The Business of Cosmetics in the 21st Century
The world of beauty and cosmetics has changed a lot over the last few decades. The last half-century can be claimed as the years of renaissance and the total turnaround can be observed in the way beauty and cosmetics are considered. From a very basic beauty industry to this complex cosmetic industry — the journey has been the one of discovery and reconsideration.
From the hands of Elite to Common : During the initial few decades of the century, you can consider that beautification and the convenience of using cosmetics were with a very limited number of people. Only very few people could afford it and mostly, the ones associated with movies and theatre used it. Cosmetics indeed were a very rare affair during that time.
The trend slowly shifted as more brands emerged over the next few years. Cosmetics not only found their way to big names and people but even they became affordable to common people. This shifted the paradigm terrifically. People who got exposed to the world of cosmetics were the ones who increased the business marginally. Making cosmetics price cheaper and easily accessible by the common person ensured that there was a finite market that holds the interest.
Brand as a perspective : The market has become competitive and complex. The initial years saw only a few brands that were available. However, with the market that has entered multiple dimensions, more and more brands have emerged and that has diluted the business. Not only that, because of new and emerging brands the existing ones also have to keep modifying and bringing up new and innovative ideas to stay afloat in the market.
Brands are going to stay here. They are not going to waver or change and as new ones keep piling up, they make it difficult for bringing out the all-efficient ones to the world. Brands have also changed to new types of cosmetics that make it difficult for old types of cosmetic brands to continue in the race.
Organic — the new mantra : The new and emerging trend is of going for organic cosmetics and beauty products. What with people getting exposed to more articles on the internet and the importance of retaining the originality of skin, hair, etc., it has become more important that to survive the tidal wave, organic cosmetics be available to the people. Most of the consumers of cosmetics are theatre artists, movie artists, and more commonly women.
These three are major consumers of the make-up in the world and the beauty industry has survived on these groups of people for long. And the types of consumers have changed too. Since organic found its way into the lives of people, it has become imperative that almost all new brands come up with the organic set of cosmetics. As a matter of fact, new brands have emerged declaring as all organic brands. This is a new form of competition for new and upcoming brands.
As president and CEO of QVC rightly said, there are four very important reasons for the change occurring in the beauty industry.
- People losing trust quickly in existing brands
- The unstoppable race to be the lowest priced brand
- The never-ending craving for authenticity so that businesses can be established as unflinching brands
- Shifting the point of generation from where influences can be created
He is of the opinion that the e-Commerce trend started the race as businesses are going to all extends to provide new offers and also make sure that the prices that they offer are the lowest. Quality to a little extent has taken back-foot as the entire universe is evolving around the price of the cosmetics.
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