Our Founder Emma Powell talked at the INNOCOS Beauty Summit in Monaco earlier this month, where she had the privilege to share the sofa with Studio10 founder Grace Fodor and Digital Transformation Coach Sebastian Kraft. The three got granular with R360Growthl's approach to performance-driven email marketing and data-driven, personalised post-purchase in-parcel delivery slips (try saying that 3 times!). 

Emma shared her knowledge of email flows and how a well-designed, optimised set of automated emails can make you money while you get your beauty sleep. With a focus on conversion and retention, R360Growth's omnichannel approach has helped Studio 10 optimise their owned assets (emails, SMS messages, and website), and create more personalised experiences at scale. Studio 10 has seen a +94% increase in (Klaviyo) owned email revenue since joining R360Growth in August 2021. 

We were also honoured to be part of a broader conversation around global trends in the beauty and wellness space, listening to and participating in some inspiring discussions about what the future of the beauty business holds. But one particular topic cropped up again and again, and we think ultimately defined the event - is the future of beauty in the metaverse?

One talk that got us thinking was by Irina Barbalova at Euromonitor International, a platform that identifies emerging and fast-moving trends.

Irina spoke about the post-pandemic shift to digital living and how a more home-centric lifestyle is here to stay, and as augmented reality (AR) and virtual reality (VR) become more accessible, how we're seeing the line between our physical and digital worlds become more blurred.

Her talk touched on how virtual spaces allow established businesses to build alternative brands online that are more diverse, creative and expressive, with storytelling and community at their core. A leading example is Clinique's Metaverse Like Us, an NFT project that creates makeup looks for a diverse set of virtual avatars. 

And the metaverse movement is set to elevate the online shopping journey further as Michelle Evans, Global Lead for Retail and Digital Consumer at Euromonitor International, explains, 'The metaverse has the potential to take online shopping to the next level. Advancements could add more dimension to the experience, including more accurately recreating the interactions and emotions associated with the physical world.'

Irina also spoke about L'Oréal's collaboration with bioinformatics company Emotiv to develop an in-store, immersive experience that connects emotion and scent and how blending neuroscience with digital content will enable development and innovation across the sector.

Another inspiring session was led by Gina Gulberti, VP Marketing at Launchmetrics. Her talk 'The Convergence of Physical, Digital and Metaverse in Beauty' presented some interesting stats. In 2021, the trend-spotting Launchmetrics algorithm identified that instances of the term 'NFT' had increased by 680% in less than a year. As such, some beauty big-hitters have already opted to go all-in, with Gucci Beauty and L'Oréal typically leading the pack, the latter of which has already trademarked 17 virtual cosmetics. 

Gina proposed that the beauty sector is typically early adopters of marketing techniques and technologies, such as virtual reality try-ons and a consumer-centric approach. Therefore it's highly likely that the industry will follow if consumers move en masse to the metaverse. That said, both speakers agreed that whilst there is a lot of hype around the metaverse, it may be wise to exercise caution. Return on investment for the beauty sector is still uncertain, and it's tough for areas such as skincare and fragrance to translate into a digital experience. 

As Gina summarised, right now, we're still very much in the testing phase. Still, the next few months will be pivotal, and we expect to see brands emerging with NFT and metaverse launches that will continue to spark ideas, controversies and conversations.

Thank you so much for having us INNOCOS; we can't wait to be back next year!

Discover how R360 Growth can fuel sustainable profitability and long-term success with a robust loyalty strategy. Connect with us at hi@r360growth.com or via our online form here.

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