Expert Q&A on How Beauty Market Data Enables Faster Pivots in the Midst of a Pandemic
October 19, 2020 by Mark Dunn
Recently we sat down—virtually—with Christian Eckley of My Market Insight to talk about the impact of COVID-19 on his business and the wider beauty industry. The London-based firm is fast becoming the Global standard for beauty industry analytics. They specialise in monitoring, measuring and informing beauty brands on how to optimise their PR, marketing, and online sales strategies. So, how has My Market Insight coped with the current disruption?
Q: What challenges has your business faced since the coronavirus pandemic began?
Like many companies, we had to address the health and safety of our employees first, which meant a quick shift from working in an office to working from home. We moved 35 people with real success, which made us wonder—do we really need a great big office? We are now looking at alternative work options based on very positive employee experience that brought increased flexibility and work life balance to our staff.
We also launched two new products; Ad View and eCommerce View. Both have been well received because they enable brands to maximise online sales conversions and participate in the shift from the high street to eTail.
The economic fallout of the pandemic is a concern. However, we experienced revenue growth in the first half of the year and we also concluded a funding round in May to support our global strategy. I’m delighted that as a result of our organic growth and the investment we received, we’ve been able to maintain all our staff in full time roles and continue to deliver against our client contracts.
Q: Where do you see the beauty industry headed?
The shift to eCommerce will continue to accelerate. Prior to COVID-19, about 85% of beauty product purchases took place in store. But lockdown saw online sales skyrocket across the beauty industry. On the one hand, we are going to continue to experience the decline of high street sales but on the other, we will see the acceleration of the favour of the digital shelf. Furthermore, beauty brands with a digital footprint will continue to grow as a result of the expansion of the social influencer economy.
The challenge: How do you pick a scent when you can’t smell it? Or the right makeup for your skin tone when you only have an online colour swatch for comparison?
Beauty brands will need to get creative to help consumers make choices online that they used to make in person, like providing fragrance finder apps to help guide perfume purchases. Recently our client Estée Lauder, launched online games to promote a skincare product. The COVID-19 lockdown has increased the popularity of online gaming across all ages, so this new innovative approach will not only attract a younger audience but also reach the brand’s existing customers through an alternative, digital approach
Q: How are you using data and technology to support clients with their own COVID-19 challenges?
Many of our clients are wanting to identify emerging category trends across the media and retail space. This could range from understanding the competitive landscape in a category such as skin care through to tracking the performance of a new perfume launch. My Market Insight accesses some of that critical data for clients using the Nexis® Metabase news API and social media API. With millions of news articles and social media posts added daily in 90+ languages from 235+ countries and territories, Metabase helps My Market Insight capture the global perspective needed to stay ahead of industry trends and deliver value to its beauty industry clients.