What Are The Current Objectives Of The Biggest Beauty Companies?
As the beauty market becomes increasingly more and more saturated with more beauty brands and products, the biggest beauty brands are setting new strategic objectives that involve being at the top of customer experience enhancement in order to distinguish themselves and be leaders in the market.
Jean-Paul Agon, the CEO of the beauty giant, L’Oreal, recently said in an interview with Publicis: “Digital and Beauty are the perfect match. Our industry is the one benefiting the most from this new digital era, because beauty is one of the favourite topics of internet users. And beauty is one of the fastest-growing categories in e-commerce.”
Similarly, Fabrizio Freda, CEO of the heritage company Estee Lauder, said Estee Lauder’s success as a key player in the industry is “due in part to executing a digital-first mindset and emphasizing social media strategy which has helped it reach more consumers, especially younger ones.”
The investment in technology and experiments is what keeps them ahead of their rivals. Fabrizio Freda adds: “ Staying ahead of the curve, our brands are exploring new technologies to enhance the consumer experience.” Estee Lauder collaborated with Google last year to provide its customers with a voice-activated night time skincare advice with Google Assistant.
As it can be seen from the quotes above, the big beauty players are looking to innovate and go beyond customers’ expectations to offer a revolutionary experience. At Beauty Matching Engine™ we help them achieve this vision by applying complex and dynamic machine learning algorithms to identify nuanced patterns within the customer dataset to predict and personalise which products customers are more likely to buy – optimal AI personalisation for the beauty industry. In this way, customer loyalty is ensured while increasing sales and conversion rates of the companies.
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