Latest trends in beauty and wellness industry that startups need to catch up with
‘Startups’, as a universal concept, are often associated with ‘uniqueness’. Startups in any industry must stay on top of trends and constantly improve their products and services to meet the ever-changing needs of their customers.
Ideas, topics, and perspectives change from generation to generation, and businesses’ staying close to their customers’ choices and preferences is vital.
Technological advancements have led to the birth of new and interesting trends and the same holds true for the beauty and wellness industry. The beauty industry is constantly expanding and growing, providing its audience with new products and experiences.
Consumers are continuing to seek out fresh, independent brands, and they are willing to pay a premium for startups. All of this encourages the sector to be more creative and entrepreneurial.
Because of their efforts in innovation, unique routes to market, quality products, growth plans, management, and social impact, beauty and wellness startups guarantee exceptional performance. But how does one go about doing it? Continue reading to learn more.
The trends that will have the largest impact on the beauty industry in the coming years will define the industry’s future, including diversity and inclusion, sustainability, cruelty-free and vegan products, gender neutrality, and organic and natural products. These are just a few of the trends that the beauty and wellness startups need to catch up with.
Diversity and inclusion
In the beauty and wellness space, customers appreciate products and experiences that are customised to meet their own needs. The product lines should be parallel to the rising notion of beauty in order to engage with the ever-growing consumer base.
Startups should jump into diversity and inclusion further by implementing universal design concepts into their product design. Brands that make beauty more accessible will become leaders in this industry, thereby growing the market for their products.
Sustainability has become an industry norm as customers examine the impact of their choices before making a purchase. One example is water-based products. Around 70 percent of a product's makeup is made up of a base.
Water is commonly used as the basis of choice since it is cheap and hence maximises profits. Manufacturers are instead turning to alternate bases that are cultivated and harvested in a more ecologically responsible manner.
In this age of conscious buying, vegan beauty is far more than a trend. People are becoming more aware of what they consume and how they consume it all around the world. Sustainable, eco-friendly, and cruelty-free aren’t just buzzwords for a growing number of people, but they’re fuelling demand across a wide range of sectors.
Gender-neutral beauty and wellness products are sweeping the skincare industry, focusing on your skin's requirements rather than traditional labelling.
While the beauty and wellness industry has traditionally been dominated by women, changing consumer preferences have resulted in an increase in products that cater to individual skincare needs regardless of gender, and they are frequently marketed as effective, no-nonsense solutions that are good for both men and women.
The coming future
Digital phenomena are growing, with direct-to-consumer brand websites, social-media platforms, and markets becoming increasingly important. It is critical to target the appropriate audience across relevant platforms.
While home self-care is popular, AR and AI technologies, online cosmetics applications, online bookings, self-check-ins, online payments, and other features will reduce the number of touch engagements.
In the long run, the COVID-19 situation has the potential to shift consumer behaviour and focus on consumer health and wellness, perhaps driving up demand for skin health qualities, vitamins, mental well-being, mindful beauty, and at-home treatments.
To reach and retain online customers throughout the world, all companies must plan to provide more of these digital services, products, and platforms. Beauty-related augmented reality experiences will become more frequent.
As the industry changes to become more relevant in the modern world, emerging trends continue to shape it. As a result, it is critical for established companies and prospective startups to cater to consumer preferences and demands while still being relevant to changing times.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)