Beauty brands are being tipped to join the non-fungible token (NFT) bandwagon to forge closer bonds with their most loyal customers, something that is becoming increasingly difficult to do today, according to a Web 3 expert.
A round-up of CosmeticsDesign-Europe’s most-read news from May 2022 shows interest in big beauty’s take on the future of the metaverse, predictions on the future of beauty and fragrances, and brand action on green cosmetic analysis.
Everybody is talking about the metaverse - a new, mysterious and still largely undefined space, but one that is brimming with beauty opportunities, says a marketing expert.
The next two years will see a range of beauty cohorts take centre stage – lazy skinimalists, beautyversals, protopians and universals – carrying with them an increased focus on self-care, the environment and diversity, says a WGSN exec.
Whilst the metaverse remains an evolving space and concept, there is plenty of opportunity for beauty to use the world to engage, create and build communities, say leading beauty execs.
As beauty edges deeper into a post-pandemic world, brands and retailers must understand the heightened awareness of interdependence, yearning for community and mainstream rejection of ‘normal’ set to shape consumer thinking in years to come, says a WGSN...
Products, categories and concepts that instil a sense of positivity and joy will hold a critical place in the future of beauty as consumers crave deeper, more meaningful engagement with the category, says Beautystreams.
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Beauty tech is developing at a fast pace and there are plentiful opportunities for brands to play into this space, from smart consumer devices to metaverse engagement and blockchain for traceability, says Andrew McDougall, director of BPC at Mintel.
LG Household & Healthcare is the latest beauty company to dabble in the NFT craze, but one expert is questioning the future of beauty NFTs when considering the grand scheme of the metaverse.
Unified commerce where online and offline are intrinsically linked, a sharper and smarter focus on data, and investment in the metaverse must be the future focus for beauty brands and retailers, says a retail expert.