Beauty Store Business

AUG 2015

For beauty business news, beauty store owners turn to Beauty Store Business. Beauty business trends, beauty business profiles and more!

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Marc Birenbaum Executive Editor 10 August 2015 | Editor's Note "It's a brave, new world for beauty," states FBIC's Deborah Weinswig. "And we're just getting started!" Top 15 Technologies In Beauty Retail SMARTPHONES, APPS AND HIGHLY advanced beauty devices are disrupting how cosmetics and skin care are researched and are, in turn, driving sales to new heights. That's according to a recently released report, "Top 15 Technologies Adopted by Beauty Retail: Technically Beautiful," from Fung Business Intelligence Centre's New York City-based Global Retail & Technology research team. The research team follows retail and technology trends, specializing in how they intersect. FBIC estimates the global beauty industry as a $480-billion market—about $50 billion of that digital and growing at 20% annually. It is "surprisingly amenable to digitization," says Deborah Weinswig, executive director and head of Global Retail & Technology at FBIC. "We're at the hallmark of a new age of customization in cosmetics and skin care that will allow previously impossible levels of customization to be available to the average consumer via smartphone," adds Weinswig. "These 15 trends are revolutionizing consum- ers' relationships with stores and brands." The trends follow four general themes: the convergence of beauty and visual media; the digital-beauty lifestyle; the convergence of beauty, science and medicine; and the current use of futuristic technologies. Nos. 1-4: Facial mapping; magic mirrors; magic displays for shopper engagement; color matching goes high tech. Beauty and visual media are converging as tech- nologies originally developed for displays and video games are being repurposed. The facial-mapping technologies used in casinos and law enforcement as well as in computer-graphics tools from gaming are being employed by cosmetics compa- nies to help shoppers imagine and match colors on their own visages. Magic-mirror technology helps shoppers try on makeup, expediting the shopping experience and exposing shoppers to complementary looks and products—providing a more engaging in-store experience. Nos. 5-8: Smartphones double as per- sonal beauty consultants; social selling beats online ads for beauty products; subscription models; at-home beauty devices gain in popularity. Smartphones have created a digital-beauty lifestyle, becoming tools to virtually try on cosmetics, share the results in real time via social media, find instructional videos online or schedule beauty services. Subscription models such as Birchbox and at- home devices also are disrupting traditional models of sales and service. Nos. 9-11: Genetic testing for customized treatments; biotech invades beauty; medical tech in beauty. Beauty, science and medi- cine are converging as research in biotech, medicine and sports medicine have created opportunities—particularly in antiaging. New applications of genetic testing will allow the creation of individually specific treatments, and stem-cell technology in beauty is a reality today. Nos. 12-15: Wearable tech in nail art and makeup; 3-D printing of cosmetics; organic and environmentally-friendly products; on- demand beauty services. "It's a brave, new world for beauty," states Weinswig. "And we're just getting started!" The team's report can be found at and ■

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