4 Ways Cosmetic Solutions Is Integrating Innovation
Before beauty blending sponges, there were feathered powder puffs. Before mascara wands, there were toothbrush-like bristles. And before the Dyson Airwrap, there were hair curlers. The beauty industry — an estimated $500 billion industry today — has roots that date back to 4,000 B.C.
Innovation is an essential strategy that allows companies to stand the test of time and remain relevant. Beauty trends come and go and staying on top of these trends is key to successful innovation, as they often reflect consumer sentiments. Innovation also requires creativity, experimentation, and a willingness to pivot often.
Innovations in the Beauty Industry
Between custom beauty products, refillable packaging, and sustainable materials, there are endless ways beauty brands can innovate.
Packaging is a great place to start. With the consumer shift toward environmental care, many companies have begun incorporating sustainable materials into their packaging. For example, Shellworks is developing biodegradable packaging and other companies such as Charlotte Tilbury have turned to refillable packaging.
One term making the rounds in the beauty industry is accessible beauty, or when companies are adapting their designs to appeal to more users. Take Olay’s easy-to-open moisturizer lids as an example. Designed with innovation in mind, this product is now more accessible for people with dexterity issues, limb differences, and sight challenges.
Another successful innovation is the emergence of multi-use products. Websites and store shelves are stocked with 2-in-1 bronzer and highlighter sticks, 4-in-1 eyeliner and eyeshadow pens, and more. With an increasing number of consumers looking for an easier, more natural makeup routine, these products are the perfect solution.
Beauty personalization and custom beauty products are popular beauty trends in 2022, especially as Web3 and metaverse experiences rise in popularity. Ulta Beauty is one retailer utilizing these technologies by investing in augmented reality and creating an entire virtual experience that allows consumers to customize their beauty products.
How Cosmetic Solutions Incorporates Innovation
It’s never too late to innovate and incorporate something new, but you may be wondering where to begin. Here’s how Cosmetic Solutions innovates throughout yearly and quarterly projects.
1. Yearly Movements and Trends Report
This report comes out annually. Our team gathers consumer insights, industry trends and current data and metrics. Our reports help leaders stay in tune with the latest industry trends as we develop unique product formulations, active ingredients, and product designs.
2. Innovation Capsules
This method of innovation gets unique product concepts into the hands of product-development teams. These were initially created during the outset of the pandemic to help showcase innovation when in-person meetings and trade shows weren’t occurring.
3. White Space Mapping
White space mapping is a process where you internally analyze your brand’s abilities and address new opportunities or threats from current competitors. It helps companies to adapt more efficiently and effectively, capitalizing on opportunities and threats. The Cosmetic Solutions Innovation Labs team looks at a brand’s collection to identify where they can capture more revenue by filling in gaps and adding products to the assortment they don’t currently have.
4. Marketing Support
The marketing team assists brands with reaching new customers through social media, company website, and product sell-through. Marketing tells a story and brand reputation is critical to selling products successfully.
Innovation is crucial to staying relevant and keeping your brand top-of-mind for your consumers, and there are many routes to take. You’ll be surprised how small changes to your brand, packaging, or ingredients can make a big difference for your consumers. Don’t miss out on opportunities to stand out among the crowd.