The global beauty industry is booming! Skincare is set to grow to $180 Billion US dollars by 2024, according to Inkwood Research and (Statista 2018).
While these statistics may look appealing, we need to remember, most of these purchases are coming from Department stores, pharmacy’s, supermarkets and online retailers. They take the largest portion of the “pie”. WHY?
Apart from major brands having very deep pockets, they understand the market is evolving rapidly and in order to win the ultimate game means they have to lead the way in understanding consumer behaivour.
Mecca, for example, launched its largest New Zealand flagship store in 2018, chief executive Viv Beck said “Retail has always been competitive. Consumers tastes are constantly changing, it’s a very dynamic industry. The key is to provide a social experience.”
The question we need to be asking is where do we as the “Beauty Therapy Industry” sit in all of this so called skincare boom?? How do we make sure we continue to stay relevant and ready for the next wave of skincare consumers??
Consumers are purchasing smarter and the top 3 trends clients look for when purchasing a prodct are: product information, personlisation and convienence. Below I have highlighted these 3 factors and discuss ways a beauty salon might look at meeting the current market trends.
Education (information) clients want to remember
Beauty Therapist’s do education extremely well face to face. But what happens when your client walks out the door? In their half sedated state of relaxation bliss, how much information have they actually taken in??
Well, not a lot according to the (Ebbinghaus) memory curve study. Within 24 hours people will forget 75% of what you told them!
To meet consumer’s expectations, information needs to be recieved at a time that is convenient for them. Engaging with your clients outside of the salon is one posibility. It’s about drip feeding advice not bombarding them. Think of ways you can keep communicating and educating in between visits.
Personalise to suit their needs
Personalisation is one of the most effective ways to turn visitors into customers. 75% of shoppers agree that content that is customised around their interests influenced their decision to purchase.
Personalisation means you are providing a service that is customised to the client’s specific concerns.
The best way to personalise your treatments are through consultation and skin analysis. I know this is nothing new, but when you are busy or pushed for time, sometimes these important steps can be missed.
There is something to be said about taking time to analyse your clients skin and keep a running record of their progress. This is where you can bring value to your service and your skills as a Beauty Therpaist. Not only that but it also shows your client a clear action path to achieving their goals. Give them the why!
Retail Sales E-Commerce
I cannot stress how important this side of your business will be over the next few years. If you have not set your salon up for on-line product purchasing I suggest you start looking into it now.
Moj Mahdara, chief executive of Beautycon, says,
“retail is going through this massive reinvention. Billions of people are online at all times, scouring for something that’s going to make them feel better.”
With the help of intergrated software like Laybuy, Oxipay, and PartPay you can stream-line your sales service, earring you money even after the salon doors have closed for the day.
We are starting to see a shift with clients asking for this service as a purchasing option. This is defentely a trend that will only be on the up.
If you think these tips are useful write a comment or if you have implemented your own strategies to meet the competetive marget I would love know.