Five Taiwan Excellence Award winners from the cosmetics industry in Taiwan demonstrated their most innovative products during a webinar held recently. The event was jointly organized by Taiwan External Trade Development Council (TAITRA), Taiwan’s foremost trade promotion body, and the Bureau of Foreign Trade, Ministry of Economic Affairs.
While the global retail industry is experiencing great difficulties caused by the raging COVID-19 pandemic, the beauty industry continues to demonstrate great business potential. According to Mr. Walter M. S. Yeh, President and CEO of TAITRA, “the market was worth US$298 billion in 2018 and will exhibit a compound annual growth rate of 5.1 percent during the forecast period.”
Dr. Grace Liao Yuan Li, an expert in the skin care product industry, also added that the global beauty products market is the fifth largest consumer sector, with the Southeast Asian market having the highest growth rates in the world. Although most consumers in the region prefer to shop through traditional channels, beauty brands are being forced to take the digital transformation to overcome the COVID-19 crisis.
During the 90-minute webinar, a beauty technology brand, Perfect Corp., demonstrated how their products can fit the zero-contact demands. The latest virtual try-on solution detects face masks, allowing users to try on products without taking their masks off. Even more, Perfect also upgraded Artificial Intelligence (AI) and Augmented Reality (AR) technologies by supporting voice activation and gesture control, where everything can be zero-touch and absolutely safe to consumers. It helps beauty brands get away from the waves of the pandemic impact and even possibly earn 2.5% up to 38% increase in sales conversion rates.
Shaan Honq (SH-RD)’s products, on the other hand, help consumers protect their hair from UV and heat, and are widely used by Hollywood celebrities. O’right announced its new tooth paste was awarded with 100% USDA biobased certificate. O’right’s products are not only 100% safe but also support sustainable development of the environment. Shinybrand introduced their brand MIRAE and a series of products for daily skin care, where the brand partnered with renowned skin care teams in Korea. Annie’s Way, meanwhile, offers nine different jelly mask variants and provides a whole new different experience for skin care.
The event also covered how brands passed global standards and HALAL or BPOM (Badan Pengawas Obat dan Makanan or the Indonesian FDA) certifications, which are essential for entering Southeast Asian markets. It attracted over 3,000 views online from countries such as Malaysia, India, Indonesia, the Philippines, Singapore and Thailand. More events will be held that focus on medical products, including eye care, assistance devices for the elderly and dentistry.
To view the video of the online product launch, please visit: https://www.youtube.com/watch?v=d7v6Lynr3N8 .