Today, a beauty product is sold every two seconds on TikTok Shop. Amazon has become the largest e-commerce merchant for beauty in Europe. Specialists like Sephora and Ulta Beauty are fighting back with a focus on experiential retail, to varying degrees of success. Meanwhile, Farfetch and Net-a-Porter have both discontinued their in-house beauty businesses.
Dynamic and intensively competitive, the global beauty retail market grew to $569 billion in 2023 and is forecasted to reach $653 billion in 2028, at a 2.8 per cent compound annual growth rate, according to data analytics firm Euromonitor - outpacing an otherwise challenged retail sector.
Consumers are increasingly savvy at shopping across different platforms, brands and price points, says Wizz Selvey, founder and CEO of luxury brand and retail consultancy Wizz & Co. "The current shopping landscape reflects a blend of digital convenience and the irreplaceable store experience."
The path to purchase is a winding one, agrees Lucy Kriz, VP of global brands at Paris-based advertising company Criteo. "In beauty, the customer journey is more complex than ever. We see transactions happening everywhere with shoppers flowing from online to offline, on-site to off-site, and across mobile.
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