Key companies getting affected in the market include Canadian Solar Inc., GE Renewable Energy, Hanwha Q Cells Co., Ltd., JinkoSolar Holding Co., Ltd., Nordex SE, Senvion S.A., Siemens AG, SunPower Corp., and Trina Solar Ltd. The majority of the manufacturers are based in China.
The opening of new stores is also severally affected due to the covid-19 outbreak across the world. For instance, Glossier had to delay the opening of Glossier Arizona, which was scheduled for 18th of March 2020. In order to recover from the downfall of covid-19 drawback the cosmetic companies are using a number of strategies. For instance, the companies are using Face Time program where anyone could schedule a 10-minute session to talk to the makeup artists regarding the products.
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To allow hyper personalization in beauty industry and aid with the growth of the cosmetic companies advanced technologies are being taken into work. Technologies including Apple's iOS operating system, mobile devices equipped with high-quality cameras, better bandwidth and processing power and artificial intelligence are making beauty industry more technology friendly. Additionally, these technologies are taking custom blending from novelty to mainstream service.
Additionally, L'Oréal SA is expanding its use of augmented reality and artificial intelligence to provide its customer with the virtual try-on services. This service is launched by company with the strategy to encourage customers to buy more makeup and hair color products without physically trying it out. This is the most effective strategy by the company considering the fact that due to covid-19 outbreak people have become more sanitization friendly. Another advantage of introducing this service is that consumer can use it anywhere according to their needs. The virtual try on service is also letting the consumer to try company's product at home and order it online.
Verticals Affected Most
o Skin Care
o Hair Care
o Toiletries & Perfumes
o Oral Cosmetics
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