According to a Storedits report by POPAI and The Shop! Global Network, the value of the global cosmetics market is expected to reach US$805.6 billion by 2023. In 2014, the UK industry alone was said to be worth £17 billion; a figure that has continued to grow year on year. As the thriving market shows a continual upwards trajectory, it’s only going to become more important for cosmetics brands to make the most of the retail opportunities available and set themselves apart from competitors.
But with so many different brands and products on the market, what trends are currently driving growth in the sector? According to Storedits, the use of digital screens and personalisation are key factors in driving in-store engagement. Male grooming is also proving to be a high growth market, with many men becoming more image-conscious and buying into skincare regimes and products. Throughout these display trends and cosmetics sub sectors, sustainability is becoming increasingly important, both to brands and consumers. In our survey of 200 retail professionals, 85% said that sustainability is important to retail displays specifically, and by implementing a sustainability programme for retail displays, sales could increase by an average of 23%.
Yet with all the new technology available, how can cosmetics brands maximise footfall to their displays? What’s capturing hearts and minds, and crucially, driving sales?
Working closely with retailers is essential. While they continue to own and determine the size, design and placement of cosmetic stands, there is often scope for newer and innovative brands to utilise secondary placement opportunities with small footprints such as freestanding display units. Boosting visibility and finding different ways to stand out from typical wall and gondola displays is key, but it’s important to familiarise yourself with any retailer limitations at the beginning of the process and keep communications fluid. In the neutral and calming tones of Harrods beauty hall, for example, it could be challenging to stand out while aligning your display design and aesthetic with the wider environment. Maintain a good relationship and a solid understanding with retailers but remember to stay open to and suggest new ideas.
While it may sound obvious, the importance of designing to the right target audience should not be underestimated. The purpose of your in-store display is to boost brand awareness, effectively communicate your messaging, provide an experience, but ultimately, to result in sales. Keep things simple to make it easy for the consumer to interact with your product, whether you offer interactive displays, magic mirrors or simply product testers. Try to strike the right balance between stock holding and brand messaging; while stock is an obvious priority, the two work in harmony.
For more information, or to find out how we can help your cosmetics brand stand out from the crowd, simply get in touch.