Looking into the future

Priyanka Parshurami reaches out to industry experts for their predictions on what will the beauty industry look like in 2025.

“Patience is key, stick to the right value and upgrade.”

“With the current pandemic situation around the globe, the business certainly has to be taken to the next level as the pandemic has given us time to think and has also offered new opportunities. It is time for the industry to educate and upgrade itself.

With the adaption of better infrastructure, the use of technology, delivering right products and services as required or committed and maintaining a good and healthy relation with your clients, the beauty industry will grow at double phase.

Customers have become more conscious and are sure of what they need from the salon or brands and if we can deliver them best, than surely there is still a lot to be done in the industry.

Also, new doors have been opened for the industry and many new services and brands are coming parallel with the beauty industry. However, I would still say it is survival of the fittest. Lastly, patience is key so stick to right values and upgrade yourself.”

Chirag Shah, Director, 28 South Ventures

“The beauty industry is at an inflection point.”

“The beauty industry, which has always been considered recession proof, has had possibly its first annual decline ever. Fundamental changes have been forced upon the consumers and few remain unaffected. The beauty industry is at an inflection point.

I foresee a similar divide in the beauty industry, where those who adapt to the new customer expectations will thrive, while those brands, which are slow to respond will face serious challenges.

Start-up brands have an unprecedented opportunity to build new age brands, which are seen as appealing to the health and wellness/environment/self-actualisation, using technology and innovative solutions to appeal to customers deep.

Those in the beauty business will have to increasingly understand what messaging resonated with this new post-COVID customer, and shift focus on creating a desire in the customer to make beauty a part of their “health and wellness” mind space. Most messaging, which relies on physical transformation, will need a nuanced shift towards something that the customer derives as an intrinsic payoff for use.”

Rahul Bhalchandra, CEO & Co-Founder, YLG Salons

“It is the right to sustain and evolve.”

“The one word that describes the beauty industry is Ameliorate. I envision a bright future for this industry as there is tremendous self- reformation work going on combined with regulation and validation and integration of split groups on one common platform ushering all round development.

The new trends have more demand for beauty related digital content and every new trend in cosmetic care will leave a lasting impact on the multi-crore industry. It would be wise to caution that, with COVID, lockdown and a sharp dip in the economy, mass job loss will put up hurdles and threats, in this rise.

At present, scarcity of professionally trained skilled work-force, irregular service charges, exorbitant price of cosmetics, lack of validation, split-up market force is pulling the market behind from the path of growth. With colloboration of authentic and professionally trained and certified industry players, systematised affordable price, and growth in Indiamade quality cosmetics can change the scenario.

Nothing lasts forever.We will over-come this economically depressive situation. It is the right time to sustain and evolve.This is a time to live, learn and look forward to better times.”

Dr Madhumita Saikia, Principal of Signature Institute, Guwahati, North-East India & Governing Council Member BWSSC, NSDC

“It is time to review the business model.”

“The years 2020 and 2021 have been a shocker for the industry. But in the next four years, I see the industry getting more organised with a clear definition between professional brands and retail brands.There is still a blur line between the two today, and therefore,I used the word “scattered”.

We will shortly see a more organised and defined beauty industry with three large segments, strictly B2C online brands, retail brands and innovations for DIY and a more elaborate professional brand segment for salon use and salon retail only.

The timing is great if one has done the homework and knows the audience. During 2020-21, there have been over 155 indigenous brands in beauty that have seen the light of day, some operating at a home shop level, some have made it online while some are popular in their local cities and communities.

This is the time for course correction and to review the business model, revenue streams and target audiences. We will see almost 90 per cent pre-COVID by Diwali this year, and from 2022 onwards, it will be upwards and onwards for all product and service providers in this industry.”

Dhruv Sayani, Director, Ccigma Lifestyles