The beauty industry is huge, both in terms of earnings and the variety of products that fall into its category. In 2016, the industry raked in around $445 billion in sales and is expected to grow by about 3 percent globally in the next two years. Product-wise, the beauty industry covers a wide range of items beyond makeup, including skin and hair care products, fragrances, and even weight-loss and weight-gain aids like pills and powders. Indeed, women around the world spend an average of $15,000 a year for beauty products, including personal care items, but most of that budget is allocated toward lipsticks, eyeshadows, and mascaras.
Knowing this, it is immediately evident why the beauty industry is a good place to start when it comes to online retailing. But beyond the obvious magnitude and profitability, here are a few more reasons that should convince you to look at selling cosmetics online as a viable business.
It’s Easy to Procure Stocks
Many people still don’t have ready access to their favorite beauty brands. There may not be a boutique close to their location or perhaps the product they’re looking for can only be found in other countries. With the help of technology, you can bring these beauty products closer to your customers. You don’t even have to leave the comfort of your home to fill your inventory; you can find reliable cosmetics suppliers online, whether the products are manufactured locally or abroad.
If you’re confused about which kinds of products to sell (and there are literally thousands to choose from), Asian cosmetics would be a good bet as it is a highly popular category. Buy Korean cosmetics on wholesale first, then slowly expand your inventory to include Japanese, Taiwanese, and Chinese brands.
You Can Specialize in Certain Products
No doubt there are already a lot of online sellers of beauty products. So how do you differentiate yourself? One way is to target just a small segment; you don’t have to cater to the hundreds of thousands of men and women who regularly buy cosmetics. As earlier mentioned, you can try your hand at selling Asian cosmetics first to narrow down the list of products. But even that’s a broad category in itself; you can further specialize your online store by selling mineral makeup, cruelty-free and organic cosmetics, or even costume, theatrical, and special effects makeup. Catering to a niche market also makes it easier to build a steady and loyal clientele since you have fewer competitors.
There are Many Opportunities to Expand and Cross-Sell
Among the easiest things to cross-sell along with makeup are, of course, makeup accessories and tools. These include various brushes, sponges and applicators, eyelash curlers, hair styling tools, cleansing wipes, makeup removers, makeup bags and organizers, brush cleaners, and a whole lot more. There are also a variety of skin and personal care products that can be incorporated seamlessly into your product lineup, like moisturizers, exfoliants, sunscreen, lotions, nail polish, hair colorants, perfumes, and anti-aging products.
Some Products are Easy to Make at Home
If you want to sell truly unique items, you can make some of them yourself. In fact, homemade beauty products are becoming more and more popular nowadays, especially since they are bespoke and not tested on animals. Some of the easiest products to whip up at home include lip balms, eyeshadows and blushes, and bath items like oils and soaps. Just make sure to take note of the ingredients and your process so that you can maintain product consistency. You should also follow local and national regulations for manufacturing cosmetics, even if you’re making products straight out of your kitchen.
They’re Relatively Easy to Store
You don’t need to invest on a special facility or warehouse to store cosmetics and various beauty products if you know which products should be placed where. Generally, liquid and cream products should be stored in a cool place, away from direct sunlight. These include foundations, lipsticks, mascara, liquid eyeliner, and makeup sticks. Meanwhile, powder-based products like eyeshadows, blushes, bronzers, and highlighters can be kept anywhere as long as it is dry. For organic and homemade products, which usually expire quicker, it’s best to store them in a refrigerator. Take note of the expiry dates so you don’t accidentally ship expired products!
The beauty industry used to be dominated by big international brands, but thanks to eCommerce and more affordable resources, it has since become more accessible even to smaller businesses. And while there are already a lot of players, there’s definitely still room for you in the field should you decide to participate. Good luck on your journey as an online seller!
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