Five Taiwan Excellence Award winners from the cosmetics industry demonstrated their most innovative products at a webinar on Wednesday. The event was jointly organized by 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 has great business potential. According to Mr. Walter M. S. Yeh, President and CEO of TAITRA, “the market was worth more than US$297 billion and will exhibit a compound annual growth rate of 5.1 per cent during the forecast period.”
Dr. Grace Liao Yuan Li, an expert in the skincare product industry, also added that the global beauty products market is the fifth largest consumer aspect, 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 into 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 AI and AR technologies by supporting voice activation and gesture control. Everything can be zero-touch and safe to consumers. It helps beauty brands getting away from the waves of the pandemic impact and earn 38% to 250% increase in sales conversion rate.
ShannHonq (SHRD)’s products help consumers protect their hair from UV and heat, and are widely used by Hollywood celebrities. O’right, the greenest beauty brand in the world, announced its new toothpaste which has passed the 100% USDA biobased certificate. O’right’s products are not only 100% safe but also support sustainable development to our environment. The shiny brand introduced its brand MIRAE and a series of products for daily skincare. The brand partnered with renowned skincare teams in Korea. Annie’s Way offers nine different kinds of the jelly mask and provides a whole new different experience for skincare.
The event also covered how brands passed global standards and HALAL or BPOM certifications, which are essential for entering Southeast Asian markets. It attracted over 3,000 views online from countries including 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 .
