How this beauty startup is creating jobs and bringing salon at home!
Share with us Multinational Corporation strategists can depend on a wide body of work to guide them on how to penetrate emerging markets and what are the factors preventing start-ups from entering the beauty and wellness market
One multinational corporation that strategists can depend on for guidance on penetrating emerging markets is one of a renowned management consulting firm known for its expertise in advising businesses on market entry strategies, including those for emerging markets. They have a vast body of work, including research reports, articles, and case studies, which can provide valuable insights and recommendations for multinational corporations looking to expand into new and emerging markets.
In terms of factors preventing startups from entering the beauty and wellness market, several challenges can arise. Established competitors with strong brand recognition, extensive distribution networks, and substantial marketing budgets pose a significant hurdle for startups. High marketing and advertising costs can also limit startups' ability to create awareness and establish a market presence. Regulatory and compliance requirements, such as product safety standards and labelling regulations, can be complex and costly for startups to navigate. Additionally, developing and maintaining a reliable supply chain, adapting to evolving consumer preferences, and securing distribution and retail networks can be daunting tasks for new entrants.
Indian beauty and wellness brands that offer Ayurvedic and natural products are likely to see increased demand
In your perspective, what are the future trends that may be predicted in the Indian cross-border beauty and wellness area, and where is the maximum growth coming from in this market
In the Indian cross-border beauty and wellness area, there are several future trends that can be predicted:
Rise of Ayurvedic and Natural Products: Ayurveda, the traditional Indian system of medicine, is gaining popularity globally. Indian beauty and wellness brands that offer Ayurvedic and natural products are likely to see increased demand. Consumers are becoming more conscious of the ingredients they use on their skin and hair, and are seeking natural and organic alternatives.
E-commerce and Digital Platforms: The growth of e-commerce and digital platforms has transformed the beauty and wellness industry. In India, the rise of online marketplaces and direct-to-consumer brands has opened up new avenues for cross-border trade.
Customization and Personalization: Personalization is becoming a key trend in the beauty and wellness industry, as consumers seek products tailored to their specific needs. Indian companies that can offer customizable beauty and wellness solutions, such as personalized skincare regimes or hair care products, have the potential to attract consumers in the cross-border market.
Male Grooming: The male grooming segment in India is experiencing rapid growth, driven by changing societal norms and increased awareness of grooming among men. Not just this, this trend is likely to continue in the cross-border market as well along with this their preference to avail these services at home.
The maximum growth in the Indian cross-border beauty and wellness market, it is expected to come from the Home Salon marketplace. Beauty services, including salons, spas, and beauty treatments, are witnessing growth in India. As disposable incomes rise and lifestyles become more urbanized, there is an increased demand for professional beauty services at home. Indian beauty service providers that offer high-quality services, unique experiences & ease of convenience can attract international customers seeking authentic beauty treatments.
"In the growing environment of the beauty and wellness sector, trends have emerged, such as virtual consultations, booking spa & salon appointments via apps, augmented reality beauty try-on filters, and AI-powered skincare analysis"
Explain the function of modern technologies in the salon tech industry, as well as the trends that have been seen in the salon tech export environment in the beauty and wellness sector
Modern technologies have revolutionized the salon and home salon tech industry, enhancing efficiency, convenience, and customer experiences. These technologies encompass various aspects, including appointment scheduling software, online booking platforms, salon & spa management systems, digital marketing tools, beauty and wellness apps, and advanced beauty treatments & devices. They streamline salon & home salon operations, optimize resource allocation, enable personalized customer interactions, and facilitate seamless online and offline experiences. In the growing environment of the beauty and wellness sector, trends have emerged, such as virtual consultations, booking spa & salon appointments via apps, augmented reality beauty try-on filters, and AI-powered skincare analysis. These trends leverage technology to expand market reach, enable remote services, and enhance customer engagement, driving the export potential of salon and home salon tech products and services.
According to you, how has the Internet helped in the growth of e-commerce in the beauty and wellness industry? What is the impact of technology on the beauty and wellness e-commerce space
The Internet has played a transformative role in the growth of e-commerce in the beauty and wellness industry. It has provided a global platform for businesses to showcase and sell their products & provide beauty & wellness services, reaching a vast audience beyond geographical boundaries.
Online platforms & especially mobile apps enable customers to browse and compare a wide range of beauty & wellness products, and services, access detailed information, read reviews, make convenient purchases & book services.
The impact of technology on the beauty and wellness e-commerce space has been significant, offering personalized recommendations, AI-powered skincare analysis, virtual try-on tools, secure payment options, seamless order fulfillment & service deliveries in customers’ own spaces. This integration of technology has enhanced the overall service experience, increased accessibility, and facilitated the growth and expansion of the beauty and wellness e-commerce sector.
Portray us about disruptive innovation and business models that help people succeed in the beauty and wellness sector
Disruptive innovation and business models have the potential to help people succeed in the beauty and wellness sector, particularly from a home salon perspective.
These models challenge traditional practices by introducing innovative solutions that address evolving customer needs and preferences.
Examples include on-demand beauty and wellness platforms that connect clients with professionals for home salon services, subscription-based personalized beauty boxes delivering curated products, virtual beauty consultations leveraging video technology, and peer-to-peer beauty marketplaces enabling individuals to monetize their skills.
These disruptive models empower individuals to start their own businesses, create flexible work opportunities, and cater to the growing demand for convenience, customization, and personalized experiences in the beauty and wellness industry.
Mayank Arya is a dynamic entrepreneur with over 10 years of experience; he is an inspiration to every aspiring entrepreneur. Being the co-founder, his vision and leadership have paved the path for Yes Madam’s success of being one of the country’s most affordable service tech companies. He Won the B2C Start-up of the year 2023-24 at Bharat Start-up Awards by International brand Equity