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19 October 2022, Estimated Reading Time: 3 minutes
Innovation
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The modern beauty consumer has access to a plethora of options when it comes to purchasing their desired products. The rise of omnishopping and round-the-clock delivery services has transformed shopping habits, with consumers now expecting instant gratification when they want it.
The COVID-19 pandemic accelerated this tr, pushing more customers towards contactless solutions like subscriptions and click-and-collect services for automated product acquisition.
Convenience and accessibility are increasingly influencing purchasing decisions today. Avlability is paramount, as there's an abundance of alternatives that can replace a product.
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Innovation plays a pivotal role in the success of FMCG leaders, with 72 identifying it as a key growth driver. Consumers seek novelty, and retlers know this well.
The Nielsen IQ Health and Beauty Innovation Report presents groundbreaking innovations across health and beauty products based on their relevance to major trs. These include:
Products that are either avlable in-store or online.
New brands or sub-brands not previously seen in the market.
Launches from July 2020 onwards, with sales exceeding $5M within their first year.
Online launches are assessed by considering growth rates for new players experiencing rapid expansion. The analysis focuses on initial-year sales without projecting long-term potential.
Capitalizing on Convenience and Accessibility:
Big-name brands like Unilever's Dollar Shave Club, PG Nervive, Revlon ColorStay Lasting Ink, and Church Dwight Finishing Touch Flawless have seen robust in-store sales growth with a focus on convenience.
Unilever's Dollar Shave Club sold over $55 million through store launches, expanding accessibility significantly.
PG's Nervive supplements cater to the growing holistic health tr, providing quick solutions for nerve health improvement with sales reaching $14M in their first year.
Revlon ColorStay Lasting Ink promises lip color that lasts up to 16 hours, minimizing hassle and hygiene issues associated with frequent reapplication. Its sales hit $12M in the first year.
Church Dwight's Finishing Touch Flawless offers a convenient hr removal solution for on-the-go usage.
Opting for DIY Beauty:
E-commerce brands like Beetles Gel Polish, which allows consumers to achieve salon-quality nls at home, experienced rapid growth of 35 in sales from $79.8M the previous year.
Glamnetic's liquid liner and magnetic lashes combo kit enables users to create a cat-eye look effortlessly online with sales reaching $3.3M up by 648 since its inception.
Olive June offers clean polishes that deliver salon-quality results from home, boosting sales to $11.2Ma significant increase of 197 over the previous year.
Looking Ahead:
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This article is reproduced from: https://nielseniq.com/global/en/insights/analysis/2022/beauty-and-health-innovations-convenience-and-accessibility-are-driving-sales/
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Convenience Driven Beauty Innovations Online Health and Beauty Launches Accessibility and FMCG Growth Drivers DIY Beauty Solutions Rapidly Growing In Store Sales Boost by Innovation Beauty Industry Trends Accelerated by COVID 19