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:SHANGHAI, CHINA - AUGUST 06: A Model walks the runway during the Louis Vuitton S/S21 Men's ... [+] Collection show at Shanghai Tank Art Park on August 6, 2020 in Shanghai, China . (Photo by Yanshan Zhang/Getty Images) Getty Images
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 co...