The global beauty industry is worth 532 billion dollars and is expected to reach a value of 863 billion dollars by 2024. On a monthly basis, the average woman spends 313 dollars on beauty products. Especially skincare is one of the most profitable categories within this sector. It has been proven by a statistical report, that 45% of the total sales’ are connected to skincare products. Hairstyles, makeup, and manicures are also very popular products within the beauty industry.
Based on the above trends it is relevant to ensure that your products are differentiated from your competitors. You can differentiate your products by using a dynamic pricing engine and by ensuring a sustainable manufacturing process etc.
The beauty industry has moved towards the online sector. Based on Amazon’s growth in an online appearance on a global scale, many shops have decided to move some of their business online. The online sales of the beauty industry are expected to increase to 23,3% by 2025.
In order to survive in a market, where Amazon is controlling the price point of a huge amount of products, many beauty shops are trying to make their business more efficient.
The beauty industry is based on a high degree of competition. Consumers are every day facing many different prices for the same product every. Therefore, it is crucial that your firm is able to monitor the competitors of the market.
A way to do so is by applying a price comparison software, such as PriceShape. PriceShape’s software provides you the opportunity to get an overview of competitors' data and at the same time, you are able to place your marketing expenses more effectively.
Get competitive through accurate competitive data and dynamic pricing.