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Industry Insights: Tech Meet Beauty: Innovations in AI, AR, and Smart Devices

Publisher GlobalData
Published Apr 12, 2024
Length 32 Pages
SKU # GBDT18815325

Description

Industry Insights: Tech Meet Beauty: Innovations in AI, AR, and Smart Devices


Summary

This report explores technological innovations in the beauty industry, and the implications and challenges they present for brands and consumers.

Technological innovations in the beauty industry have given rise to consumer and brand-related benefits, chiefly pertaining to customization, convenience, accessibility, customer experience, and engagement, while several opportunities and challenges will shape the future relationship of tech in beauty.

Scope
  • Generation, Y, and X consumers in Asia and Australia and the Middle East and Africa are the most receptive to virtual try on experiences, making them ideal consumer segments for make-up and hair care brands to target with such experiences.
  • Personal care brands should look to leverage AI and AR tools which provide convenience, while effectively marketing the specific convenient features, to align with a large proportion of global consumers who are inclined to receiving product recommendations from an AI assistant.
  • Brands in the beauty space have an opportunity to meet some of the under addressed needs of marginalized disabled consumers, by leveraging technological innovations such as smart devices.
  • The use of digitally advanced or “smart” products can be an effective strategy for brands to improve the customer experience, while metaverse integrations aligned with the generational cohort of target consumers can be leveraged to increase customer engagement.
Reasons to Buy
  • Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
  • Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
  • Access valuable strategic take-outs to help direct future decision-making and inform new product development.

Table of Contents

32 Pages
1. The Evolution of Tech in Beauty
2. Customization
3. Convenience
4. Accessibility
5. Experience and Engagement
6. Opportunities and Challenges
7. Takeaways
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