Global Online Premium Cosmetics Market 2017-2021
About Online Premium Cosmetics
Cosmetics are beauty products that are used to improve and enhance the look of a person. These include skin and hair care products, fragrances, color makeup, sunscreens, and bath and shower products. They are primarily extracted from natural or chemical sources. The cost of premium cosmetics products starts from $70 and are available online through various D2C and e-commerce websites. The premium cosmetics market is concentrated with the presence of top players with major market shares.
Technavio’s analysts forecast the global online premium cosmetics market to grow at a CAGR of 9.66% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global online premium cosmetics market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Online Premium Cosmetics Market 2017-2021
Technavio recognizes the following companies as the key players in the global online premium cosmetics market: CHANEL, Coty, Estée Lauder, L’Oreal, and LVMH.
Other Prominent Vendors in the market are: Bobbi Brown Professional Cosmetics, NARS Cosmetics, Kao, MAC, Shiseido.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is digital marketing and consumer engagement on social media platforms. Product visibility is considered as one of the principal factors in the marketing strategy implemented by vendors in the online premium cosmetics market. Digital media plays a key role in online retail decision-making. For online retailers, this platform will no longer be restricted to just connecting and gaining feedback from customers.”
According to the report, one driver in the market is price comparison option enhancing product choices. Consumers prefer purchasing products that are affordable. Earlier, premium brands were mostly available in exclusive stores at high prices. However, with the advent of digitalization, online shopping has become a platform for consumers to purchase premium products at heavily discounted prices, which tend to attract customers. Online shopping provides customers with the advantage of comparing prices of the same product from different online retailers. Shopping websites also provide product reviews and ratings, which aid customers in their purchasing decisions.
Further, the report states that one challenge in the market is growing concerns about consumer safety, security, and data privacy on digital platform. The e-commerce platform has taken shopping to a new level. However, consumers have several concerns on safety, security and data privacy while purchasing products online. The lack of cybersecurity is one of the major concerns among consumers. E-commerce websites tend to save confidential details of customers such as their phone number, address, and bank details. Many websites do not maintain or implement stringent cybersecurity measures, which increases the risk of data breach by cyber criminals.
CHANEL, Coty, Estée Lauder, L’Oreal, LVMH, Bobbi Brown Professional Cosmetics, NARS Cosmetics, Kao, MAC, Shiseido.