Meghna Saraogi got married wearing a red lehenga and it was her dil ki tamannaShe decided to wear a bold red lip color on her wedding day. Her make-up artist was against this and advised her to go light nude to offset the dark tones of her skin and lehenga. “All that's left is for the bride to wear her AR set and see if her foundation and lipstick colors match exactly,” Saraogi, CEO of MirrAR, continues. is the leading provider of virtual try-on AR and AI to the beauty technology industry.
Beauty & Wellness Industry is rapidly growing, with global revenues already exceeding $100 billion. Projected to reach a whopping $8.5 trillion by 2027, it is poised for massive transformation.
According to a 2020 report from McKinsey & Company, before the pandemic, 85% of beauty products were purchased in stores, which skewed the graph towards online sales. The way we buy beauty products is changing dramatically.
The days of observing the lipstick shade on your wrist and hoping for the best will fade faster than yesterday's smokey eye. And at the forefront of this revolution is virtual try-on technology.
With burgeoning beauty technology, the shopping experience is being digitized with artificial intelligence (AI) and augmented reality (AR), allowing you to try out makeup, hair color, and more from the comfort of your couch (or your phone). Anywhere!).
The Rise of Beauty Technology: A More Personalized Future
The industry is progressing rapidly, says Tanuj Mishra, country head at Perfect Corp, a leading developer of virtual try-on solutions with clients such as Reliance's Tira Beauty and SUGAR Cosmetics.
“Pioneering virtual try-on technology is a game changer.” beauty shopping It allows consumers to virtually try out products before making a purchase decision. This is not just a matter of convenience. It’s about personalization and empowerment,” he told his indianexpress.com during an interaction.
Looking to the future, Mishra envisioned a more personalized and immersive shopping experience, with virtual try-ons becoming more realistic and integrated into the in-store experience.
Why virtual try-on? Filling the gap
Virtual try-on technology addresses a fundamental pain point for beauty consumers: the difficulty of trying on products before purchasing. As Vineeta Singh, co-founder and CEO of SUGAR Cosmetics, pointed out to us, traditional methods like testers can be cumbersome, time-consuming, and unhygienic.
Virtual try-on eliminates these issues and allows for seamless experimentation from anywhere. Research backs this up, and Singh cites examples where virtual try-ons have led to increased sales, conversion rates, and customer satisfaction.
According to Perfect, the following examples exist: mac cosmetics found that virtual try-on increased customer engagement by 200%, while Avon saw a 320% increase in conversions and a 33% increase in average order value.
A push towards inclusivity
Do you remember the frustration of trying on countless lipsticks at the store only to find your perfect shade looks awful in natural light? Virtual try-on eliminates this struggle. Especially if you are not fair-skinned.
The same 2020 McKinsey & Company report cited earlier found that only 4 to 5 percent of all employees in the beauty industry are people of color, from entry-level to C-suite positions, as well as retailers and It also reveals the surprising reality of taking on a variety of roles across beauty companies.
Virtual try-on apps aim to bridge that gap, with a wider range of skin tones and features, allowing people of all backgrounds to see how they'll look when wearing a product. . Additionally, we use AI to develop shade matching technology for different skin tones, allowing everyone to find their perfect foundation match.
Mr. Saraogi, CEO of mirrAR, emphasizes this. Virtual try-on technology continues to evolve. Her company's vision is to leverage AI to personalize recommendations based on factors such as skin tone and clothing color. This integration further improves the user experience and makes makeup shopping even more intuitive.
She also highlighted the positive consumer response to mirrAR's technology, with users praising its ability to simplify product discovery and increase confidence in online purchases. “Our brand has seen a 35% increase in conversions and a 30% increase in add-to-cart rates. Virtual consultations have also significantly increased consumer engagement by 220%. did.”
The way forward: Ubiquitous beauty technology
The impact of virtual try-ons is undeniable. It creates a more convenient, engaging and personalized shopping journey for consumers. For the cosmetics industry, opens the door for you to more effectively reach and engage with your customers, and present them with products that meet their unique needs. This technology enables informed decision-making, potentially reducing profits and leading to a more sustainable beauty industry.
The future of beauty technology is bright. Companies like mirrAR and Perfect Corp. are dedicated to making virtual try-on technology a ubiquitous tool and allowing consumers around the world to take advantage of its benefits.
