Your sales strategy is instrumental to your success.
The global beauty industry is expected to increase from $432.7 billion in 2016 to $750 billion in 2024. Whilst the marketplace is booming, the competition is stiff. Building a brand in the beauty industry relies upon three core functions – product development, marketing, and sales.
Where and how you sell your product very much depends on the product, your preference in terms of customers, and your long-term vision for your business.
In days gone by there weren’t as many options – you had to sell through bricks-n-mortar – ecommerce didn’t exist – and when we had the opportunity to first start selling through ecommerce, it wasn’t as refined as it is today. It doesn’t mean that today is any easier. Whilst we can sell anywhere, anytime today, the competition is so much higher.
Whilst Covid unsettled the marketplace, it has made brands strategically reconsider their sales strategy. Prior to Covid brands were considering whether to sell DTC (direct-to-consumer) or via Omni-Channel – now there is a far greater emphasis on developing a succinct digital strategy.
Covid has accelerated the shift to online shopping exponentially – we saw an increase of 36% in the UK, the fastest growth in 13 years (IMRG).
As you expand your brand across markets, you also need to consider how you are going to fulfil your stock requirements, what implications this has on your regulatory compliance and the tax implications of expanding internationally.
We act as a country manager on behalf of our clients, if you are looking for support in getting your brand to market, get in touch to discuss how we can support you.