AI's impact on the Beauty industry
Artificial intelligence has entered its golden age. Which makes beauty brands wonder how will these technologies impact the industry. The global cosmetics market had a decline of more than 19% in 2020 compared to the previous year, making brands desperate for new sources of income. The high-end beauty industry rekindled its interest in technological innovation to get beyond this obstacle. Features for hygiene and customization become more prevalent than ever.
What AI/ML Tools are Governing the Beauty Industry?
Beauty technology sales in 2021 totaled $3.8 billion in seven important regions, including the US, China, Japan, South Korea, the UK, Germany, and France. This figure is projected to increase to $8.9 billion by 2026. The beauty tech market's share in the traditional cosmetics business is anticipated to rise from 1.8 percent in 2021 to 3.1 percent by 2026, according to Statista's Beauty Tech dossier.
The following applications are being used in this effort:
Perfect Corp and Modiface were the forerunners in the cosmetics sector in using augmented reality. By merging augmented reality, deep learning, and computer vision, virtual try-on has become a reality. The Perfect Corp. solution is used by companies including Yves Saint Laurent, L'Oréal Paris, MAC Cosmetics, e.l.f Beauty, and Macy's. A Stanford University student conducting research on computerized facial analysis founded Modiface in 1999. L'Oréal purchased the business in order to work with Facebook to create an AI-powered makeup app.
Applications that use augmented reality (AR) to allow for virtual makeup trials
Voice-based product suggestions for data-based, tailored beauty content
Data-driven projections of demand and supply for beauty goods
Amazing real life examples:
L'Oréal TrendSpotter
A system that can analyze a multitude of online data like comments, images, and videos posted. This was developed to stay ahead of the competition and come up with trending products earlier than any other in the market.
L'Oréal’s Color & Co for Hair Needs
Consumers are required to answer a 3-question survey regarding their hair needs followed by a 10-minute video session with a professional hair colorist. A personalized hair dye kit is bottled and delivered post-consult, to facilitate an at-home dye job for the customer.
MAC Virtual Try-On
Partnering with YouCam’s augmented reality, the app creates realistic simulations that can be tried on different skin tones and adapted to varying textures like mattes, sheens, and more. Customers can choose from 200 lipstick and eye color shades.
Estée Lauder‘s Diversity and Inclusivity Initiative
The virtual try-on technology introduced by this brand has been massively successful. Conversion rates have gone up by 67 percent and website visitors have been found to spend 2.5X more time on the portal. Racial diversity and inclusivity were achieved by using the tech offerings.
AI and machine learning will not only determine the future of the cosmetics industry, but they may also play a significant role in the dermatology market. Through the smartphone camera, La Roche-Posay's Efaclar Spotscan examines a user's entire face. It simplifies the work of Zdermatologists by comparing the features to a collection of 6000 professional photographs. No in-person meetings are necessary. The consumer and the producer of the good or service will both find this advanced autonomy to be a cost-effective option. With the limits imposed by the epidemic, at-home beauty technology took off, but the future promises limitless potential.
It can become a controversial issue, what do you think?
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