Although the global fashion market is facing huge difficulties as a result of the escalating COVID- 19 pandemic, the makeup sector appears to show incredible growth potential.
According to Walter M. S. Yeh, President and CEO of TAITRA, “the market was worth US$ 298billionin 2018 and will have a compound annual growth rate of 5.1% during the forecast period.”
Dr. Grace Liao Yuan Li, a specialist in the skin care industry, has said that the global demand for beauty products is the fifth largest consumer segment, with the Southeast Asian demand having the fastest growth rate in the world.
Customers in the area continue to shop through conventional channelbeautybrands are forced to undergo a digital transformation in order to address the problem in Covid-19 pandemic.
During the 90-minute webinar, a beauty technology brand, Perfect Corp., demonstrated how their products can fit the zero-contact demands. The latest virtual try-on solution detects face masks, allowing users to try on products without taking their masks off.
Even more, Perfect also upgraded Artificial Intelligence (AI) and Augmented Reality (AR) technologies by supporting voice activation and gesture control, where everything can be zero-touch and absolutely safe to consumers.
It helps beauty brands get away from the waves of the pandemic impact and even possibly earn 2.5% up to 38% increase in sales conversion rates.
Shaan Honq (SH-RD)’s products, on the other hand, help consumers protect their hair from UV and heat, and are widely used by Hollywood celebrities. O’right announced its new tooth paste was awarded with 100% USDA biobased certificate. O’right’s products are not only 100% safe but also support sustainable development of the environment.
She introduced their brand MIRAE and a series of products for daily skin care, where the brand partnered with renowned skin care teams in Korea. Annie’s Way, meanwhile, offers nine different jelly mask variants and provides a whole new different experience for skin care.
The event also covered how brands passed global standards and HALAL or BPOM (Badan Pengawas Obat dan Makanan or the Indonesian FDA) certifications, which are essential for entering Southeast Asian markets. It attracted over 3,000 views online from countries such as Malaysia, India, Indonesia, the Philippines, Singapore and Thailand. More events will be held that focus on medical products, including eye care, assistance devices for the elderly and dentistry.