If you haven’t heard of beauty tech before, get ready to start hearing a lot more about it going forward. With the use of science and technology, leaders of the cosmetic industry are finding ways to create an innovative consumer experience for beauty lovers around the world. Long gone are the days when you’d have to walk into a store to get a personalized skincare routine or find your perfect shade match.
As beauty tech becomes less of a trend and more of a norm, the cosmetics industry as we know it will be a thing of the past. So are you ready for the future of beauty?
What is beauty tech?
The name tells it all. Beauty tech uses technology to enhance and discover new ways to engage with consumers and create personalized beauty experiences. From AI to hyper-personalization, beauty tech innovations are gaining pace and are sweeping the market in the process.
Of course, the digital age that we live in now welcomes such innovations and new technologies, but the truth is, beauty tech has been around for some time.
When did beauty tech start? And why is it gaining popularity now?
Beauty tech has been around for decades, with Cosmopolitan being one of the first big brands to put their name on beauty tech software in 1998. Cosmetic companies discovered that intelligent algorithms could help them more effectively analyze consumer behavior and create better products that consumers wanted.
With the popularity of smartphones and apps, it comes as no surprise that the concept has taken off. As we all become more tech-dependent and convenience-minded, beauty tech presents a unique solution to consumers. According to forecasts, the innovative market of beauty tech is expected to surpass $34 billion by 2024. So it’s clear this isn’t just a trend—beauty tech is here to stay.
The Beauty of Personalization: 3 Cornerstones of Beauty Tech
There are plenty of apps already on the market that assess and examine people’s skin and make recommendations based on the data. The technologies used to create such apps highlight the three most essential elements of beauty tech: AI, AR, and hyper-personalization.
More and more people are demanding for inclusivity and personalized customer experiences, and the latest technology advances by cosmetology companies give them just that. AI gives companies the big data that they need to laser-target demographic categories to make products specifically for their target market.
On the other hand, AR has become a standard technology used for gaming. But with beauty tech on the rise, expect to see more AR apps that give customers a virtual try-on experience. Technologies like AI and AR are at the heart of beauty tech’s ability to create a personalized consumer experience.
Customers desire shopping experiences and brands that center their customers, so beauty companies work hard to meet expectations. Imagine a world where you can pick out and try on new beauty and skincare and receive personalized recommendations, all without leaving your house. Personalized beauty experiences are the future that beauty tech aims to create, and many beauty brands have already started the process.
Examples of beauty tech success
Beauty tech is still gaining popularity, but success stories of brands utilizing the new technologies are in abundance. For example, Benefit Cosmetics launched a virtual try-on AR experience for brow products that resulted in a 101% increase in the amount of time users spent on the website.
L’Oréal is one of the leading beauty companies embracing beauty tech. The trusted beauty brand recently unveiled Perso, an AI device that can create customized beauty products on the spot. Using an app, Perso can create a personal skin analysis, and then with the technology of the device, create brand new beauty products formulated for the consumer.
Amorepacific, a South Korean beauty brand, is charging full speed ahead with custom beauty devices. They launched the Lip Factory by Color Tailor in a store in Seoul. Customers fill out a survey about their lipstick and makeup preferences, and then the machine will mix over custom shades on the spot. The company is planning to use the successful technology for other products like foundation.
The future of beauty tech
Although mainstream beauty tech products are still fresh on the market, it’s evident that these technologies will soon become the norm. Of course, there’s still a lot to learn and discover about the possibilities of beauty tech, but one thing is for sure. Beauty tech presents an opportunity for brands to meet consumers where they are and deliver more inclusive personalized products.