The beauty industry has proven to be robust in the year gone by. People continue to seek efficacy in products —not stated, but proven. Competition is still high in the category, but brands that deliver on their promises continue to do well. Customers are also opting for tried and tested products, as they don’t want to compromise on safety or quality. And partly due to this, premiumisation continues to trend this year as well.
In 2024, Plum will continue to create products that deliver and delight. In terms of marketing, our focus will remain steadfastly on efficacy and quality, and on spreading goodness, which is our purpose. We will also be launching the Plum Goodness app very soon, so you can pick from hundreds of Plums in your pocket, on-the-go! Additionally, we will also be focussing on our men’s brand Phy, with specific marketing strategies.
On impact of AI
Artificial Intelligence (AI) is making its presence felt across sectors, and is beginning to exert a substantial influence on both businesses and individuals by reshaping their thinking, work processes, and behaviours. The Beauty and Personal Care sector is no exception to this transformative wave. While this technology brings its own set of advantages and disadvantages, it undeniably plays a pivotal role in enhancing the nuances of the industry.
From ensuring transparency in ingredients to disseminating knowledge to consumers, AI has significantly aided brands in delivering personalised products and fostering connections with the right target audience. The incorporation of AI in the sector is not merely a passing trend; rather, it is poised for substantial growth in the upcoming year. When coupled with machinery, AI becomes a key driver in cost reduction, contributing to the economy as well. Simultaneously, it offers consumers an immersive and enriched buying and testing experience. What we are seeing is just the beginning, with many more years, if not decades, of innovation set to happen.
(The author is CEO, Plum Goodness.)
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