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January 17, 2024

| 5 mins read

Explore New Revenue Avenues through Beauty Tech Innovations

Explore New Revenue Avenues through Beauty Tech Innovations

Beauty Makeover is getting an exciting new tech makeover— with 63% of beauty brands on the verge of incorporating beauty tech into their online shopping experience. AR in the beauty industry is easy to integrate and elevates the shopping experience to a whole other level.

And how is the shopping experience related to profits? Research shows that 77% of shoppers vouch for or pay more for a brand that provides a personalized shopping experience.

In a world with as much cutthroat competition as today, simply having the best product or service isn’t enough. 91% of consumers who abandon an online retailer over a poor shopping experience would strongly agree with that. If a beauty brand wants to see huge profits at best and stay afloat at the very least, it needs a strong edge— and tech cosmetics might just be their solution. 

Types of Beauty Tech

Augmented Reality (AR) in the Beauty Industry

What is AR in the beauty industry? AR, as a part of beauty tech, uses digital elements to enhance the real-world shopping experience. It overlays virtual features on real-world objects. An example of this is a virtual makeup try-on. Using a phone camera, shoppers can try out anything from makeup to jewelry— from the comfort of their homes! 

Artificial Intelligence (AI) in Tech Cosmetics

AI in tech cosmetics involves using advanced algorithms to do smart work. This includes features like virtual skincare analysis, personalized recommendations, and more.

For example, AI can assess your skin type, track changes over time, and suggest suitable products or routines. By learning from user data, AI adapts and refines its suggestions, offering tailored advice for optimal skin care based on individual needs and preferences.   

Smart Beauty Devices

Advancements in beauty tech have also given us smart beauty devices. These devices do all the heavy lifting while you enjoy the fruits of their labor.

For example, an innovative facial cleansing brush will analyze your skin condition in real time and adjust its settings accordingly. 

How To Increase Sales in Beauty Products: Potential Revenue Avenues?

E-Commerce Integration with Beauty Tech

Virtual Try-On Features in Online Stores

Everybody has faced these questions at least once in their shopping lives: “How would this necklace look with a certain outfit?” “Would these shoes go well with that dress?” or “Would that lipstick look as good with my party outfit as it looks with this casual day-out-at-the-mall outfit?”

As much as they would love to know the answers before committing to a purchase, they can’t carry every single dress and recreate every outfit in physical beauty stores. If only there were an option in online shopping that helped them visualize before buying.

AR in the beauty industry is the answer to everyone’s fashion prayers. No more guesswork. Got doubts? Try it on!

Virtual makeup try-ons let women pick the perfect shade of lipstick, blush, and highlighter and…. The possibilities are endless.

With tech cosmetics in their armor, beauty brands can promise their customers complete satisfaction in every purchase, essentially saying, “Don’t buy it till you try it.”

Some of the leading beauty tech partners, like mirrAR, offer a plethora of features, such as an intuitive user interface, 360-degree device compatibility, high-resolution virtual makeup try-ons, and so on. 

AI-Driven Product Recommendations

The integration of Artificial Intelligence into tech cosmetics goes beyond simple suggestions.

AI algorithms, along with machine learning (ML), delve into intricate user behavior patterns, skin analyses, and historical purchase data. This comprehensive understanding enables AI to offer personalized recommendations after considering factors such as local climate, lifestyle, and the latest beauty trends.

These custom features of beauty tech not only increase customer satisfaction but also create a more robust sales ecosystem, elevating the overall shopping experience. 

Subscription Models for Personalized Beauty Tech Services

Monthly Subscriptions for Virtual Skincare Consultations

Beauty brands can offer two kinds of shopping models: Regular and monthly subscription-based. The subscription-based model will offer virtual makeup try-ons and personalized virtual skincare consultations. Brands can promise services like ongoing personalized advice, product recommendations, and updates tailored to their changing skincare needs.

If incorporated successfully, AR in the beauty industry will help create a long line of loyal customers, something that brands today are grappling with in an increasingly busy and competitive market. 

Access To Premium Features in Beauty Tech Apps

A recent study concluded that exclusive features and offers would compel 84% of customers to buy from a specific brand. Shoppers like exclusive premium offerings— and if those go beyond simple discounts, it will surely add an element of curiosity and mystique. With the help of features like virtual makeup try-ons and advanced beauty tech features like skincare analysis, tech cosmetics will help set a brand apart and secure a steady revenue stream over and above the products themselves. 

Partnerships and Collaborations in the Beauty Tech Ecosystem

Collaborating with Tech Companies for Innovative Solutions

As we have seen by now, beauty brands stand to gain tremendously in terms of everything from loyal customers to increased sales and profits— solely with the help of AR in the beauty industry.

However, creating your own beauty tech is no walk in the park.

Beauty brands can advance their capabilities and revenue potential by partnering with beauty tech companies. There are a few established and trusted market leaders, like mirrAR, who will help brands gain a solid customer base and a massive edge over their competitors. Renowned beauty tech partners like mirrAR come with advanced AR algorithms, licensed features, power of innovation, and so much more.

Partnering with Beauty Influencers and Tech Creators

Strategic partnerships with beauty influencers and tech creators can increase a brand's reach and credibility exponentially. These collaborations might involve co-created products, exclusive offerings, and joint marketing campaigns. This helps drive user engagement, amplify sales, and establish a prominent presence in the market.

Revolutionizing Beauty: A Future-forward Outlook

As the beauty industry embraces the transformative power of technology, a dazzling array of new revenue avenues unfolds. From personalized product recommendations powered by AI to interactive virtual try-on experiences fueled by AR, these innovations are key to unlocking new revenue streams and forging deeper customer connections. By embracing beauty tech, brands can not only tap into previously untapped markets but also captivate a customer base hungry for personalized, data-driven experiences. The time is ripe to dive into the world of beauty tech and rewrite the rules of the game. 

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