In a landscape of fluctuating consumer trust amidst, blockchain technology provides beauty a means to offer full transparency around sustainable product claims, says the MD of Provenance.
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Beauty tech is developing at a fast pace and there are plentiful opportunities for brands to play into this space, from smart consumer devices to metaverse engagement and blockchain for traceability, says Andrew McDougall, director of BPC at Mintel.
The ongoing coronavirus (COVID-19) crisis has accelerated and morphed consumer trends, catapulting safety and hygiene to the fore and increasing the relevance of blockchain and biotech in beauty, says a trends expert.
Ayurveda-inspired skin care brand Purearth has invested in blockchain technology to help consumer discover the ‘origin, journey and impact’ of its products.
Blockchain remains expensive and emerging, used only in an experimental fashion across beauty, but the technology offers clear benefits around loyalty schemes and personalisation, says a GlobalData analyst.