Digital will Continue to Rise
Direct to consumer e-commerce are becoming more important with global consumer online engagement and spending is set to increase. To attract these new online customers, Beauty and Cosmetics businesses will need to make sure their digital channels are prioritised to catch them.
Innovation has Accelerated
The pandemic showed supply-chains were not robust enough to cope with demand. The need for delivery speed has become greater and greater. To achieve a quicker delivery speed, there may be an increased need for contract manufacturers to diversify and innovate products. There may be potential for closer collaboration between brands and retailers.
Companies will need to find New Sources of Capital
Covid-19 has caused damage to many brand, retailers, and suppliers balance sheets; they will need to source capital in different ways.