As systems and people become more intelligent, leveraging solutions to increase business bandwidth is a sure way to stay ahead in the beauty industry. Today, companies in every industry rely on data insights to solidify valuable strategies and be the first to respond to industry and consumer changes.
The insights engine market is forecast to grow in value from $757.2 million in 2018 to $4.14 billion in 2026.1 According to Gartner, more than 50% of new business systems are expected to incorporate continuous intelligence with real-time data in 2022.2 Furthermore, 75% of end-user solutions are expected to integrate artificial intelligence (AI) into their commercial solutions.
Insights from Mckinsey have indicated that organisations that are data-driven have a higher customer acquisition rate by 23 times.3 On top of that, research has shown that insights-driven organisations have an additional 30% growth margin.4 With valuable real-time data, beauty brands can unlock an agile decision-making process. However, Meiyume understands that some businesses are not able to effectively utilise the data for informed business decisions. Hence, the Meiyume data analytics team extrapolates the big data based on clients’ needs and presents it to them in a coherent manner.
With the rapid prevalence of automation, machine learning, and digitization, real-time insights are key to gaining valuable knowledge about the beauty industry and its customers, thus, staying competitive as more businesses become 'smarter'.
Meiyume's beauty trend engine
Meiyume’s beauty trend engine was developed in collaboration with the National University of Singapore (NUS) to help beauty brands and retailers optimize their business success. Sitting at the convergence of industry knowledge and data science expertise, the Meiyume data analytics team is able to uncover trends and insights in colour cosmetics, fragrance, hair, and skincare, for any beauty brand.5
This engine uses a bottom-up machine learning approach that gathers insights from the perspective of beauty brands’ consumers. Essentially, the Beauty Trend Engine provides the fuel for brands to gain 24/7 real-time insights into the global beauty industry market.
The beauty trend engine capabilities
With an array of complex solutions, brands are able to benefit from the beauty trend engine with its four main capabilities – Geographical, Products, Ingredients, and Consumer Insights.
Geographical
The beauty trend engine rapidly adapts to the shifting landscapes and emerging technologies across all beauty categories and the globe. With this access, brands can peer into different regions to gain a better understanding of the market trends and insights – allowing brands an upper hand in making informed business decisions.
Products and Ingredients
A key component of this engine is its ability to identify emerging and otherwise unknown trends in products and ingredients. Artificial Intelligence enables the engine to perform complex Big Data research and collections that condenses it into actionable insights. This allows brands to identify real-time trends within a particular area – ingredient, claims, sizes or brands – and correlate them to wider macro growth drivers.
For instance, the team has employed the Beauty Trend Engine to identify current beauty market trends such as smaller packaging sizes in the APAC region and a shift towards clean marketing claims across different brands. With the option to group different category datasets for insights, it will help teams in product development and marketing stay competitive and cement consumer-centric strategies.
Figure 1: Haircare packaging size trends
Figure 2: Cruelty-Free Product Claims
Consumer Insights
One of its key capabilities would be real-time sentiment analysis.6 Beauty brands can rely on this reputable source of information to accelerate new product launches while ensuring that each new product launch is well received by consumers. Through Natural Language Processing (NLP), the engine can contextualize online text reviews and monitor online conversations and feedback.7 Within a matter of seconds, this engine can extract subjective analytics to help companies identify their brand's social sentiment. This way, brands can gain an intuitive understanding of their potential customers' needs and wants. All this valuable information is stored in a comprehensive database that the data analytics team can access and analyse it in real time.
Figure 3: Consumer Sentiment Analysis
Business impact on beauty brands
Brands will be pleasantly surprised by exciting titbits of information about the beauty industry that can positively guide the trajectory of their business – from the newest trending active ingredients and packaging sizes, to different sustainability claims.
Besides using the beauty trend engine to refine the foundation of an organisation’s existing product strategy, this engine is a powerful tool for brands to launch New Product Developments (NPD). Brands can actualise their ideas during the concept development and pre-development phase by narrowing down the geographical regions, and product and ingredients categories of focus. Based on these requirements, the Beauty Trend Engine will provide specific real-time data (e.g. trending products) to support the launch of the NPD. This allows brands to validate business assumptions and ideas.
After the product launch, brands are able to gain a complete understanding of their products through consumer sentiment analysis, where the engine will analyse areas for improvements based on consumer reviews. This end-to-end approach with real-time insights will help beauty brands launch trending products according to positive reviews from their consumers – delivering a desirable product designed by the machine.
In this fast-moving industry, it is important to monitor the changing consumer behaviour and market conditions. With that, real-time data insights provide the gateway to the beauty industry and ensure brands stay ahead of the curve.
Meiyume x NUS
Meiyume is honored that the collaboration with NUS provides beauty brands with a reputable source of data that can help them achieve business success and stay competitive in the beauty industry. At Meiyume, beauty prowess is just a fingertip away.
Contact the Meiyume team at marketing@meiyume.com for more information on their innovative, insight-based solutions for any beauty brand.8
References
2. Gartner Identifies Top 10 Data and Analytics Technology Trends for 2019.
3. How digital is powering the next wave of growth in key-account management.
4. 70 Relevant Analytics Statistics: 2021/2022 Market Share Analysis & Data.
5. National University of Singapore.
6. Sentiment Analysis: Concept, Analysis and Applications.
