Beauty tech trends: How tech might shape the beauty industry in 2023 and beyond
It’s no secret that the beauty industry is a multibillion-dollar business. In fact, it’s been estimated that the global market for cosmetics and beauty products will exceed $716B by 2025.
One of the most important trends in the beauty industry now is Beauty Tech.Beauty tech innovations are already playing a defining role in boosting beauty brands’ sales, growth, and customer engagement.
Experience that is tailored to your target audience. This means understanding who your customers are and what they want from their beauty tech experience.
Additionally, it is important to make sure that your experience is easy to use and navigate. Customers should be able to find what they are looking for quickly and easily.
Finally, you should also ensure that your experience is memorable. This means creating an experience that is unique and will leave a lasting impression on your customers.
It’s no secret that the beauty industry and technology go hand-in-hand. From at-home hair color kits to AI-powered skincare devices, tech has become part of our beauty routines in numerous ways.
And as we move further into the future, it’s likely that even more innovative beauty products and services will hit the market. So, what can we expect from the beauty industry in 2023 and beyond?
Here are a few predictions:
One of the fastest-growing trends right now is skincare and makeup for men. And it is expected to grow to $18.92 billion by 2027. Therefore, it’s not a bad idea to jump on that train and incorporate men’s products in your digital transformation strategy.
We are also seeing a rise in the use of diagnostics, or better to say, innovative ways for skin diagnosis. This is where AI is being used to help customers find the right products for their skin type or hair type, but also to objectively pinpoint areas of concern on the skin and grade the condition of the skin.
Virtual and augmented reality will be used more for beauty tutorials. Some beauty brands are already using virtual reality for things like product demonstrations and tutorials. But in the future, we expect to see even more companies using VR technology to offer unique, immersive customer experiences.
We’ll see more eco-friendly beauty products. With more and more consumers becoming concerned about the environment, it’s no surprise eco-friendly beauty products are on the rise. In fact, a report from Grand View Research expects the organic personal care market will reach $42.19 billion by 2030. We can see that awareness of the importance of sustainability continues to grow. So, we can expect even more eco-friendly beauty products to hit store shelves – virtual try-ons – in the years to come.
