What’s Changing the Game of the Beauty Salon Market?
To me, beauty and makeup and colour is like the finishing touch on everything- Marc Jacobs
The beauty industry has enjoyed the best from around the globe. Whether it is in terms of the latest trends or the huge base of consumers, the industry has seen success. Certain trends have driven the beauty market to touch new heights of success and this has given birth to a whole new area to venture into for the new brands as well as the old ones. The new and next of the beauty industry has opened up a new era of innovation and experimenting with the market in order to provide more flexibility to the consumers and the companies.
Adding the Extra Edge
Every industry needs to have something extra in it in order to maintain a sound flow of the market. When an industry has more to offer to its consumers, it always results in growth and expansion. The beauty salon industry has always had the extra edge in it which has kept the consumers hooked. Be it the latest trends, techniques or methods, the consumers have always experienced something new. The norms of working the industry have changed and so have the expectations and demands of the consumers. They look forward to receiving services which can give them the feeling of uniqueness.
According to Mr Apoorv Shah, Owner, Richfeel Trichology Centre, The beautician is the bridge between the medical fraternity and the common man. The difference between the ordinary and extraordinary is the word ‘extra’. One needs to have something extra in them in order to differentiate them from the rest. It could be technology, experience, men behind the machines etc. The cutting edge has to be technology, the WOW experience, which one gets. Customer satisfaction is no longer a keyword, it has become customer delight.
The Trends Meant to Stay
The beauty industry is the hub of trends which might be even hard to imagine normally. From hair colouring techniques to beauty regimes and new makeup techniques and products making their way in the market frequently, the industry is blessed in terms of offering something different every time. Some trends are meant to stay long after they have been introduced and utilised. The consumers have witnessed innumerable trends and have liked the ones which are suitable and have the potential to last long in the market. The trend of going green and using products which are green, organic, natural and ayurvedic is here to stay. Consumers have been using such products a lot and their demand has also been good enough to boost up the beauty industry. Products concerning men’s grooming have also become a favourite as men have realised the need of looking after themselves. Anti- ageing industry is also trending as people from all genres are looking up to it in order to fight age signs and also because premature ageing has become a reality.
If we fast forward to 2030-2040, most of the products will be green, organic or very much environment-friendly as this is trending a lot, says Mr Rajat Wahi, Partner and Head- Consumer, Retail and Agri sector, KPMG India.
The Perfect Target Market
Finding the perfect target market is the base to success for any business. When a business knows whom they are meant to cater, it makes it all easy to figure out the requirements of the consumers and the business. The beauty salon market has services which cater to different sections of society. It is not just one section they are serving but varies with each one having a different need and background. Researching about the consumers and their needs is mandatory as it is what decides the fate of a business. The business model should also be compatible with the type of consumers it is being applied with as investing in the wrong one will not yield any results.
As said by Dr Sam Paul, Director and Legal Head, Paulson's Beauty and Fashion Pvt. Ltd and Pauls System Technologies Pvt. Ltd., India is progressing really fast and 70-75% businesses for the beauty salon industry are in the metro cities. Tier 2 cities are quite covered with salons and they expect good services and hygiene. Tier 3 cities do not have niche brands but have affordable brands which are doing well. Once you are done with big cities, it completely depends on how you model yourself for tier 2 cities. You’ve to get your business model right according to the target market and this will help in the success.
Social Media- The Enabler of Beauty
Social media has been contributing a lot lately to the beauty salon industry. It has been the enabler and has motivated many trends to hold a place in the market. Social media has been driving our lives according to the needs of the market as what we see affects a lot of our needs. It has given its best in promoting many beauty trends, products, techniques and what not and has also led to the increase in the revenue due to increase in sales.
The Beauty salon industry is a wide ocean of trends, techniques, brands and a lot more. Many factors have been responsible for the change in it. From consumers, revenues, sales, techniques, trends to social media, the journey covered to reach where the industry stands today is long. The market has always been preferable and being up to date, it has garnered a strong consumer base to take it forward in the times to come.