$0.9821 -4.30%
ONT · 18w

Our founder LiJun featured in Forbes🤝 See how Ontology Network can advance the beauty and lifestyle industry with ONTID and OScore, whilst protecting customers' sensitive data!

17 January 2021, Berlin: Three bottles with "Chanel No. 5 Paris" printed on them stand on a shelf in ... [+] the window of a perfumery. Photo: Soeren Stache/dpa-Zentralbild/ZB (Photo by Soeren Stache/picture alliance via Getty Images) dpa/picture alliance via Getty Images

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...

Continue on forbes.com
Recent news
No posts found