On Tuesday, July 11, Banuba held the first online webinar dedicated to improving online makeup sales. It was free and open to everyone who is interested.
The opening section was dedicated to the overall state of the industry. At the moment, it is a rather crowded and competitive market:
- 93% of shoppers switch between websites to compare products and prices;
- The loyalty rate is floating around 42%, which means most customers don’t have a preference for a specific brand;
- The market is growing and is expected to reach $31B by 2026 in the US alone.
There are other issues that complicate things further. For example, the costs of acquiring new customers grow, while customer lifetime value decreases on average. Moreover, many companies lack omnichannel approach that could improve their visibility and attract a wider range of customers.
There are several ways to address these problems, and they are available not only to multinational corporations, but to mid-sized companies as well:
- Engaging and informative content
- Tutorials
- Product reviews
- User-generated content
- Personalized approach
The personalization aspect is especially important, as over 70% of potential customers will prefer a vendor who offers them a tailored experience. One of such experiences is TINT, Banuba’s virtual try-on platform. It started out as a makeup-ony application, but has since expanded to include glasses, jewelry, and more.
Besides offering an ultra-realistic virtual try-on, TINT has an advanced makeup recommendations system that suggests products guaranteed to fit each individual. It is based on an advanced AI that analyzes over 100 parameters (skin tone, eye color, face shape, etc.) and reliably works with all human faces.
TINT has the potential to increase sales by 300%, halve the return rate, and raise the average order value by 30%.
“TINT is a win for everyone: customers get the best try-on experience on the market, businesses increase profitability, and we get a sense of making the world a better place,” Anton Liskevich said.
As the first webinar was a success, more will happen in the future.
