Shopper conversion in the beauty & personal care industry
2016-08-12 | by Smollan
According to Euromonitor International’s Beauty and Personal Care 2016 edition, the ability to diversify within existing beauty portfolios to create tailored products that cater to the needs of a shifting consumer landscape is vital for a product’s survival; particularly now at time when the retail industry is under pressure as a result of global socio-economic challenges. The global beauty industry is continuously shaped by the high intensity of innovation and multi-levelled consumer preferences that evolve over time as global demographics and psychographics shift and change and different trends come to the fore.
Potential areas of growth for retailers and brand owners in the beauty industry lie in the shopper behaviour of the shifting global demographic groups, where there has been an increased desire to purchase organic and environmentally friendly goods, especially for skin care ranges made for young children. Other notable trends include the silver economy and their rising concern with personal appearance, as well as the general population’s increased awareness of the harmful effects of the sun. In relation to these trends research conducted by Statista predicts that anti-aging and sun protection products will realise significant growth within the beauty industry over the coming years.
There are a multitude of factors that influence a consumer’s decision to purchase a product. The beauty and personal care categories are renowned for being inflation resistant, largely due to key drivers of shopper conversion being perceived product effectiveness and quality of ingredients used in manufacturing, rather than price alone, as well as the emotional need that these products fulfill.
The nature of the cosmetic industry is such that it provides consumers with a variety of choice in the sheer number of products required to satisfy varying consumer needs and preferences. Consequently retailers and brand owners able to offer and promote broader, more tailored product ranges designed to meet the requirements of their evolving shopper landscapes are more likely to encourage shopper conversion in their respective outlets.
For more information on how our team are promoting the visibility, trial and purchase of top brands in the beauty and personal care categories across channels, get in touch with us.