Despite what circumstances have been, read the COVID-19 global pandemic, there has been one industry that has stayed resilient more than any other has been the global beauty industry. Yes, sales have been feeble on account of incessant lockdowns and thousands of shops have shut shop, but the sector has countered the crisis with great optimism and confidence.
One simple fact remains, regardless of where humans are, they pay attention to their skin and body, providing a muted yet colossal thrust to the beauty industry, advancing trends such as face masks, serums, mists and metallic makeup tones, a truth thats evidently visible with their rising stock numbers. Beautifying rituals arent going to decelerate in consequence of an epidemic.
As a serial entrepreneur, Dr. Som strongly believes in diversifying her investments and thereby her prospects. One of the key powers of being a serial entrepreneur is having the muscle to take risks and not let the fear of unchartered waters perturb oneself! Entrepreneurship is not just about gender parity and leadership skills alone, it’s about the zeal, the outlook with which one pursues the dreams to achieve the impossible. One has to juggle between sustenance, perseverance, ideology and a balance of evolution.
Founding a beauty business was not an overnight impulse decision. The global beauty industry is a massive, snowballing billion-dollar business which is being estimated to be worth 438.38 billion by 2026. As a businesswoman, it was only right that Dr. Somdutta wanted to test the waters in the playing field. Also as an E-commerce marketer, an E-commerce business owner and a person who believes in inclusivity and diversity, Dr. Som is firsthand observing how the beauty industry has been at the very fore of innovation, breakthrough technologies and visionary products. This year will be no different.
The math is very simple. There was a time, when the beauty industry was ruled by a handful of big names. Today, the entire definition of beauty stands dramatically altered. From hyper-personalized to green products and beauty solutions from AI cosmetics to make-up that cater to women of colour, from ease of access on global marketplaces to virtual-try on, beauty products are getting progressively relatable with concepts that are appealing and engaging. Beauty is becoming inclusive and accessible.
Lets not even get started with the still snowballing Korean skin care and beauty industry after having become a world leader. From 2010 to 2014, masses of foreign companies splurged a whopping $215 million to acquire beauty and skin care firms in Korea, according to a report by KPMG. What followed since has converted Korea into the world’s 4th largest exporter of beauty products with deal volume swelling to a gigantic $5 billion and according to Research And Markets, the global K-beauty products market size which was valued at $9.3 billion in 2018 is projected to reach $21.8 billion by 2026.
The poignant truth remains, despite the saying, “Beauty lies in the eye of the beholder” and even with women standing defiant against xenophobic values, the innate trend to look unblemished is one of the biggest drivers of this industry. In spite of being highly saturated, here is an industry that is evolving with each passing day, is one of the best investment bets for market players and for entrepreneurs and marketers to infiltrate.
Entrepreneurs Take Note
Takeaway 1 – Pandemic or not, brands are, and will always be under tremendous pressure to renovate and advance their product pipelines. Businesses will have to keep pace and innovate.
Takeaway 2 – Once the COVID-19 dusts settle, global marketplaces, social media platforms that facilitate shopping, websites and online niche beauty stores will remain important. Online engagement and expenditure will escalate. Give more priority to digital channels to capture and convert consumers.
Takeaway 3 – When it comes to operations, one can execute artificial intelligence to analyse, determine and tailor products as concerns around safety and hygiene keeps mounting primarily upsetting in-person product testing and sessions.
Takeaway 4 – A global pandemic has taught us one thing – the world can change overnight, bringing about considerable swings in demand. Manufacturers will act as thought leaders to drive diversification in product innovation and thereby reduce production risks. Through data sharing, brands and retailers will also collaborate.
Takeaway 5 – Certain trends that were already showing strength such as the rise of the global middle class and advanced use of E-commerce will pick up pace. This will keep the industry alluring for a long time to come.
Every adversity comes with an opportunity. No matter what kind of an entrepreneurial adventure you want to embark upon, dont get dragged into battling the rampant gender biases and stereotypes. Discover your forte, construct a rock-solid support system and let your work do the talking. Like Dr. Somdutta always says, “You are worth so much more than the ways you’ve been treated!“