Why is India a Growing Market for Beauty Startups?

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The beauty industry in India was fast to read and analyze consumer behavior during this pandemic. Several Indian companies re-thought their product development and innovated the way they used to manufacture or marketed their products.

India is the land of Ayurveda, which defines how healthy living leads to a beautiful and successful life. It is the land of grandmoms giving innovative beauty recipes that has a great effect on skin and personal care.

While the pandemic impacted several people around the world, the cosmetic industry in India was fast to access the situation and introduce innovative ways to help people be beautiful. Although several brands and startups went digital full-throttle, it wasn't the peak. 

How is e-commerce doing now for Cosmetic Industry in India?
There is a growing demand for cosmetic products and that too via online mediums. As people have started accepting the new normal, they have started purchasing cosmetic products online more than at any time in history.

Research shows that more than 15% of new people have ordered cosmetic products via websites or online portals, and yes this was because of the pandemic. People have started using applications on their mobile phones to understand their skin types and then order products that are tailor-made for them.

How has consumer behavior changed?
Rising awareness of beauty products, increasing attention on personal grooming, changing consumption patterns and constant dialogue towards sustainability has given rise to today's conscious consumer. 

People these days have started avoiding harmful chemicals and companies whose methods are harmful to the environment. With the growth of organic products, synthetic compounds like paraben are not considered to be safe to be used. 

This shift in consumer behavior has urged start-ups to market themselves as more natural and organic. The outbreak of covid-19 has also resulted in changing consumer preferences and is proactively seeking cleanly labeled and functional skincare products, which in turn is expected to accelerate the growth of brands that offer them.

What are the opportunities in the Cosmetic Industry?
There are challenges in all industries. But if you have a passion for skincare and haircare, or if you possess good knowledge of formulating cosmetic products, then this is the best time to start something of your own.

Along with creating products that attract your audience, there are aspects of trust and transparency that are paramount. Many consumers that have recently turned to the digital way of purchasing as confused if a product is original or counterfeit. 

Therefore, one of the most important things for any brand to do is to win the faith of their audience by connecting with them through multiple touchpoints and constantly communicating with them.

Below are some of the suggestions for creating a startup that is successful down the line;

  1. Create a Niche: Develop products or services that are unique, and reliable. This will help you stand out from your competitors and attract attention to your brand. For example, you can have a brand that caters to intimate hygiene, and you can be the only expert in that domain.
  2. Communicate Digitally: I am emphasizing digital means because it is the fastest of all communication today. Communication today travels at the speed of light.
    Branded content on digital platforms can create trust and provide a connection with the audience. Have social media accounts and start writing about your products and services. You can also create an account on thewiki Network and write about your products.
  3. Invest in Research and Development: The world of beauty is constantly changing and requires innovation and research to keep up with the emerging trends. Keeping up with the latest innovations and constantly offering the market something new and experimental will attract consumers' attention. 

    For example, you can have an application that can help people visualize your products using Augmented Reality. This will also build trust among your customers.
  4. Become Hyper-Local: Consider Indian Skin Types and Tones while developing the product. For example, you can have a one-on-one session with your client and consider their issues and then formulate a product specifically for their needs.

Conclusion:
Although the cosmetic industry was hit hard by the pandemic, growth finds a way. Therefore, one can work on innovative ways of establishing themselves in the market. There is only a need for good research and new means of communicating what you have in the store to the clients.

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