Big Data brings Beauty and Wellness industry to a higher level
One of the sectors of the beauty and wellness industry that never stops growing is the skincare services and cosmetics sector, despite the decreasing growth of -8% in 2020 due to the pandemic, skincare is one of the most profitable product category, as its revenue is projected to generate roughly 177 billion U.S. dollars in 2025 according to Statista.com. And Big Data plays a huge role in this industry. The use of Big Data and artificial intelligence has helped companies to develop alternative or completely new products offerings for consumers. One of the impacts of the pandemic is that it accelerated the creation of online solutions and people changed their habits of consumption. To develop targeted pricing strategies to serve this emerging generation of consumers, companies make use of big data and technologies that help them to understand their audience. “Big data has proven its ability to help beauty brands optimize a variety of processes. From package and formula design, m...