The global beauty industry (wholesale cosmetics packaging, skin care, hair care etc like https://www.beautysourcing.com/marketplace/packaging-and-printing) was ravaged when coronavirus wreaked havoc on consumers’ wallets and forced them into virtual lockdown. Beauty wholesalers listed on beauty supply marketplaces like BeautySourcing were struggling to adapt to market changes. This is on top of already rapidly shifting trends such as the preference for sustainable cosmetics packaging which saw many suppliers investing in R&D to create refillable packaging, PCR and biomaterial packaging to meet the market demand.
A quarter before the pandemic hit, the industry had already seen an 18% decline in retail spending compared to last year’s first quarter, according to Euromonitor International. And though we can see a rebound, experts believe the second half of the year will still see sluggish growth, especially because many businesses have shuttered.
In addition, the industry lost out on $8 billion worth of business during the month of March alone due to fears surrounding COVID-19. The industry has responded negatively to the crisis, with brand switching their production to make disinfectant and cleaning products and offering free beauty services to front line responders.
At the same time these leaders have a responsibility to ensure their own survival. The global beauty market generates $500 billion in annual sales and accounts for millions of direct and indirect jobs. Lives come first, however, livelihoods also matter.
The ramifications of the pandemic are here to stay. Let’s find out how the cosmetic packaging market can adapt in a post-pandemic era.
With the coronavirus pandemic causing widespread panic and economic upheaval, we’ve seen a wide range of businesses adjust to handle the sudden downturn. Many industries have been forced to shut down temporarily, including construction sites, manufacturing facilities, hotels, restaurants, theme parks, movie theaters, retail stores, and cruise ships. As these industries struggle to come out of the woods, it’s natural for consumers to wonder when life will return to normal.
In order for the cosmetics packaging industry to bounce back quickly after the pandemic, it needs to make adjustments to meet changing consumer demands and embrace innovative technologies that will ensure its customers’ safety going forward. Here’s what the beauty industry can learn from the rest of the world during this challenging time.
1. Create a Safety Plan
Developing a plan for handling emergencies will reduce anxiety among employees and give everyone a sense of security in uncertain times. Even though your company may not face the same crisis as others, having a clear disaster response procedure in place will save morale in the event of a crisis.
It’s also essential to train your staff on emergency procedures so that when something does happen, you won’t leave anyone behind. Having a plan in place is only half the battle; employees must understand what their roles are and be able to perform effectively under pressure.
This is where communication becomes paramount. Employees need to feel comfortable with their responsibilities and confident that leadership knows exactly what they’re doing.
2. Adapt to Changing Customer Demands
Customers are likely to behave differently now compared to how they did before the pandemic began. They may be more cautious in making purchases, opting instead to purchase fewer products but high-quality ones.
Additionally, more consumers will probably opt to shop online rather than in brick-and-mortar locations. But that doesn’t mean retailers should stop selling online. Instead, they should offer increased convenience through eCommerce delivery options like curbside pickup and mobile shopping apps.
Another change shoppers may notice is that they’ll spend less money overall. It will become more difficult for retailers to convince shoppers to buy big-ticket items like furniture, appliances, and cars that require large deposits. So even if they have the capacity to offer discounts, they shouldn’t expect sales to rebound immediately.
Instead, the cosmetics packaging market should focus on providing value-added services that add convenience and cut costs, such as offering rewards programs, delivering packages within 24 hours, and adding quick shipping options.
3. Embrace Innovative Technologies
Now is the perfect opportunity to develop new technological innovations that will improve customer experience and streamline processes.
For instance, some companies are experimenting with kiosks to replace cashiers. These self-service devices allow customers to scan barcodes on product labels and purchase items without speaking to a human representative. And in the cosmetics packaging industry, more technology can also be invented to solve current issues in the cosmetics packaging market.
Other tech solutions that could help improve efficiency include smart mirrors and interactive screens, voice recognition software, and automated vending machines.
4. Offer Flexible Schedules
During this unprecedented period, many workers are being affected in different ways. Some may have to stay home due to childcare issues or family obligations. Others may simply be unable to access their jobs due to quarantine conditions. To avoid losing productivity, you should consider adjusting schedules to accommodate the circumstances faced by your team members.
For example, if someone needs time off to care for children who are quarantined at home, it’s important that they can continue working from home during that time. Companies can provide additional support to those individuals through flexible work arrangements, including partial remote work and telecommuting.
5. Collaborate With Other Businesses
The COVID-19 outbreak has caused disruptions across industries. As the situation changes, it’s critical that companies collaborate with one another to keep everyone productive and safe. That means engaging in conversations with colleagues in other departments so that employees don’t inadvertently cross paths while working remotely.
It also helps when businesses partner with local governments to identify areas of mutual interest and work together to solve problems that arise during the crisis.
6. Create Clear, Consistent Communication Plans
As the coronavirus spreads, it’s essential to establish clear communication plans with your team members. This includes determining how teams will communicate and what information they need to share.
Once you’ve taken all necessary precautions, you can use messaging platforms, video calls, and phone conferences to ensure your workforce stays informed and engaged throughout the pandemic.
Long-term pandemic ramifications aren’t leaving the cosmetics packaging market anytime soon
And there you have it! These are the top ways how the cosmetics packaging market can adapt in a post-pandemic world. It definitely won’t be easy for businesseses to pick up the pieces after COVID-19. But with our guide, we’re confident that they can prosper!