EDITED’s new beauty feature debuts today to help retailers analyze and compete within the fierce beauty market.
NEW YORK, NY - August 13, 2019 - Between existing brands and new direct-to-consumer ones, the beauty industry has proven to be an accessible market for many players looking to get their own sizable share of this $532bn market. With the industry’s ease of admission, the influx of new brands have made it harder for everyone to maintain relevance.
With the release of EDITED’s new beauty vertical, the retail decision platform enables brands to optimize their decision-making, increase speed to market and cut any guesswork when planning out their beauty assortments and pricing strategies. This new feature also allows beauty retailers to pinpoint any missed opportunities within the lucrative beauty segment.
While beauty products can retail at a high price point, most brands, even in the luxury sector, will have a product priced at an affordable entry-level to allow a diverse consumer group to buy-in. For example, EDITED’s retail data platform indicates Yves Saint Laurent beauty currently stocked at Neiman Marcus in the US currently has an exit price of $425 driven by the Or Rouge Serum. In contrast the YSL Top Secrets Instant Matte Pore Refiner costs $20. A comparison analysis like this lets brands determine how to target YSL’s customer base by pricing their beauty products within the same price range.
The emphasis in beauty marketing is equally apparent. EDITED tracked beauty mentions in newsletters and homepages by both beauty and non-beauty brands in the US. It found mentions have increased by 58% from 2017 and 2018, then rose by 24% in the UK. As demand for more ethical and environmentally-friendly products grow, so have keywords such as ‘natural’, ‘vegan’ and ‘cruelty-free’. The retail decision platform indicates what words are becoming non-negotiable for product descriptions in order for a business to successfully market their product and drive engagement.
According to Kayla Marci, EDITED’s Market Analyst, “With new beauty brands launching every other day, it gets harder for brands to remain relevant within the shifting landscape unless you have real-time data like EDITED to track exactly where you sit in the market today and where you can be tomorrow.”
Increasingly, apparel brands are rolling out their own respective beauty lines. For example, Lululemon launched an active beauty line called ‘lululemon selfcare’, where prices start at $12 for deodorant and exit at $28 for moisturizer. Urban Outfitters created Ohii in September 2018 describing their line as ‘feel good beauty’, ‘beauty for everyone’ and ‘beauty that’s just fun’. Through EDITED, businesses can analyze what other brands are doing within the beauty space. Furthermore find their own place within the market to accommodate a consumer group that has not been targeted yet.
Since 2009, the EDITED platform has used artificial intelligence, sophisticated analytics and image and text recognition to understand pricing, discounts, assortments and trends in real-time across the retail industry. EDITED’s software is built by a team of world class data scientists and engineers working alongside former buyers and merchandisers from global brands and retailers.
EDITED helps the world’s best retailers drive sales by eliminating guesswork. The Retail Decision Platform uses A.I. to optimize buying and merchandising decisions, ensuring retailers get their product and prices right every time. This is how the world’s most innovative retailers stay ahead of the competition; including PUMA, Tommy Hilfiger, Diesel, Ann Taylor and the Arcadia Group. For more information, visit www.edited.com.
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