How The Convergence Of Beauty, Health And Wellness Is Impacting Commerce

Sampo Parkkinen is the CEO and Founder of Revieve®, a personalized digital brand experience company in beauty, skin, health and wellness.

The pandemic has dramatically altered our perception of health as consumers and individuals. Never before have many been more health-conscious, aware of their well-being or understanding of the choices they make that influence how healthy they feel.

At the same time, as our understanding and perception of health and well-being have rapidly evolved, so has our notion of beauty. Beauty, a term that merely a decade ago was reserved almost exclusively for women and almost inevitably the application of color cosmetics, has taken on a much deeper, broader meaning accelerated by the pandemic.

The global men’s grooming market is expected to reach around 81.2 billion by 2024. The changes are not only seen in terms of numbers but also represent how men have become more conscious of their appearance.

“In recent years, the notion that men can’t or shouldn’t be using skincare products or caring more in general about all aspects of their appearance has been receding,” said Andrew Stablein, research analyst at Euromonitor International.

The notion of beauty is converging, if not already converged, with skincare, health and wellness, forming a much more holistic combination that contains not just the externalities of application of products on the outside of one’s skin but also the surrounding habits, choices and lifestyle as well as nutrition.

What does this convergence mean for retailers and brands conducting beauty commerce and looking to serve consumers?

Your brand should be genuinely purposeful.

Health and beauty are deeply intertwined with our culture, beauty standards and personal identity. It is important for a brand to have a clear stance on social purpose and themes like body norms, diversity and inclusion within the beauty industry.

According to a survey conducted by the Pull Agency, 71% of women want health and beauty brands to promote body positivity. Moreover, according to GlobalData, around 40% of global shoppers said they have a more significant commitment to brands that are more ‘ethical and social’ than others.

Now more than ever, brands and retailers must deliver on their promises and provide values that resonate with consumers. With the shoppers’ growing enthusiasm for conscious beauty and wellness routines, they keep beauty businesses accountable for every decision, whether positive or negative. This is why brands must ensure they provide consumers with more information and education about their positive contribution and deliver on their promises throughout their customer journey.

Your brand should incorporate wellness only if it’s relevant to your ethos.

More beauty brands are now questioning their current positioning in health and wellness. The movement toward health and wellness is expanding more rapidly, and many brands are currently looking for ways to incorporate new categories into their DNA to cultivate more loyal customers.

But the question is whether your brand should drive wellness and change the direction or stick to the categories you are good at. First and foremost, your brand should deeply understand the needs and intentions of consumers and align them with your positioning. Jumping into different categories and trying to wear multiple hats will dilute your brand identity.

Every brand should be authentic with a holistic approach to health, beauty and wellness. If health or wellness plays a part and complements your existing brand, the motion will happen inevitably. Too often, beauty businesses try to “fit in” even if it’s not something that resonates with the brand and its consumers. If you’re an expert at makeup, stick to makeup.

I believe all brands should incorporate a wellness-focused approach within their overall digital strategy. Even if health or well-being is not at the core, brands can change direction if it’s relevant to their brand ethos. It’s also about your role in the beauty space, but be authentic and meaningful when exploring new verticals to drive more engagement.

Customer understanding should be personal.

Brands and retailers must understand their consumers deeper than ever before. Consumer choices, habits, purchase behavior and expectations have become significantly more nuanced and difficult to predict.

As a result of this change, retailers and brands must endeavor to accumulate a rich, deep consumer understanding centered around gathering data (such as zero and first-party data) to serve consumers better.

However, brands that want to win the fight must consider delivering something valuable to the consumer. So, there must be a beneficial exchange of data for a top-notch customer experience.

In the beauty and wellness industry, zero- and first-party data have already become the new standard in personalization. For instance, collecting zero-party data from online quizzes, product recommenders, customer surveys, routine finders or consultations are some ways brands can scale when delivering a personalized experience.

Brand experience will either become your deal maker or breaker.

Finally, this shift in consumer mindset requires brands and retailers to place the consumer experience at the heart of their strategy and decision-making. How the consumer can find a solution is now spread across multiple categories. It’s no longer enough to focus on inventory, distribution and category expansion. From the initial brand engagement with the consumer to their first purchase, this brand-consumer interaction is a critical opportunity to turn that consumer into a repeat buyer and loyal fan.

It’s also no longer enough to execute a digital strategy and await customers to come to you. To stay competitive, it is important for brands to build and maintain a holistic digital roadmap connecting customers’ journeys while constantly acting on their needs, desires and beliefs. Any brand or retailer should become integral to consumers’ lives and truly cater to modern customers’ needs at a moment’s notice.

We see the future of the industry as seamless and borderless brand experiences for consumers. Through this, companies can ensure that their customers are getting the most personalized, exclusive and intimate experience possible.


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https://www.forbes.com/sites/forbestechcouncil/2022/07/25/how-the-convergence-of-beauty-health-and-wellness-is-impacting-commerce/