Retouching The Flaws Of the Beauty Industry Using Blockchain
Makeup has a long history that started in the B.C. era. In ancient days, cosmetics were a marker for wealth. But things have changed a lot now. We have an affordable range of beauty products all over the world. Considerably, men's skincare and makeup are also becoming a big hit in the market.
Beauty brands are one of the earliest adopters of new technologies. In that list, blockchain technology also seems to have a place. Blockchain in the beauty industry enriches the customer experience and enables better interaction between the manufacturer and the consumer.
In this blog, we have explained a few must-know features of incorporating blockchain in the cosmetics industry. Let us dig in!
Trust And Transparency
Do all products only have the ingredients given in the ingredients list? This will be the first question that comes to our mind when buying shampoo or a body wash. Some products in the market might have harmful ingredients not mentioned on the product label.
We guess you know about beauty brands and how they manufacture a product. The whole process will require multiple stages of ingredient processing.
Blockchain will be the perfect tool to improve transparency in all phases. So, users will gain trust in the product as they have the full product details such as price, ingredients, manufacturing date, expiry details, etc.
Payments And Supply Chain
In this digital world, online payments ease bank transactions more efficiently. As cryptocurrencies are the current trend, beauty brands are even accepting payments in crypto. Thus, money transfers are much more secure and faster than ever before. This is all possible with the help of smart contracts.
If you’re not aware, cosmetic products are one of the most hot-selling goods in the ecommerce world. So, it is evident that we require robust supply chain management to deliver the goods. Blockchain Development technology is more than enough to streamline the products in the beauty industry. Subsequently, this will help get rid of fake and damaged beauty products.
Product Personalization
The popular beauty product seller ‘Sephora’ has one of the best features to personalize goods for buyers. Make-up artists and dermatologists will directly consult the customer and recommend suitable products based on their skin type and other factors.
This will improve customer satisfaction with the product and make them re-visit the store. Ultimately, it increases the number of loyal customers to the beauty brand.
While talking about loyalty, beauty brands are not hesitant to provide their regular customers with attractive offers and discounts. As a result, the company will have a higher customer retention rate.
The Arrival Of NFTs
Similar to other industries, the beauty industry is also adopting NFTs. Recent cosmetic brands like ‘elf’ have created their own NFT and entered the virtual world. This facilitates the users to get chances to utilize the company’s exclusive offers. Moreover, NFTs will promote the interaction between both the company and the customer.
End Note
Every year, a new beauty line by a famous celebrity enters the market. Comparatively, celebrity brands will create a wide fanbase within a short time. So, the competition becomes harder for other companies. To over-perform the competitors, it is a must to update the industry with the latest trends and technologies.
Adopt blockchain today! Consult an expert blockchain development company and obtain custom services.
https://www.blockchainfirm.io/blockchain-development-services Retouching The Flaws Of the Beauty Industry Using Blockchain
Makeup has a long history that started in the B.C. era. In ancient days, cosmetics were a marker for wealth. But things have changed a lot now. We have an affordable range of beauty products all over the world. Considerably, men's skincare and makeup are also becoming a big hit in the market.
Beauty brands are one of the earliest adopters of new technologies. In that list, blockchain technology also seems to have a place. Blockchain in the beauty industry enriches the customer experience and enables better interaction between the manufacturer and the consumer.
In this blog, we have explained a few must-know features of incorporating blockchain in the cosmetics industry. Let us dig in!
Trust And Transparency
Do all products only have the ingredients given in the ingredients list? This will be the first question that comes to our mind when buying shampoo or a body wash. Some products in the market might have harmful ingredients not mentioned on the product label.
We guess you know about beauty brands and how they manufacture a product. The whole process will require multiple stages of ingredient processing.
Blockchain will be the perfect tool to improve transparency in all phases. So, users will gain trust in the product as they have the full product details such as price, ingredients, manufacturing date, expiry details, etc.
Payments And Supply Chain
In this digital world, online payments ease bank transactions more efficiently. As cryptocurrencies are the current trend, beauty brands are even accepting payments in crypto. Thus, money transfers are much more secure and faster than ever before. This is all possible with the help of smart contracts.
If you’re not aware, cosmetic products are one of the most hot-selling goods in the ecommerce world. So, it is evident that we require robust supply chain management to deliver the goods. Blockchain Development technology is more than enough to streamline the products in the beauty industry. Subsequently, this will help get rid of fake and damaged beauty products.
Product Personalization
The popular beauty product seller ‘Sephora’ has one of the best features to personalize goods for buyers. Make-up artists and dermatologists will directly consult the customer and recommend suitable products based on their skin type and other factors.
This will improve customer satisfaction with the product and make them re-visit the store. Ultimately, it increases the number of loyal customers to the beauty brand.
While talking about loyalty, beauty brands are not hesitant to provide their regular customers with attractive offers and discounts. As a result, the company will have a higher customer retention rate.
The Arrival Of NFTs
Similar to other industries, the beauty industry is also adopting NFTs. Recent cosmetic brands like ‘elf’ have created their own NFT and entered the virtual world. This facilitates the users to get chances to utilize the company’s exclusive offers. Moreover, NFTs will promote the interaction between both the company and the customer.
End Note
Every year, a new beauty line by a famous celebrity enters the market. Comparatively, celebrity brands will create a wide fanbase within a short time. So, the competition becomes harder for other companies. To over-perform the competitors, it is a must to update the industry with the latest trends and technologies.
Adopt blockchain today! Consult an expert blockchain development company and obtain custom services.
https://www.blockchainfirm.io/blockchain-development-services
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