The market for skincare is expanding more quickly than any other area of the beauty business. In the US last year, sales of skincare products increased by 13% while those of cosmetics only increased by 1%. In that period, the growth of online beauty merchants was 24%, with skincare taking the lead. Net-a-Skincare is Porter's best-selling category in its beauty section, and it increased 40% from the previous year. The growth of the skincare industry can be attributed to the distinct position it holds within a number of trends, including the rising demand for self-care and health-promoting products, the interest in regimens and routines, the ability of social media to more quickly inform and empower consumers, and, most notably, the unique capacity of new technology to simplify the unusually complex options that customers face when interacting with skincare brands.
According to the consumer goods market research report published by Strategy Here, market research can help the skincare market in the following ways –
Provides a Better Understanding of Your Customers
Every firm must have a thorough awareness of its target market and customers in order to prosper and provide the best possible service. Consumer insights provide marketing professionals with a wealth of knowledge, including buying trends and top-selling products across a variety of demographics. With the use of market research, you can assess this data and make predictions about what customers will desire and how the market will react or change in the near future. With thorough market research, you can easily learn everything there is to know about your target audience, allowing you to utilize that knowledge to develop your strategy.
Develop Relevant Products and Services
All businesses need to be able to anticipate and respond to sudden changes if they want to stay competitive in the market. Market research makes a key contribution to this goal by identifying customers' shifting expectations and assessing how the competition is responding to the change. This can help you create a plan for your new products and services that is more effective and durable so you can surpass your rivals.
To gain a deeper understanding of the market and ensure relevance, do a tracking or index survey. By routinely performing these surveys and analyzing the findings using the reporting system, you can quickly predict upcoming customer wants. You may then modify your products and services accordingly.
Helps Identify Opportunities in the Marketplace
A comprehensive market research assignment broadens your perspective and introduces you to new business opportunities. Existing data, like historical statistics reports and government publications, may be accessed and evaluated to find prospective opportunities. Potential market share, demography, significant suppliers, market rivals, and market dynamics may be useful in identifying opportunities. The first step in increasing the market and the product line is to gather market intelligence. With the assistance of effective market analysis, you may evaluate the market and select the ideal business strategy for maximum impact.
Leading companies which provide Consumer Goods Market Research are Strategy Here, Mordor Intelligence, Allied Market research and BIS Research.
