A beauty-industry think tank at the Fashion Institute of Technology offered fascinating insights into the future of consumer product marketing as it pertains to digital analytics, digital marketing and digital commerce during its “Beauty in a Digital World” presentation in New York City June 5.
The research was presented by candidates for the master of professional studies degree in the college's cosmetics and fragrance marketing and management program, which consists of beauty-industry executives who were recommended by their companies. The program was developed in collaboration with the industry as a leadership-development program for outstanding mid-career executives. The graduating class annually presents in-depth research and forward-thinking predictions and proposals to the industry.
This year's research was conducted in conjunction with Google, with contributions from leading global digital-technology and business experts, and with the support of event sponsor Beiersdorf North America.
The 2013 research predicted:
- Leveraging artificial intelligence, facial recognition and predictive-analytics technology will revolutionize the in-store experience by personalizing it.
- Motion-activated technology will allow consumers to virtually browse aisles of products located anywhere in the world and make purchases directly from interactive screens in their homes.
- “Beauty on demand" will utilize image-, sound- and video-capture technologies to allow consumers to shop for anything, anywhere with one click. The street becomes the new shopping mall.
- Micro-targeting, enabled by data and technology, will allow brands to create highly personalized communications. The result, micro-engagement, will increase individual consumer lifetime value for brands.
- ROL is the new ROI. Return On Learnings will replace Return On Investment as a new real-time metric to track and drive brand value.
- Sensors will be molded into product packaging to track actual consumer-usage behavior.
In addition, Joe Rospars, chief digital strategist for President Barack Obama's election and re-election campaign, and founder and CEO of Blue State Digital, gave a keynote address.
"Not only did we celebrate the graduation of two of our company's brightest managers, we supported a one-of-a-kind program that promotes innovation and unprecedented collaboration within our highly competitive industry,” says Bill Graham, president of Beiersdorf North America. “Digital marketing is at the core of our brand campaigns. We look forward to implementing some of the great thinking and research findings to continue growing our brands."
Research white papers for “Beauty in a Digital World” along with research white papers for past Capstone presentations are available here.
[Caption: FIT beauty-industry think tank digital commerce team member Alexandra Hardyment, Estée Lauder Cos., at the Capstone 2013 presentation June 5; image courtesy of the Fashion Institute of Technology]