Top 10 Products That Show How Tech Is Invading the Cosmetic Industry
What was the high-tech beauty product that we owned until a few years ago? Maybe an advanced hair straightener? But in this era where beauty-tech takes care of our skin and hair, hair straighteners may seem like a plain thing.
Our beauty and personal care industry is walking towards a fully digitized future that is disrupted by a range of connected applications, scientifically-advanced products, and personal care habits. From Artificial Intelligence (AI) to Virtual Reality (VR); from 3D printed face masks to home-made cosmetics, the beauty sector is all set to be highly influenced by exceptional personalization and deep knowledge.
Relating to this trend in the cosmetic sector is pretty easy for us as our lives are intertwined with smartphones and a range of Intelligent Apps.
Let’s Get into Some Statistics
According to CB Insights, 2019 has been a banner year for beauty tech and technology-backed cosmetics brands will continue to revolutionize the coming years as well. The beauty industry was valued at $532.43 billion USD in 2017. Its estimated worth is expected to reach $805.61 billion USD by 2023.
The cosmetic & personal care industry is expected to reach substantial growth thanks to high investment rates. High margins, recurring purchase patterns, and recession-proof nature are some of the contributing factors. The industry is not only recession-proof, but it gets a boost in recession as reported by Reuters. This trend of affordable luxury performing well in a slump environment is known as the Lipstick Effect.
Brands That Spice up the Beauty Industry Through Technology
Getting personalized solutions is the craving of humans. Brands are blending tech-enabled systems to meet this need by creating a uniquely optimized formula. Solutions driven by AI, AR/VR, Machine Learning, etc. try to solve the helplessness of online/e-commerce customers to try skincare products before actually buying them. Checkout How Artificial Intelligence in Ecommerce Works.
Here are some notable disruptors in the cosmetic/personal care industry.
1. Perso by L’Oreal
2. L’Oreal’s Kérastase Hair Coach
3. Oral-B Genius X Toothbrush
4. FOREO Luna Fofo facial cleansing brush
5. Neutrogena 360
6. Sephora’s Virtual Artist
7. Bourjois Magic Mirror
8. L’Oréal’s VR Beauty Lab
9. Optune from Shiseido
10. Le Teint Particulier
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