Speaking recently at the in-cosmetics Korea industry event, Antoinette van den Berg, founder of trend forecasting agency Future-Touch, explained her prediction.
“Digital printing will facilitate customisation; consumers will be able to specify every element of their product: shape, size, colour, etc. It will all be very local.”
The market analyst explained that such a model, based on a dramatically streamlined supply chain, would reduce waste considerably, thus tapping into the rising consumer demand for sustainability. It will also reduce dramatically the function of B2B business within the industry, according to Van den Berg, due to the emphasis on the local consumer’s wishes.
Customisation is definitely taking centre stage among consumer demands. New research from Euromonitor International notes it is set to be a defining trend for skin care in the Asia Pacific region, for example, and a recent report from Kline found that brands in the US that customised consumer options last year saw impressive growth.
“High double- to triple-digit growth is seen among those brands that manage to capitalize on personalized approaches in 2015,” note the firm’s analysts, stating that smaller brands are winning out due to their capacity to be more reactive, in apparent confirmation of Van den Berg’s predictions.
“Smaller brands have a distinct advantage as they are very nimble and can listen more closely and adapt to consumers’ demands quicker,” observes Naira Aslanian, research project manager at Kline.
Korea case study
Korea is the latest market to respond to the increasing demand for personalised products, with the government having just announced it is set to legalise customised cosmetics formulation in the country.
Increasingly, retailers have begun to offer the on-the-spot bespoke mixing of cosmetics from base ingredients (including colours and scents) as a service for consumers eager for personalised beauty.