The global online beauty market has grown exponentially over the past couple years and is forecast to grow a CAGR of 16.70% during the period of 2016-2020, this according to a Research and Markets in-depth market analysis report.
A key driver for market growth is the high rate of internet and smartphone penetration and increase in online spending. In 2014 the internet penetration rate in the US alone was 87.4% that is approximately 279 million people in the US internet surfing. On average in the US internet users spend 90 hours online per week, more time per capita than other users globally. This high amount of time spent by US consumers online is encouraging beauty marketers and top makeup pros to expand their personal and product offerings through various digital platforms.
Key vendors like Estée Lauder, L’Oreal and Sephora are revisiting their digital marketing strategy to reach online consumers in new and innovative ways. Estée Lauder, for example, aims to expand into the digital arena by partnering with key brick-and-mortar retailers. Doing so will strengthen their prestige beauty shopping e-commerce websites to better meet consumer online shopping preferences. They are also introducing how-to videos, product ratings and reviews and mobile and tablet apps that will help drive sales and consumer engagement.
With the increase of the digital platform and audience, and with the growth of social media, beauty industry pros have increased their presence and accessibility too. Sharing demonstrations, image inspirations, product picks and even clever product launches like those by Pat McGrath and Charlotte Tilbury.
We can only imagine what these beauty brands and beauty pros have in-store for the future digital arena, but we will be at the ready with our mobile devices, iPads, tablets and future digital gadgets ready to swipe, click and blink one discovery at a time.