“We Stand As A Beacon Of Sustainability In The Beauty Industry”
How has the beauty market leveraged AI in the last few years?
The beauty market has leveraged AI to include personalisation. It has been a transformative force in the beauty industry, enabling highly tailored and customised beauty solutions. Advanced algorithms and machine learning to analyse a customer's skin type, concerns, and preferences to recommend the most suitable products and skincare routines, resulting in improved customer satisfaction and better outcomes. There are virtual try-on tools that allow customers to experiment with makeup looks virtually. Further, AI has significantly improved supply chain and inventory management, ensuring products are available when and where customers need them. This has led to reduced stockouts and better customer service.
We anticipate that AI will continue to play a crucial role in shaping the future of the beauty market by further personalising products, refining supply chain operations, and driving innovation in beauty technology
How has the customer changed over the last few years? How can brands in the beauty business ensure loyalty?
Today the customer is not just looking for high-quality products; there is a need for a deeper connection with the brand. Social and environmental consciousness, as well as the desire for a personalised and immersive experience, have become pivotal factors in their decision-making process.
To ensure loyalty in this dynamic environment, beauty brands must focus on:
1. Transparency and sustainability that help customers prioritise when seeking eco-friendly and socially responsible brands.
2. Personalisation is a significant preference for today's skincare customers, as customised experiences play a pivotal role in strengthening their loyalty.
3. Listening to customer feedback and acting upon it is vital. It shows that your brand cares about its customers and values their opinions.
What makes Innisfree unique?
Innisfree is a Korean beauty brand, renowned for its natural, clean, and vegan formulations, coupled with groundbreaking skincare innovations born from rigorous research conducted within our Green Innovation Lab at the R&D centre.
We draw upon the pristine resources of Jeju Island, a volcanic treasure nestled off the coast of South Korea, to procure pure and clean ingredients. Our commitment extends to the exclusion of harsh chemicals and synthetic fragrances from our product lineup.
However, Innisfree goes beyond mere skincare; we stand as a beacon of sustainability in the beauty industry.
At present, e-commerce contributes to 80 per cent of our business. We aim to be present in Tier-2 and Tier-3 cities. By partnering with players like Nykaa, Tira and Tata CLiQ Palette, we now have a presence in more than 55 cities and more than 100 MBOs.
Please tell us about your focus on sustainability.
Our focus on sustainability is not just a trend; it's a long-term commitment to creating a more beautiful and harmonious world. We believe that by making eco-conscious choices, we can continue to thrive and contribute positively to the planet. Our commitment to reducing our environmental impact is reflected in our choice of eco-friendly packaging materials. This includes a substantial reduction in single-use plastics and a significant increase in the use of recyclable and reusable materials. For instance, Innisfree has taken a significant step by introducing glass packaging for some of our products, making the recycling process more convenient and environmentally friendly. Additionally, our paper boxes are FSC certified, guaranteeing that they are 100 per cent biodegradable, and the ink we use for printing is sourced from natural, soy-based ink, aligning our packaging with our eco-conscious values.Our ingredients are responsibly sourced, with a particular emphasis on our relationship with Jeju Island and even the ingredient extraction processes are eco-friendly. Further, Innisfree actively supports sustainable farming practices on Jeju Island and beyond. Our Green Forest Campaign is a prime example of our dedication to restoring and preserving nature. We are actively working towards carbon neutrality, aiming to reduce and offset our carbon emissions as part of our commitment to a more sustainable future.
What are the unique aspects to keep in mind when it comes to the Indian beauty market?
The global and Indian beauty markets are characterised by both commonalities and distinct differences that demand our attention.While there are shared global beauty trends, recognising and embracing the unique characteristics of the Indian market, including diverse consumer needs, traditional beauty practices, and the significance of affordability, is of paramount importance. Digital engagement, inclusivity, and educational content are essential pillars for effectively connecting with Indian consumers.
