At the WWD Beauty Summit this past June in NYC, the focus of the conference was change: how the beauty industry is changing, how technology is playing a huge part, and how companies are learning to adapt to the evolving market.
In our experience working with Beauty Tech clients, we’ve seen the importance of embracing these changes and how that contributes to a successful business — especially for entrepreneurs. One of the biggest changes in the industry is that independent companies are now able to successfully compete with established brands because the barrier for entry has been lowered significantly.
With the takeover of social media and the merge of online and offline realities, the impact of technology on the industry is undeniable. “Facebook has 1.9 billion users, Whatsapp has 1.2 billion, Instagram has 700 million and Facebook messenger has 1.2 billion. On those combined platforms there are 60 million businesses and every day there are 526 million posts that relate to the beauty industry” said former Instyle publisher turned Head of Industry (Beauty/Fashion/Luxury/Retail) at Facebook, Karin Tracy. There’s no denying that these platforms have become a crucial aspect of a beauty company’s marketing technique and strategy.
Small businesses are succeeding to keep up with large brands by taking their services mobile with app development. Over the past several years, we’ve seen the rise of beauty/service apps which give customers access to beauty services at their fingertips. The busy mom or business woman no longer has to make (or remake) an appointment at the salon and drudge across the city or city lines to get there. The power of technology is bringing artists to you, all with the click of a few buttons.
Read this article to learn more about what the top gurus in beauty have to say about the topic. Also, if you are interested in professional marketing or PR services for a product or service in the Beauty Tech space, please reach out here.