The Western Market… weighed by recession and debt is pushing the beauty industry into a new direction.
In todays fashion market you must be direct, innovative, and offer something that makes the customer feel that they are getting the deal. Modern successful companies are pushing forward on sales with mergers and acquisitions, trying to place their products with a holistic approach and expand into the 21st century with high-tech innovations. The retail environment has become highly competitive and there is simply no room for a mediocre product anymore.
A major way that the industry is trying to utilize the idea of “product worth” is by offering the consumer multifunctional products. For example lets take a two-in-one beauty cream with sun protection… or skin lotion with bug spray. The customer feels that by spending $20 dollars, she is actually saving $20 because she didn’t have to buy the other product!
Another technique is the new fad of “at-home salon” treatments for the lower budget consumer. This can include anything from hair coloring materials to nail polish (which obviously can have a large price range).
More holistic products have the green light in today’s market and many companies are hoping on this train by getting rid (and advertising this) of silicon and other synthetic materials. Mary Kay with her Botanical Effects Skin Care Line and Eco-Beauty with its Organic Lines are just a few examples of this marketing strategy working beautifully.
Photo Credit: abc
Behind the scenes of this consumer advertised strategies are many new changes that are happening that is affected the market greatly. The use of acquisitions to gain access to new geographic markets has been allowing many companies to thrive where they had otherwise gone stagnant.
Distribution strategies have to take a full turn around to keep up with the commonly used technologies of the modern consumer. With the overwhelming use of the Internet and mobile commerce industry coming to light in the 21st country, if your company does not offer products online you might as well shut down. With the ever present use of smartphones, this has opened up a new market for mobile commerce with apps that allow the consumer to quickly browse many companies (or a singles) special offers, sales, and current product lines.
In the end to survive, one must innovate, change, and adapt. The fashion industry is not exempt to Darwin’s “survival of the fittest” theory and will surely undergo more changes as we press on to 2013.