According to a study, the global beauty market is currently valued at $511 billion. Revenue in the Beauty and Personal Care industry was $564.40 billion in 2022. The market is projected to grow at a compound annual growth rate (CAGR) of 4.76% between 2022 and 2026. In order to make an informed decision, take these important details into consideration:
#1 Skin Type Compatibility
Different skin types have varied needs. Ensuring that products are formulated to cater to these specific needs – be it for oily, dry, combination, or sensitive skin – is a crucial consideration. It’s all about striking the right balance for diverse skin types.
#2 Certifications and Testing
Reliable products often come with certifications. Whether it’s cruelty-free, organic, or dermatologically tested labels, these certifications provide an assurance of the product’s quality and ethos. For example, think of a popular skincare serum that boasts both a cruelty-free badge and an organic certification. Sales is surely a notable rise when these certifications were prominently displayed on its packaging.
#3 Storage and Shelf Life
Longevity and storage requirements can impact the buying decision. Products with a longer shelf life and those that don’t necessitate strict storage conditions can be more appealing for bulk purchases. For example, the recent success of Zeralabs facial products is partially attributed to its 36-month shelf life, a rarity in organic skincare. Such extended longevity means fewer worries about an expired stock.
#4 Product Versatility
A product that serves multiple purposes is often more appealing. Whether it hydrates while offering sun protection or acts as both a cleanser and exfoliant, versatility can be a game-changer. Consider a facial moisturizer with built-in SPF, eliminating the need for two separate products.
#5 Feedback and Reviews
I believe it is always observed how much emphasis buyers place on feedback and reviews. Gleaning insights from other businesses or consumers about a product’s efficacy can be invaluable. This feedback, especially from reputable sources, often plays a pivotal role in influencing purchasing decisions.