|In the beauty market, companies from the largest multinationals to independent startups are increasingly investing in AI to bring groundbreaking innovations to consumers / Photo by: Daria Minaeva via Shutterstock|
Artificial intelligence is rapidly disrupting all kinds of industries. In the beauty market, companies from the largest multinationals to independent startups are increasingly investing in AI to bring groundbreaking innovations to consumers. This is particularly important since the beauty market has grown into a $445 billion industry, with companies competing to sell us different versions of the same thing.
Recently, a smartphone app called Mira was introduced. The app leverages AI and facial recognition to match beauty consumers with products that are great for skin tone + type, face shape, price range, and more. It also addresses a huge problem that most consumers have when they are online shopping for beauty products: finding the right product at the right price. Usually, they need to spend long hours reading reviews of a certain product before deciding to buy it. However, not everyone can afford to spend that much time on shopping.
According to Forbes, a global media company focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle, Mira can aggregate reviews on products across the world so all of the most reliable reviews can be found in the same space. It creates an avenue where consumers have a safe platform to ask and answer questions in a nonjudgmental, supportive environment.
Jay Hack and Brandon Garcia, the founders of Mira, stated that they wanted to offer a platform for the discovery, community, and celebration of beauty in all forms. “While traditional social platforms are fantastic for inspiration and visual imagery, we designed Mira first and foremost with the beauty enthusiast in mind, with features specifically geared towards product research and discovery.”
Mira is a recent example of how AI can intersect in the beauty industry. With more innovations to come, we can expect to see more AI in the market.
AI and the Cosmetics Industry
Today, countless beauty companies are creating products designed specifically for each of them as they embrace the individuality of their customers. A 2018 report by JPMorgan Chase & Co., a leading global financial services firm and one of the largest banking institutions in the US, stated that the beauty industry is undergoing a digital transformation, which is driven by how e-commerce and social media changed the way brands can connect with their customers.
According to the report, China had the highest growth of sales in the beauty market last 2018 with 12.9%, an increase from only 12% in 2013. This is followed by Brazil (5.2%), the US (4.6%), Germany (3.8%), and Japan (2.5%). Overall, the beauty industry grew almost 6% last year, generating over $320 billion in retail sales. The category that has grown the most in sales in skincare (7.65), followed by fragrances (5.5%), color cosmetics (5.2%), and hair care (4.5%).
Andrea Teixeira, Head of North America Beverage, Household and Personal Care Research at J.P. Morgan, stated that the increased adoption of social media and selfies has led to the rise of makeup demand across the world. “With the millennial generation getting older and make-up serving as a recruitment tool for skincare, we believe the accelerating growth trend in prestige skincare is here to stay longer-term,” she said.
With AI, the possibilities for the beauty industry are infinite. Many companies are using AI, machine learning, facial recognition, and data learning or data-searching algorithms to find ways to achieve perfect skin and lashes. These technologies have allowed them to embrace product personalization and offer knowledge-based beauty routines to their consumers.
The beauty market is now being filled with products and services that are designed for each of them. Product recommendations are now being based on a person’s face shape, skin tone, and beauty preferences, thanks to AI. AI has allowed customers to get a virtual look at how certain makeup will look on them while suggesting what product is the best for them. Here are some of the latest developments in the beauty industry that leverage AI.
1 - Revieve’s Digital Beauty Advisor: AI-Powered Personalization Engine
Revieve has been one of the leading beauty-technology companies in the world. According to PreScouter, a global network that provides research support services to help business leaders make better R&D, product development and corporate development decisions, it has an AI-powered personalization search engine called Digital Beauty Advisor that provides skincare recommendations. It can analyze more than 60 different factors such as eye bags, redness, and wrinkles via selfie analysis.
2 - Hello Ava
Hello Ava, a personal skincare consultant powered by AI, deep learning, and real dermatologists, helps customers find products with safe ingredients that are suited for each person’s skincare needs. According to Dazed Digital, a bi-monthly British style magazine, their chatbot sends a digital image of a person’s face to an in-person advisor, who does further personal consultations virtually after asking about their lifestyle, products they like, and skin type.
3 - Curology
Tech brand Curology is also offering skincare solutions but this time, it aims specifically at those dealing with acne. Users are asked to send a selfie and fill out a questionnaire where a team of medical practitioners with app developers would provide them with a subscription-based service for skin advice. Using AI and machine learning, this brand can design custom formulas to target individual skincare needs.
The benefits of AI in the beauty industry seem endless. Consumers can expect that more and more products powered by AI will be released as companies aim to provide them with personalized products and services.
|The beauty market is now being filled with products and services that are designed for each of them. Product recommendations are now being based on a person’s face shape, skin tone, and beauty preferences, thanks to AI / Photo by: MONOPOLY919 via Shutterstock|