It’s never a dull moment to be in the skincare industry, especially when you’re deep within the private label market. With changing consumer preferences, new innovations in ingredients and formulations, and shifting market dynamics – it can be a lot to keep up with.
As a skincare brand, it’s important to keep your fingers on the pulse when it comes to the changing current of the private label market. Here are some of the important advancements that you should be aware of this year.
The rise of clean and sustainable formulas
One emerging trend that has begun to take the forefront in private-label skincare is the demand for clean and sustainable formulas.
Sustainability is a key consideration for 87% of global consumers, according to a recent report, which is a behavioral change that has reshaped the skincare landscape. As consumers become more savvy when it comes to sustainability, brands need to prioritize formulations that are free from harmful chemicals, cruelty-free, and environmentally responsible.
In 2023, not only are skincare brands expected to focus on clean formulas, but consumers are becoming more switched on about natural ingredients, packaging waste, and general eco-friendly practices that are adopted by brands.
Greater importance on compliance and transparency
The separation between consumers and brands is becoming extremely thin, so it’s important for brands to be transparent on topics such as sourcing, manufacturing processes, and product ingredients if they want to build good relationships with their customers.
But it’s not just customers that demand more transparency, it’s also regulatory bodies. Strict regulations govern the skincare industry and, even if you’re purchasing private-label formulas, you must collaborate with your manufacturers to adhere to industry standards.
Get to grips with digital engagement and eCommerce
Digital engagement and eCommerce have now become fundamental parts of the skincare business, in fact, it’s almost impossible to come by a skincare brand that doesn’t already have a social media presence.
Not only is it important to be active on various social media accounts to establish a robust online presence, but brands should also optimize their websites for user experience and look for more ways to interact with their customers online.
Similarly, private-label skincare brands should focus on investing in e-commerce capabilities to tap into the growing trend of direct-to-consumer (DTC) sales. As customers seek to cut out the middleman and purchase their products directly from brands, having a positive digital presence will foster brand visibility and help you to build more meaningful customer relationships.