Global Cosmetic Market Size, Share & Trends Analysis Report by Product Type (Skin Care, Hair Care, Make-up, Toiletries & Perfumes, and Oral Cosmetics), Impact of COVID-19 on Global Cosmetic Industry, and Forecast 2019-2025
As the spread and complexity of the COVID-19, continues to develop, many businesses dealing in cosmetic industry are implement new safety measures. The safety measures taken by cosmetic companies include frequent disinfection of the stores and service limitation, urge social distancing for employees.
Some of the businesses are even closed down for the foreseeable future. Glossier is one of many businesses that is opting to close all Glossier shops until further notice in order to protect the safety of staff and shoppers.
The impact of closing retail doors can be felt really strongly just in New York City. According to the company’s official website "the company’s New York City flagship alone, 2,000 people gather daily from across the globe, often lining up down the block to connect with Glossier and with one another”.
By closing the stores, cosmetic companies are sacrificing their near-term business goals. Glossier is also planning to compensating employees for their scheduled time throughout the two-week closure during the covid-19 outbreak.
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Key companies getting affected in the market include Canadian Solar Inc., GE Renewable Energy, Hanwha Q Cells Co., Ltd., JinkoSolar Holding Co., Ltd., Nordex SE, Senvion S.A., Siemens AG, SunPower Corp., and Trina Solar Ltd. The majority of the manufacturers are based in China.
The opening of new stores is also severally affected due to the covid-19 outbreak across the world. For instance, Glossier had to delay the opening of Glossier Arizona, which was scheduled for 18th of March 2020.
In order to recover from the downfall of covid-19 drawback the cosmetic companies are using a number of strategies. For instance, the companies are using Face Time program where anyone could schedule a 10-minute session to talk to the makeup artists regarding the products.
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To allow hyper personalization in beauty industry and aid with the growth of the cosmetic companies advanced technologies are being taken into work. Technologies including Apple’s iOS operating system, mobile devices equipped with high-quality cameras, better bandwidth and processing power and artificial intelligence are making beauty industry more technology friendly.
Additionally, these technologies are taking custom blending from novelty to mainstream service.
Additionally, L’Oréal SA is expanding its use of augmented reality and artificial intelligence to provide its customer with the virtual try-on services. This service is launched by company with the strategy to encourage customers to buy more makeup and hair color products without physically trying it out.
This is the most effective strategy by the company considering the fact that due to covid-19 outbreak people have become more sanitization friendly. Another advantage of introducing this service is that consumer can use it anywhere according to their needs.
The virtual try on service is also letting the consumer to try company’s product at home and order it online.
Verticals Affected Most
- Skin Care
- Hair Care
- Toiletries & Perfumes
- Oral Cosmetics
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