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Using Artificial Intelligence (AI) & Machine Learning (ML), cosmetics and beauty companies are searching for new possibilities. As per the latest Avendus report, the worldwide beauty & personal care market is expected to reach US$725 billion by 2025, and the new Indian market is projected to reach $28 billion! This section gives space to new opportunities; today, we have over 80 Indian brands working in the domain.
As technology in this field plays an important part, Artificial Intelligence, among everything else, is providing this beauty industry with a complete makeover! That is because AI can impact different stages of a beauty value chain — including research and development, supply chain management, marketing, product selection, and more!
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Being a powerful technology tool, AI can make the future of Indian beauty brands in the D2C segment.
Augmented Reality (AR) is a dominant term, and different companies use it daily. Using this concept, beauty brands are carrying AR-powered' virtual mirrors,' which help consumers to try cosmetic products in real- time. Similarly, AI could lay virtual images on actual images in real time. More frequently, the Instagram and Snapchat filters we utilize are all AR-powered.
Lakme, an Indian brand, has made 'virtual try' possible by creating a more innovative mirror on the official website that helps customers watch their consideration, try various shades, and customize shades per their preferences. Shade matching, till some years back, was an utterly on-ground phenomenon; clients visiting local cosmetics stores could select and match shades of compact, lipstick, and eye shadow against the natural skin tone. Nowadays, AI can help you narrow down the products depending on the virtual shades card and place them against the skin in real time.
All customers are unique, and a single size doesn't fit all. Everybody has bespoke beauty management they follow, and understanding it might be the key to success for any beauty brand. For that reason, the potential of beauty remains in harnessing AR and AI solutions to fit the experience of beauty shopping to match individual consumers' requirements. It improves digital engagement and increases buying confidence, which assists brands in driving brand loyalty and conversion.
All the pre-pandemic and beauty advisors offline played a counseling role while customers made purchases. Many of these have moved online – for example, Olay. It has launched the "Skin Advisor" app online based on deep-learning algorithms which analyze a consumer's skin with an easy selfie! Equipped with data on the skin type, users can make a well- informed and personalized purchase that is right for the particular skin type.
AI algorithms could be used for studying and analyzing customers' feedback. This algorithm interprets customer reviews, comments, and feedbacks on the brand's site, social media channels, and other online platforms. Also, Artificial Intelligence can decode and analyze feedback forms and questionnaires that customers might have replied to offline or online.
The personal and beauty care industry is mainly driven by customer usage and preferences, so evaluating how customers feel about main products can assist businesses in creating and developing products that customers would prefer to purchase. For example, Avon's apparent beauty brand has presently mentioned that it has developed a True 5-in- 1 Lash Genius Mascara depending on honest consumer feedback! They have used Artificial Intelligence and Machine Learning to filter, read, process, and rank thousands of consumer comments online to regulate the best features they want in mascara. With this customer-collected intelligence, they created an exclusive product that customers we're "looking for"!
Provided the scale and scope of the beauty & personal care industry, which is crucial 'usage’-driven, Artificial Intelligence having assorted potential can provide a paradigm shift in this industry. AI can assist with personalization, virtual trials, listening to customers' feedback, and monitoring a brand's Digital Shelf. Brands can intensify their online sales through trailing Digital Shelf KPIs, including share of product and search visibility, discounting and pricing, product content, assortment, and availability. Contact our Digital Shelf professionals to know more.
Contact Actowiz Solutions for all your Digital Shelf service requirements. You can also reach us for all your mobile app scraping and web scraping services needs.
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