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Digitalization of Beauty Industry Market Outlook, Trend and Growth
Beauty industry is the fastest growing category under consumer goods, due to digital transformation.
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Digitalization has revolutionized the way brands can connect with their customers through social media and e-commerce. Digitalization creates long lasting relationships between brands and their consumers.
The global digitalization of beauty industry market is projected to expand at a rapid pace during the forecast period, due to an increase in demand for digitalization in the beauty sector.
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Global Digitalization of Beauty Industry Market: Key Drivers and Restraints
Growing adoption of beauty apps and subscription offers by beauty companies is estimated to boost the demand for digitalization of beauty industry during the forecast period.
Rise in digital marketing platforms for beauty products is estimated to boost digitalization in beauty industry across the globe.
Increase in the number of brand collaborations with influencers for social media content and CRM is likely to propel the need for digitalization of beauty industry during the forecast period.
Growing use of virtual reality to improve inefficiencies of companies, and augmented reality to test on beauty products is anticipated to boost the demand for digitalization of beauty industry during the forecast period.
Increasing need to simplify and synchronize products in the beauty industry is estimated to propel the market during the forecast period.
Rise in demand for makeup tutorials or video content in YouTube is expected to fuel the market growth during the forecast period.
However, concerns regarding product quality and 'no replacement' policy of beauty products by e-commerce sites are expected to hamper the digitalization of beauty industry during the forecast period.
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Key Players Operating in the Global Digitalization of Beauty Industry Market
Adimo
Amorepacific Corporation
CFEB Sisley SAS
Elizabeth Arden, Inc.
Johnson & Johnson
Lancer Skincare
L'Oreal S.A.
Procter & Gamble
Shiseido
The Estée Lauder Companies Inc.
Unilever
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Global Digitalization of Beauty Industry Market: Competition Landscape
Several local, regional, and international players are active in the digitalization of beauty industry market with strong presence. Rapid technological advancements have created significant opportunities in the market. Market players are gradually focusing on mergers and acquisition with technology partners to develop innovative and advanced solutions in order to improve their offerings and market reach. Player are increasing their spending on digitization. For instance L'Oreal spends almost 30% of its media spend on digital channels.
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