A digital evolution is underway, presenting opportunities and challenges for beauty brands
Sponsored by Signifyd
The recent e-book from Signifyd charts some of the most significant changes in the global beauty and cosmetics industry. The analyses highlight myriad opportunities for those prepared to seize them, but there are also words of caution to be heeded.
Notably, Signifyd’s Ecommerce Fraud Index identifies a number of factors that have contributed to a 103% annual spike in online fraud losses across the industry. These factors include; exponential growth in the sector, entry of new, smaller players, the rise of ecommerce and highly popular activities like ‘flash sales’.
And of course, the digital landscape itself is transforming. According to Statista.com, in just a ten year period YouTube views of beauty-related content went from 1 billion in 2008, to a staggering 169 billion in 2018.
Technology is at last allowing consumers to define beauty on their own terms - regardless of age, gender, skin, hair, and body type. It’s empowering customers with choice, knowledge, and a platform for their voice. And it’s allowing cosmetics companies to engage, respond and innovate like never before.
As L’Oréal CEO and Chairman Jean-Paul Agon puts it, “the future of beauty will be more and more about technology, about quality, about formulation, about individualisation, about digitalisation, about responding to specific needs.”
The comprehensive e-book highlights both the trends and the industry’s responses, including:
What’s evident is that cosmetics is a vibrant sector with a bright, innovative future, but retailers are exposed to profound risks that are increasing rapidly.
While technology has opened the door to opportunity and growth, it has also created potential security weak spots for those who aren’t vigilant. Fortunately, the solution also lies in technology that’s swift to implement and immediately reduces exposure to costly fraud.
Discover more about the challenges and opportunities presented to the cosmetics sector by the ‘iMake-up’ era. Download Risk & Reward: The Beauty Industry’s Digital Transformation today.