As 2023 draws to a close, economic uncertainty and inflationary pressures continue to challenge the retail sector in a variety of ways. But the beauty sector is one of the few industries that remains a beacon of light amid all the instability. The sector has been fortunate to welcome many new indie brands that have broken into an already crowded space, made possible by a low barrier to entry and fueled by increased consumer demand across multiple demographics.
Consumer behavior patterns have created new opportunities for brands, they have also led to a multitude of challenges as consumer expectations and the speed of trends that come and go have only increased. We’re seeing more and more interest from consumers in learning everything they can about the products they’re buying, the founders behind the brands, and their missions. This desire for information has raised the bar for companies within the beauty and personal care industries to accelerate product development that aligns with the wants of today’s consumer.
By analyzing data, learning patterns and generating insights gleaned from consumers, the speed for new product development and innovation will continue to accelerate and will play a critical role in the success of brands in 2024. According to Mintel, this trend identifies how beauty brands can leverage information, like customer feedback in review, and utilize data from social listening and search analytics to use innovation to identify the market whitespace in this already crowded and highly competitive industry.
How we can help
At Voyant Beauty, innovation is not just what we do—it’s who we are. We have an entire team of experts within product innovation, market research, consumer insights and strategy who support hundreds of leading brands and indie start-ups within the beauty, personal care, cosmetics, skincare and hair care industries. Using our expertise and a comprehensive set of market research and consumer insight tools, we fuel growth for our brand partners through innovation and find opportunities for growth within the competitive landscape. Couple this expertise with our investment in best-in-class technology powers speed to market – the likes of which the beauty and personal care industry has never seen.
Our proprietary clairVoyant Insights Toolbox informs formulations before they even hit the bench, assisting your ideas with our proprietary ‘Insight Out’ Innovation Approach, fueled by collective intelligence, social media mapping, Al, real time sales data, and algorithmic learning to quickly predict, inform, and fuel proactive consumer insights to augment your expertise and create compelling product concepts.
For more information on driving your product innovation please visit us at: https://www.voyantbeauty.com/