The wellness industrial complex swelled to over $3.7 trillion in market size in 2015, and now beauty brands are seeing a marketable opportunity to appropriate the objects and habits of New Age wellness to make a profit by reaching new customers looking to experiment with the movement.
Miniature versions of beauty products not only abide by TSA guidelines, they also address customer interest in trying new products without too much commitment or investment, which opens up an effective channel for acquiring new customers.
With 90 stores, 10,000 nationwide in-store events, 2,000 employees, an in-house technology team and a business now worth $1 billion, jewelry brand Kendra Scott is proving what’s possible for one-time wholesale brands in the world of direct retail.
Notably, brick-and-mortar stores are not part of the offline plans. Instead, the brand is looking at establishing hotels, restaurants and spas in its home base of Sharon Springs in upstate New York.
Since the launch of the Naked Palette in 2010, it's made over $1 billion for Urban Decay — every six seconds a palette is sold, and over 30 million have been sold in total, according to the brand.
Across retail, loyalty programs are going through major transformations as they are evolving away from simple points accrual that can be exchanged for tangible rewards, toward creating an emotional connection with customers by offering engagement, community and flexibility.
Overall, nearly two-thirds of the company's ad spend across all regions and brands were focused on digital, an increase from 50 percent last year.
Erika Wasser walked us through a typical day in her life, which included walking her dog, Harry, a mid-morning workout, working with her team on expansion details and a product rollout, and dinner with a friend.
For the past four years Olay has been integrating artificial intelligence and consumer research to better understand their consumer’s needs and behaviors and it putting is now bringing it into their product development to create those personalized products.