The Master of Professional Studies degree program in Cosmetics and Fragrance Marketing and Management at the Fashion Institute of Technology in New York City recently showcased its final projects at the annual FIT Capstone presentation. This year’s presentation focused on “Beauty in a Digital World.”
Beauty is helping to redefine the customer experience of shopping a drug store and is helping retailers set themselves apart from rivals in a very competitive environment.
What is especially important to note is the role that many mass-market beauty suppliers are playing in shaping the future of beauty at mass. For example, authors of the Capstone white paper on “The Future of Big Data and Beauty: Data Driven Beauty,” included associates of Coty Beauty, Beiersdorf, Unilever and L’Oreal. And authors of the white paper of “Digital Commerce: Infinite Commerce,” included associates from Procter & Gamble and L’Oreal.
Furthermore, Beiersdorf served as this year’s title sponsor of the graduate program.
“In the post-Facebook IPO world, and after the success of micro targeting in the 2012 Obama presidential campaign, the notion of ‘digital’ to consumer marketing has evolved,” FIT stated in describing this year’s Capstone presentation.”… Digital capabilities are also unlocking opportunities for both knowledge and cost savings in the marketing spend, notably for consumer interaction and enhanced market research opportunities, with access to data leading to more customized consumer communication and product offering.”
As many major beauty suppliers take a closer look at the future of beauty, many retailers, such as Walgreens, Target and CVS/pharmacy, are also working to elevate the beauty experience in their stores. With a melding of upscale décor, higher-end beauty brands, in-store services and innovative technology, they are striving to become a beauty destination for savvy shoppers.
By coming together to share key learnings and innovations, both suppliers and retailers can continue to further elevate the beauty shopping experience within retail pharmacy.