The below article is from Sensormatic by Jason Controls. Their recent study on the Beauty Retail space shows that with industry challenges comes great opportunity. Please take a read of their research below…
Their website can be found here: www.sensormatic.com
| Our latest report on this evolving market: The Future of Health and Beauty Retail |
The volatility of the past two years certainly left its mark on the health and beauty industry. At the onset of the pandemic, the global beauty market shrank by up to 30%. Meanwhile, ongoing digital disruption, a sustained labor shortage, and an uptick in organized retail crime all present their own hurdles.
Nevertheless, within the context of these compounding challenges has sprung a real, ripe opportunity: Consumers worldwide have become more focused — and more willing to spend — on health and beauty. Sales around the globe in this market are surpassing pre-pandemic levels. In fact, McKinsey & Co. estimates the global wellness market to currently be worth $1.5 trillion, with annual growth projected at as much as 10%.
To capitalize on this situation, retailers in the health and beauty sector must adapt to align the trends in their region with their technology solutions — from enhancing shoppers’ omnichannel and in-store experiences to achieving successful inventory management and loss prevention strategies. In our global report, The Future of Health and Beauty Retail, we cover the prominent trends shaping the industry and detail how existing retail technology solutions can be leveraged to meet the moment — and your goals.