According to Ernest and Young, the cosmetics industry is forecasted to get double in the coming decade. Therefore, it is ideal to join the bandwagon and starting your wholesale eyelash brand now. However, beauty brands have faced various obstacles in 2020 and continue to meet them in 2021. As a new or upcoming beauty brand, here are a few challenges you may have to face.
Pandora’s Box of Competition
In the past ten years, the cosmetics industry has boomed like crazy. The advent and expansion of e-commerce gave further push to the cosmetic industry by opening more gates of opportunities. Since beauty consumers have access to high-end e-commerce platforms like Amazon and E-bay, the competition between the beauty brands is growing exponentially. With such competition, it is getting difficult for the beauty brands to offer innovation and uniqueness at a fast pace.
The requirement of Omni Channel Retail Strategy
The cosmetics are not just sold at the drugstores. The cosmetics are pretty much everywhere from drugstores, to own-brand stores, supermarkets, departmental stores, Facebook shops, online shops, Instagram shop-now posts, and e-commerce platforms. The question is, does every brand have to be available everywhere? Absolutely not, remember the rule of Thumb – be where your audience is!
Many brands offer discounts, vouchers, in-cart discounts, loyalty programs, and other promotions to stay ahead in the competition. More than 80% of the wholesale eyelash consumers use coupon codes when shopping online. Therefore, offering discounts is a way of staying in the game.
Lack of Customer Loyalty
The loyalty rate for wholesale eyelash is 42% only. With so many choices, the customers are not loyal anymore. With the customers continually looking for something new, customer retention has become even more challenging. Therefore, beauty brands have started offering loyalty programs. It’s best to come up with a customer loyalty strategy for your brand and stick to it.
Demand for One-of-a-kind Custom Eyelash Boxes with Logo
Demand for personalized packaging is no longer a trend. Instead, it has become an apparent demand for beauty consumers. According to a study from Marketo, 79% of the consumers say that they will only buy the custom eyelash boxes with logo if they are line with their buying preferences and previous buying interactions. Customized and attractive custom eyelash boxes with logo will have their days of glory in 2021 as well. Just make sure that as a startup beauty brand, you must find one of the packaging solutions providers like The Legacy Printing.
Collection of Points
You can also retain a customer and attract a whole new customer base by offering perks on collecting points. The points can be collected through shopping via the website or mobile application. It can also become an efficient and effective marketing tool for the brand. The points can be collected through the number of orders placed by filling beauty profiles on the website and following the brand’s profiles on Facebook, Instagram, YouTube, and Pinterest. Other ways of collecting points include social media engagement and incentivized review and product rating (ideal for user-generated content).
Starting a beauty brand is undoubtedly challenging. Therefore, you must get yourself prepared for these challenges before launching your brand. Remember knowing your audience and your market helps you in climbing up the success ladder!