A Woman Entrepreneur's Perspective About The Impact Of Covid On The Beauty Industry
Life has come to a standstill.The busiest and the most buzzing towns and spots have become desolate locked down places. These are indeed challenging times when globally all countries are shutting down amidst a worldwide pandemic.COVID-19 has attacked the global economy and brought it down on its knees. All sectors, including manufacturing, agriculture, travel, and financial have faced the numbing & decimating impact of Corona virus. Social distancing, Hand sanitizing have become a crucial part of today's life.
It goes without saying that the Beauty and wellness industry hasn't been spared either. The companies and brands are struggling to keep their business afloat and finding a survival challenge.Most of the manufacturers have temporarily closed their facilities due to complete lockdown. Beauty products, cosmetics, and fragrances that were already manufactured and shipped are stuck in various stages of logistics. Some of these will be hit by manufacturing date and some by storage conditions. With retails and malls shut off, the shelf movement of these products has also come down to a halt. This means that when the markets open up, the focus will be on goods on the shelf and in stocks, resulting in a lack of fresh orders for manufacturers. Some businesses will be hurt because of the effect of changing seasons on the inventory carried by them. With the closure of Salons, Beauty Clinics, and even Hotels, the bulk-buying of beauty and wellness products have also come to a grinding halt. This one will have a spiraling effect on both beauty professionals and distributors/manufacturers.
In these changing times, Brands will have to provide an overall package to the customers with a focus on care and product safety
One of the highlights of the beauty industry is a high degree of women empowerment. Entrepreneurs, sales professionals, R & D experts, and makeup & makeover artists; this industry has one of the highest rates of women employment. The pandemic has affected the livelihood of these women.In the research and development, new launches are on a standstill especially where makeup or color cosmetics are concerned. If the above factors were not enough, customers staying home and working from home have a tendency to reduce the consumption of certain products especially cosmetics. People trying DIY - Do it yourself measures at home for beauty and wellness is the emerging trend in this gloom. They are sticking to the basics, where cleansing plays the most important part. There has been a rising demand for preventive and safe beauty products.
In these changing times, Brands will have to provide an overall package to the customers with a focus on care and product safety.The demand for natural beauty products that are considered safe will be on the rise. Consumer preference will shift to product efficacy, ingredient safety, and function. The beauty industry is a booming industry and will continue to thrive with people's need to look and feel good. The Beauty and wellness make one feel more confident and one feel better about oneself and this will never go away. We are learning about self-care at home a lot these days, butit's difficult to replace the power of therapists who have deep knowledge about their subject. They know the concerns and treat them accordingly. Therefore wellness Industry will be more committed to the customers' needs and demands.
Beauty retail stores are largely based on networking and trials. For some time till the coronavirus is eliminated from the minds of customers, people will hesitate and restrict venturing out. Retailers cannot expect the same walk-in into the stores as before. Customers may want to be left alone in the stores with staff maintaining advised social distance. Store and sales staff hygiene will play an important role as well. Wearing masks cannot be ruled out either. As this virus impacts the elderly more, we will see them tread cautiously and wear masks. I won't be surprised if leading designers start making their masks to match outfits.In a situation like this, offline sales will shift to online platforms.I believe that customer retention will be dependent on online engagement, interaction, and experience.
The impact of COVID-19 will be substantial across economy and nations. The revival and repair will be a long-haul process. Lay-offs and insolvencies will be a harsh reality and will have to be faced and accepted. Let us follow advised precautions, stay safe, be practical, and most importantly stay positive. With faith, belief, and a collective global effort, humanity will triumph, and this too shall pass.