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Beauty aids have always been a women's best friend adding glitter to their looks since time immemorial. The beauty industry has constantly evolved from the ancient Egyptian beauty treatments to the present day technology aided beauty tools. Over the years, the beauty industry has seen new heights in product innovations; where beauty secrets from ancient texts have integrated with scientific techniques to formulate more customised beauty solutions. The entire human race is in the pursuit to look beautiful since generations and artificial intelligence (AI) has the perfect solution for the beauty industry, by quantifying beauty using biometrics and analysing the data with the help of an AI platform for customer-driven insights.
In 2017, the global cosmeceuticals market was valued at US$46.93 billion and projections estimate that this market is growing at a CAGR of 9.38% to reach to US$80.36 billion by 2023. With increasing life spans and lifestyle changes, the cosmeceuticals market is pegged to grow at new heights. Cosmeceuticals beauty products which have the ability to resolve the cause of imperfections rather than covering them is the new potent to beauty products that are making FMCGs run behind them. The share of cosmeceuticals is a big pie in the Cosmetics and Personal Care Industry and cosmeceuticals sector alone is anticipated to reach US$61 billion by 2020. At such a fast pace the future holds bright for cosmeceuticals market and AI is all set to offer customised beauty solutions to its takers.
The big names in beauty are building their online capabilities for the e-commerce dominated shopping experience customers. This trend is rapidly picking up pace and beauty conscious customers are not shying away from AI personal stylist or AI chatbots to answer their queries related to personalised beauty care. AI-powered algorithms are guiding customers with buying recommendations that enhance their looks thereby pushing the sales growth of beauty brands to new heights.
AI will make customised beauty care a regular feature of the beauty business, whereby the customer may be able to find skincare products totally personalised and unique to his/her skin profile. The 'search' for products will be more detailed and specific, enabling the customer to find different categories of products, ingredients, price range to choose the perfect product mix. To achieve these, machines will have to be programmed to take specifics into account like geographical location, climate, skin colour, ethnic background, and so on to offer exactly what the customer wants. This means achieving the highest degree of customisation where the products are suited to one, but not to the other user. This iconic move will also help medical professionals and pharmacists find solutions for skin problems unique to each skin type.
The haircare industry is depending heavily on AI and machine learning (ML) algorithms to deliver unique solutions in the form of customised ingredient combination shampoo and conditioner. The AI and ML driven haircare experience begins with a quiz, where the customers enter in their hair type, hair structure, hair goals and other preferences. This valuable information is filtered through an algorithm that transforms all of those inputs into very precise outputs of ingredient combinations which will be specific to each customer, offering unique products of the ingredient combinations recommended by the algorithm. Once a consumer confirms their ingredient combinations, the formula is sent to a fill line, where the bottles get printed and filled with just the right amount of product required. In the assembly line, most part is machinery relying heavily on robotics, where the algorithms give pack and deliver the hair care that is for exclusively for you.
In the times to come, designing and packaging beauty products will be a cakewalk once AI is adopted in full swing. Online shopping will pave way for innovative packaging solutions in the skincare and cosmetic industry. According to the world's largest and most respected Market Research resource Research and Markets, the global cosmetic packaging industry market is projected to reach US$31.4 billion by 2020, growing on an annual rate of 4.3%. The futuristic beauty products will be more close to nature and organic blends. Logistics solutions will be modern with interactive quick response codes, advanced barcode technology, and near-field communication (NFC) labels to actively engage consumers with the brand.
With an aim to harness the best of technology, cosmetic retailers are shifting their strategies to embrace integrated AI platforms to interact with their customers to know their needs better. From customer service to e-commerce order and logistics management, AI system is capable of efficiently handling the beauty industry; a beautiful change has just begun!
