Like all other consumer-based industries in recent decades, the beauty industry has undergone an enormous change. There are a lot of reasons for this.
The internet has impacted every possible business on the globe. This is partly to blame for the changes within the beauty industry. But I think the beauty industry is also very cyclical.
It goes through periods when larger brands and corporations are very powerful. Then it switches to periods where small businesses dominate the industry.
Until around a decade ago, the beauty industry was all about the big companies. We’re all familiar with Estee Lauder, L’Oreal, Avon, and Revlon. They’re the most well-known beauty brand across the world.
But we’re now at a point in the cycle where the beauty industry is much more consumer-driven and customers are much more excited about smaller businesses. And it’s not just the beauty industry. It’s also the fashion and food industries too. The small players aren’t faced with the same challenges that they use to be.
The Internet has enabled any business, no matter how big or small, to become global. They can create a stunning website and build their social media accounts to grow an audience quickly. The internet has given businesses the chance to grow but that doesn’t necessarily mean they will have the resources to keep up with this growth.
But this is much less challenging than it used to be. It’s less expensive and requires fewer resources. The barriers to entry are much smaller but you usually need a large volume of resources to keep your business going.
The biggest shift in the industry is the move towards smaller businesses. The second biggest shift is the shift in consumerism.
The beauty industry is now more personal and consumer involvement is tenfold what it was just 15-20 years ago.
