The analysis unravels the pivotal role of data in shaping the beauty industry's future and driving success for brands and retailers in 2024 and beyond
HELSINKI and CHICAGO, Dec. 7, 2023 /PRNewswire-PRWeb/ -- Leading personalized digital brand experience company Revieve®, today announced the release of "Wiring the Retail Future: Part 2 - Unearthing the Data Goldmine for Retail Success," the second installment of a groundbreaking analysis. The report delves into the transformative power of data in the retail sector, with extensive insights into consumer skincare demands and priorities currently shaping customer experiences and business decisions for beauty brands and retailers across the globe.
The retail industry is undergoing a digital revolution – in the current age of technology and AI, data has become the new currency for brands and retailers. In 2022 alone, the global retail sector generated a staggering 80 zettabytes of data, equivalent to over 80 trillion gigabytes, emphasizing the data-rich environment retailers operate within.
Revieve's latest report spotlights the pivotal role of zero and first-party data, highlighting their significance in data-driven personalization strategies that result in a substantial increase in return on investment (ROI) for brands and retailers. Recent studies show that businesses that effectively employ these strategies experience a 150% boost in cost savings and nearly 300% revenue growth.
Revieve's collaborative efforts with esteemed partners across North America, Europe, and the Middle East provide valuable insights into evolving consumer preferences and demographics.
Key findings from the report include:
In the United States, consumers express their primary concerns regarding wrinkles, eye bags, and visible pores, while European customers predominantly focus on visible pores, acne, and dull, fatigued skin. In the Middle East, consumers voice worries about dull, fatigued skin, dark circles, and acne.
Notably, retail partners in the Middle East have observed an impressive 800% increase in user engagement across all Revieve-powered AI brand experiences between April and September. In comparison, European retail partner data displayed a 500% increase in user engagement of the AI Skincare Advisor in H1 2023.
Moreover, the report furnishes valuable insights into the demographic makeup and skin-related concerns in these regions, enabling beauty brands and retailers to create customized product recommendations and marketing strategies. Gen Z is driving beauty consumer behavior as the largest demographic surveyed across Revieve's United States, Europe, and Middle East retail partners – Revieve's data shows a remarkable 40% of consumers surveyed were Gen Z aged below 30 in the U.S. and 55% of consumers were Gen Z under the age of 30 in Europe. The Middle East found the majority of consumers were also Gen Z (41.8%) and Millennials (40.02%).
"Data-driven strategies have proven to transcend traditional beauty boundaries for global brands and retailers as technology continues to shape the future of retail," says Sampo Parkkinen, CEO of Revieve. "Revieve's new report features sophisticated consumer skincare data and key retail insights that will serve brands in making strategic, data-informed business decisions that will give them a competitive advantage over companies that fail to adapt to the latest digital trends in retail."
To read and learn more about Revieve's "Wiring the Retail Future: Part 2 - Unearthing the Data Goldmine for Retail Success" report, visit https://www.revieve.com/resources/wiring-the-retail-future-part-2-unearthing-the-data-goldmine-for-retail-success
About Revieve
Revieve is the preferred provider to beauty brands and retailers for delivering a digitally-driven, personalized brand experience leveraging its enterprise-grade beauty and wellness technology platform cross-category, cross-channel, and throughout the customer journey.
With easy-to-use self-diagnostic and coaching solutions that personalize search, product discovery, and shopping experiences, Revieve's digital beauty and wellness technology platform delivers consumers targeted products, services, and treatments that enhance the customer-brand relationship and drive loyalty.
Revieve's platform also seamlessly integrates personalized shopping solutions and in-person and live-video consultations with health and beauty advisors, driving tangible business value by increasing consumer engagement, conversion, and basket size across all digital in-store and online brand touchpoints.
Press Contacts:
Vitalia Vasilkova
Brand Communications Lead
[email protected]
www.revieve.com
Media Contact
Vitalia Vasilkova, Revieve, 1 (214) 518-7812, [email protected]
SOURCE Revieve
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