The scale of the beauty and cosmetic sector is massive. Its value is increasing continuously. The global cosmetics market size was forecasted at $380.2 billion in 2019. It is predicted to reach $463.5 billion by 2027, enrolling a CAGR of 5.3% between 2021 to 2027. However, it hasn’t observed the entrance of modern technology, even after having such a large market cap.
Considering the benefits of modern technologies like artificial intelligence have brought to other influential sectors. It looks like the right decision to incorporate technologies like big data, AI, and machine learning. When talking about AI, the technology can induce a paradigm shift in the sector by helping businesses know their customers’ preferences.
Artificial Intelligence in Beauty Sector: How it Helps to Improve Overall Performance
The U.S. held a share of 18.3% in the global cosmetics, personal care, and fragrances products market in 2018, based on revenue. China ranked second among the top ten leading markets worldwide; it covers around 12.7% of the market share. The growing usage of beauty products by women and men across the world means that universally, beauty brands are generally unconcerned by the ups and downs of the economy.
The overall beauty sales have been affected in the economic downturn, such as COVID 19 pandemic. Moreover, the sales of beauty and cosmetics maintained a standard volume overall. Customers across the globe are showing by their actions that they still discover comfort in the simple delights of a “morning skin-care routine” or a swipe of lip gloss before a Zoom conference!
Customers these days prefer contactless shopping that most cosmetics and beauty brands started to offer using modern technology like artificial intelligence. However, other technologies like augmented reality, community outreach through social media, and highly customized experiences will be revenue operators in the coming years. There are various ways in which artificial intelligence helps brands to enhance their overall experience and provide the best adventure to their customers.
Manufacturing Customer-centric Products
Artificial intelligence algorithms can be utilized to analyse customer feedback. With the combination of NLP and computer vision, AI algorithms can analyse feedback, comments, reviews, and other posts by customers on social media, websites, and other online platforms.
Computer vision and NLP can also be used to analyse reviews provided in physical documents like feedback, questionnaires, and much more to customers at retail outlets. However, brands can analyse the data to make beauty gadgets and products most likely to buy.
Providing Personalized Solution
Machine learning (ML) can analyse an individual’s skin type, skin tone, facial structure, and many more. Additional data can be sought by asking individuals to choose a questionnaire about the type of facial treatment and the outcome they are looking for. The algorithm analyses the detailed data to provide a skin-care routine that straightens the individual’s goals while respecting their physical features.
Enabling Virtual Product Trials
Today many brands like Spotify are pushing boundaries in technology by using ML and AI to enhance the user experience. However, many choose to build a spotify clone script following the success path of the streaming giant. It has acquired several data science companies to push the envelope further, ensuring they remain at the forefront of the music streaming world.
However, besides the streaming sector, AI and ML technology has changed the way customers put on their makeup. They can wear makeup products like foundations, lip gloss foundations, eyeshadows, etc. It has eliminated the need to try the existing shades to try the new ones.
Customers can see how the products will look on them using the virtual mirror. It helps them to improve the shopping experience for customers. However, to save the cost of brands, they need to spend on producing the demo and product testing. However, all this has become obsolete with the introduction of AI.
Summing Up
The use of modern technology such as AI in the beauty and cosmetics sector provides a facelift. Moreover, it should not be limited to improving beauty. It should be used for noteworthy apps like correcting physical deformities through plastic surgeries and many other corrective procedures.
AI (artificial intelligence) can help with analysis to decide the course of action to be taken for sending out medical procedures in the most effective way. It also helps predict the post-surgery results with tremendous accuracy, helping to improve the confidence of individuals and push forward the medical cosmetic field.
Gaurav Kanabar, founder of Alphanso Tech. He has specialized in blog writing, article writing, and copyright on different topics like the latest music industry trends, Twitch business model overview, app development benefits, marketing tips, and many more. Besides that, Gaurav loves spending time with nature, reading novels, and playing snooker.
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