This month, personalized artificial intelligence (AI) and augmented reality (AR) brand experience platform Revieve released its latest report, Navigating the Future of Retail: Connecting the Dots for Success in 2023 and Beyond . This report focuses on the top in-person and online retail trends and provides comprehensive information.Highlights of strategies and technologies that are reimagining customer engagement in the beauty industry” said Sampo Parkkinen, CEO of Revieve.
Cosmetics Design asked Mr. Parkkinen for his insights on key takeaways from the report, the report’s most surprising findings, and the best applications of the report’s findings for manufacturers and suppliers in the cosmetics and personal care products industry.
Report and key points
To compile the report, the Revieve team collected data. ”Through a thorough process that includes access to industry insights and collaborations with various brands and retailers.” Parkkinen said. The data was then analyzed and the following results were obtained.Comprehensive analysis incorporating information from Revieve and brand partnerships ensures a rich and diverse dataset that contributes to the depth and credibility of the report.” he explained.
These results are particularly important for the beauty and personal care products industry.Beauty manufacturers and ingredient suppliers that invest in innovative technology solutions and foster a culture of adaptability will be well-positioned to thrive in the ever-changing landscape of 2023 and beyond.” he explained.
Result is”Strategies and technologies to reimagine customer engagement in the beauty industry” Parkkinen said. For example, one of the key points of this report is:Customers continue to demand seamless online and in-person experiences. ”Data is”22% of consumers are attracted to virtual shopping, and retailers are responding by expanding their digital presence across channels, with 81% of retailers increasing their online presence in the next 12 months intend to do something.”
Another finding from the report focuses on “physical” approaches to consumer engagement, or innovation.Brands are integrating digital experiences with physical stores” he said.With nearly 60% of consumers expecting more than half of retail space to be dedicated to immersive encounters by 2025, brands and retailers can tap into customers’ unique interests more than ever before. We are focusing on” added Parkkinen.
Automation is also a trend.”Within the retail industry, it can be a pivotal force in improving retail operations and improving the shopping experience.” he shared, and the report revealed that:75% of consumers embrace automation and an additional 23% are more likely to shop in places where modernization is welcomed“This discovery is remarkable because…”Although there are still some misconceptions, the purpose of automation is to simplify time-consuming tasks and free up employees to focus on delivering memorable brand experiences with a personal touch, making it an ideal choice for the retail industry. It’s about starting a revolution.” he explained.
This result isAn opportunity for manufacturers and suppliers of beauty and personal care products to harness the power of technology to foster customer loyalty and better understand consumer needs.” Parkkinen said.
”By leveraging zero- and third-party data, self-reported preferences, behavioral and psychographic data, retailers can: Create a complete picture of your customers and make informed decisions about inventory, product offerings, and merchandising to increase revenue generation and customer retention.” he summed up.
amazing discovery
Of all the report’s findings, there were three that were particularly unexpected or surprising to the Revieve team. The first surprising discovery was about text shopping and self-service alternatives. This upward trend is notable and unexpected.Significant shift towards text-based shopping and emphasis on self-service signals changing consumer preferences and challenges traditional shopping norms‘ said Parkkinen.
Data from the report reveals that 19% of consumers express a strong interest in text shopping.More than half (57%) of retailers recognize the importance of self-service alternatives such as checkout and chatbotsThis is a strong indication that retailers are likely to adopt more accessible customer service options in the coming months.
The second surprising finding concerned consumer acceptance of automation, with the data reflecting that 23% of consumers were more likely to shop at an automated retail store. This is unexpected, soDespite concerns about job losses, positive consumer perceptions of automation suggest they are ready for technology integration in the retail experience” Parkkinen explained.
The findings show that manufacturers and suppliers of beauty brands have a better path to integrating technological advancements into their supply chains to provide more detailed product information and create a more seamless shopping experience than previously anticipated. It also reflects that it can be easier.
The final surprising finding in the report was about Gen AI and conversational AI in beauty technology. Parkkinen said: ”A transformative advancement in the field of AI is the emergence of Gen AI and conversational AI.,”,and”The depth and versatility of AI applications in the beauty industry transcends traditional boundaries and reveals surprising levels of innovation and customer engagement.This may include immersive experiences such as virtual try-on technology and other digital options to personalize the consumer’s shopping experience.
next step
Looking ahead, Revieve’s next steps include leveraging the report’s findings to inform more detailed research on consumer retail engagement. for example, “In response to the transformative role of Gen AI highlighted in the report, Revieve is ready to consider integrating Gen AI technology more deeply into its solutions.‘ said Parkkinen.of objective Our goal is to leverage the power of Gen AI to enhance personalization, especially in the beauty technology space, and provide customers with a more immersive and customized experience.”
Additionally, the report’s findings show that the platform has even more “Gain a clear understanding of the pivotal role of data-driven strategies“He’s going to do that.”Increase efforts to acquire additional first-party and zero-party data. ”
“This strategic move is aimed at enhancing the depth and breadth of customer insights, allowing brands to refine their approach with a more nuanced understanding of customer preferences and behaviors.” he added.
Finally, he concluded:Building on the importance of data-driven personalization”, the report’s findings highlighted that the platform plans to focus more on creating more comprehensive customer profiles in the future.By collecting and analyzing a wider range of data points, he said“The company aims to provide brands with the insights they need to more precisely tailor their products and marketing strategies to individual customer preferences.”
In the coming months, Revieve plans to release the second part of the report featuring “.Additional valuable data, numerical insights and customer profiles from Europe, the Middle East and the US. ”said Parkkinen. Regarding this second report, he explained as follows.This next section promises to provide a more comprehensive understanding of Revieve’s strategy and its impact in helping brands build and strengthen customer loyalty in diverse global markets. Masu.”, I love beauty and personal care products.
