Could AI be Transforming the Beauty Industry?
Consumer motivation trends in the beauty industry are shifting, and more than ever personalization is the key to modern day customer loyalty. Despite the millions of products on the market, the beauty industry overall has an utter lack of personalization, but artificial intelligence just might be able to change that. Companies are now starting to embrace the uniqueness of each customer, and creating personalized products designed specifically for the individual consumer. New technologies, such as machine learning and artificial intelligence, increase the level of personalization companies can achieve.
Earlier this month, the French cosmetics group L’Oréal announced its acquisition of the Canadian beauty tech company ModiFace. ModiFace is one of the biggest names in BeautyTech today, and has developed over 200 beauty apps for more than 80 brands. Such apps include cosmetics tryout apps and chatbots for Estee Lauder Cos., Smashbox, Allergan, and Coty; Clairol’s 3D hair color simulator; and Sephora’s ColorIQ and upcoming LipIQ technology. This acquisition will allow for L’Oréal to produce more digital services, such as tools to allow customers to test out various beauty products virtually, through augmented reality and artificial intelligence. More specifically, the company is looking to produce an app that would access the user’s camera, so they could try out makeup virtually and in real time. Throughout its existence,L’Oréal has acquired many cosmetics companies, but this would be the first tech company it has taken over. This type of acquisition from such a large player in the beauty industry has the potential to spark the digital acceleration of the industry as a whole.
A question I have is, in what other ways could technology be useful for the cosmetics industry? Is this the extent of it, or do machine learning and artificial intelligence technologies have the ability to truly transform the beauty industry?