The effect of technology, on the beauty and lifestyle industry, has exponentially increased its market share - and then some! As of 2020, the beauty and lifestyle market segmentation has been valued at over $532 billion dollars. Adding over two billion digital buyers to the list, the beauty and lifestyle industry has seemingly reached its golden years. In the coming years, without a shadow of a doubt, the market value is bound to reach new heights.
Modifications in technology has opened-up the beauty and lifestyle market to a world of vast and quite often unfamiliar opportunities. In fact, over the last 5 years, beyond digital payment gateways, customer relationship management, and global marketing, technology has been the catalyst by helping quadruple the market value— currently reaching an annual growth rate of 27%.
The digital revolution in the luxury retail market is taking flight:
In June 2017, luxury brand leader LVMH launched its online retail store named 24 Sevres. In addition, the global powerhouse named their e-commerce portal after their brick and mortar store - which is situated in the heart of Paris. Luxury fashion noteworthy players such as Far-fetch, Yoox, and Net-A-Porter have all seemingly taken significant roles in implementing the digital revolution to new heights. In fact, they many times invest tremendously in premium content and technology— to cover wider audiences and market share.
More to the point, the beauty and luxury market is perfectly aligned to E-commerce. The reason for the alignment, when promoted online, is that there is a wider scope of potential customers and brand awareness.
