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January 8, 2024

| 5 mins read

Makeup, Money, and Megabytes: Investing in Beauty Tech in 2024

Makeup, Money, and Megabytes: Investing in Beauty Tech in 2024

The beauty industry is one such space that will continue to expand. One consumer influences the other, and they influence more down the daily-beauty-routine lane. You’re always on the lookout for newer products that will enhance your beauty routine or let’s use a better term here, ‘skin-care’ routine. That’s right, it’s not just beauty anymore, it’s skin-care too. You see how that expanded? 

The beauty scene's blowing up lately, thanks to everyone tuning into their physical well-being. It's cool how this space keeps thriving, even when the economy's a bit rocky. Now, in 2024, you're looking at a beauty makeover with some serious tech twists.

Yep, the beauty game is getting a tech boost and diving deep into social media vibes. Sustainability, inclusivity, and clean beauty are hot topics among beauty lovers. It's like these trends are taking over, making the beauty scene cooler and giving us all better experiences. And guess what? AR beauty try-on, AR beauty, and other beauty tech trends are part of this 2024 glam revolution!

Wait, how is tech going to be a part of the beauty industry?

Do you even need that? 

ICYMI: Tech has been a huge part of beauty for a long, long time now. Multinational brands like L’Oreal have been stepping up their game with beauty tech for some time now. 

In the world of cosmetics, technology is stepping into the spotlight, and beauty AR  is set to shake up the beauty game. Picture this: AR giving beauty counters a whole new vibe. Now, companies are hooking us up with virtual AR beauty try-ons, making decisions way easier. Plus, there's a tech glow-up in stores with digital apps and beauty AR mirrors, turning our beauty experiences up a notch. And let's not forget about the social media scene and brands sliding into our feeds with direct-to-consumer magic.

Now, when it comes to what we're applying to our skin, it's all about clean ingredients, ethical vibes, and cruelty-free certifications. Packaging is getting a green makeover too – sustainable and biodegradable is the new cool. And beauty products that cater to all skin tones? That's the real MVP.

But wait, there's more! Beyond just looking good, we're all about holistic self-care. So, get ready for a tech and product boom as cosmetics brands hustle to match our vibes in 2024. Get ready for a glam-tech takeover. Makeup, skincare, haircare, and wellness brands are all in for a wild ride, placing big bets on tech and personalization to boost their glam game and make those growth charts go boom!

So, why the tech frenzy in the beauty world, you ask? Hold onto your makeup brushes, folks, here are the juiciest reasons why beauty tech investment should be your priority in 2024:

Enhance the shopping experience and understand preferences. 

In the bustling beauty biz, just having a killer product won't cut it anymore. You need more than that because today's shoppers, especially the tech-savvy Millennials and Gen Z crew, are on a whole new level. They're not just after a shopping spree; they want a next-level adventure.

No matter if they're hitting the stores, scrolling online, or swiping through on their phones, consumers are all about using tech to find the perfect beauty gems in this sea of options. They're not just wishing for a fancy shopping experience – they're straight-up demanding it.

So, beauty bigwigs and retailers, here's the deal: you've got to be all about the customer, whether they're in the store or just thinking about what they need. It's like being one step ahead, knowing what they want before they even realize it themselves. 

You can leverage mirrAR’s beauty-tech solutions to enhance your consumers' shopping experience. Give your consumers a true-to-life virtual makeover experience in real-time with mirrAR’s AR makeup tool. You can also offer your customers instant access to the best of beauty. Whether trying out a new eyeliner or lipstick, mirrAR’s virtual makeup software lets them try on dozens of shades with zero commitment. Creating immersive experiences like these will help you not only personalize your customer’s retail experience both online and offline, it will also help change the way consumers educate themselves on beauty trends and choices. 

Gen Alpha is gearing up to influence

According to the co-founders of Indu, a beauty entryway made just for teens where they can get the lowdown on skincare, play with makeup, and feel totally at ease, Generation Alpha is set to have a major impact on brands and the economy in the coming years. 

These Gen-Alphas, born between 2010 and 2025, might not be splurging cash yet, but guess what? Brands are already tailoring stuff just for them. Mini influencers like the Kardashian kids, Penelope Disick and North West, are dropping their routines on TikTok. Those '#generationalpha' videos? They've racked up almost 50 million views. 

This is one strong reason to begin investing in beauty tech trends as the next-gen is set to expect some next-level integrations when it comes to skincare and beauty. 

Personalization is the key to unlocking consumer preference.

Throw in some beauty AR tech magic and tailor the experience, and brands can have real talk with their customers. It's like painting a clearer picture along the whole customer journey.

Epsilon's survey spills the tea: if a brand hooks you up with a personalized vibe, about 80% of us are more likely to hit that purchase button. And guess what? Nearly everyone finds personalization cool – we're talking a whopping 90%. Accenture's got the numbers too, showing that when we get personalized recommendations, we're like 75% more likely to make a buy. So, brands are going all-in on the personalization game to stand out from the crowd.

Don’t miss out on growth and scale. 

Alright, listen up – beauty tech is stepping up its game, and it's not just about looking good. With beauty AR and AI in the mix, brands are shaking up the scene. These cool experiences are doing more than just jazzing up the vibe – they're boosting the numbers. We're talking better conversions, higher orders, and more cash in the cart. Plus, they're keeping us hooked for longer and coming back for more. Beauty tech's not just about makeup – it's making business moves! So, don’t miss out on this opportunity. 

Beauty tech trends are already making waves in 2024. Begin investing in beauty AR and AI with mirrAR today!

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