Beauty Innovation Talks
5 takeaways from our Stockholm seminar sharing the latest in beauty-tech
We joined Association of Swedish Brands’ event for half an hour of insights into beauty-tech and the beauty innovations reshaping the industry. We talked AI and gen AI, of course, but also a bunch of other topics.
24 Jun 2024
This summary has already been shared in our monthly newsletter Beauty Innovation. For more monthly beauty industry insights, sign up below.
Here are 5 highlights from the seminar.
- So far, the industry has used AI to try out ChatGPT and to handle big amounts of data to come up with new product formulations, and show customers the assets or things it think they will like (predictive AI). Generative AI is now booming. It’s much more conversational and can offer 1-to-1 personalisation to consumers.
- LED technology is not going anywhere when savvy end consumers are continuously looking for more advanced tools. In the US, FDA has approved to use it for pain management and treatment of ”long Covid” symptoms and there’s a potential application for neurological, particularly neurodegenerative, conditions.
- “The future of beauty is phygital”, we stated in a print issue of Scandinavian MIND. That was a year ago, a lot has happened since, and we don’t talk about NFTs, metaverse, or VR solutions to the same extent anymore. Last year, a report showed that 85% of beauty products are sold in brick-and-mortar and, although Scandinavia is a much more online-oriented beauty market than so, the post-pandemic consumer behaviour has shown the urge to touch and feel the product — in-store.
- Speaking of retail, a new Scandit report surveying 2,000 store associates globally showed that current technology is hindering customer experience and that advanced capabilities like ID scanning (51%) and multi-barcode scanning (48%) are more desired than newer technologies like AI (35%). So, the hyped new tech might not be the desired one by your staff members…
- Digital Product Passports (DPPs) is set to be a coming industry game-changer in the next few years. As DPP expert Jenny Wärn just stated on this very platform, the best thing is to ”get started now — even if we do not know everything, we know enough”.
