Key Players and Trends in the Personalized Wellness & Beauty Space
Delivered October 24, 2019. Contributor: Pamela E.
Goals
To identify key players in the personalized wellness and beauty space that have achieved a good mix of online and offline presence. Addtionally, to find trends related to online-only, retail-only, and hybrid sales models in the personalized wealth and beauty space.
Early Findings
- Our initial research indicates that many of the companies operating in the personalized wellness and beauty space are startups that are disrupting the traditional wellness and beauty space. Products made by these companies are made-to-order. The very premise on which these companies operate makes the likelihood of their products being available through traditional retail channels limited.
- Consumers answer questions about their beauty or wellness needs, and products are made based on those answers. These are not products that can be bought of the shelf, which impacts their ability to be sold in stores. In looking for early findings, we determined that the majority of personalized wellness and beauty products and services are sold exclusively online. We did find one company that has no online presence, but it seems to be the exception.
Examples of companies in the personalized wellness and beauty space:
- Nectar allows customers to make personalized body soap onsite in one of their nine locations. Its products are made using sustainable and vegan-friendly ingredients. It does not have an online presence.
- SkinSAFE develops personalized soaps based on each customer's skin conditions, eliminating problems caused by allergens and irritants. SkinSAFE is only available through online sales.
- Amareta makes products that aren't personalized to individuals. Instead, they are specially formulated for the different skin needs present during the different stages of women's hormonal cycles. Amareta is only available through online sales.
- Care/Of makes personalized vitamins, protein powders, and quick sticks, "melt-in-your-mouth health boosts filled with targeted nutrients to support your health." Its products are formulated based on answers customers provide to a series of survey questions."
TRENDS
- The increased use of technology is one trend in the personalized beauty space. This trend is being realized through the use of technologically advanced products like smart serums, 3D printed foundations and the rise of smart beauty devices like the himirror that offers daily skin analysis and personalized recommendations based on that analysis.
Proposed next steps:
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As the initial research only briefly touched on trends in the personalized wellness and beauty space, we recommend identifying 2-3 trends in this space. What are they?
As our initial research found that most companies in the personalized wellness and beauty space only use online sales channels. Products are developed through the use of online questions and surveys. We recommend researching 3-5 personalized wellness and/or beauty companies to see what questions they ask that help them formulate their personalized products.