ProQuo AI predicts the future of skin care
Anyone who has built a brand should know how to manage that brand. It requires constant retention, connection, communication and adjustment. Consumers now drive brand conversations in a continuous, ongoing feedback loop. And businesses need to get involved or be caught off guard.
The invention and adoption of technology, along with innovations in mobile networks and Wi-Fi, mean that the creation and consumption of data continues to grow. On average, in 2020, each human created at least 1.7MB of data per second. This makes it humanly impossible to manage a brand in this hyper-connected modern marketing ecosystem.
Big Data. Machine learning. Artificial intelligence. Brand overview. It’s time to turn those tech buzzwords into real execution. We have entered a new era of brand management where the art of brand management, which has for so long been guided by instinct and experience, evolves into a science fueled by technology. This science is able to evolve faster and more precisely than any human, and it offers marketers a greater level of certainty.
“There are over 25 million combinations of actions that brand managers can take, in a year. Some lead to success, others lead to setbacks. Having so many options can be intimidating when trying to decide which direction to take your brand in, ”said Nadim Sadek, Founder and CEO of ProQuo AI.
“This is why AI has been the game changer for brand managers the most, by speeding up the decision-making process by evaluating all of these potential options, in seconds, and extracting the most meaningful option for them. brands for their growth. It also brings certainty. Confidence that you are making the right investment in marketing. The certainty that you will get positive results, ”continued Sadek.
Businesses and brands grapple with different issues, depending on their size and cause, but there is no denying that competing brands are getting bigger, faster. And the landscape of beauty has never been so crowded or more competitive.
This is particularly the case for the skin care segment, which has been booming in recent years, further accelerated by the period of unprecedented upheaval caused by the pandemic. Data from the ProQuo platform sheds light on the latest trends influencing this market, showing how single consumers have shifted from makeup to skincare routines. The tech platform found that 21% of consumers now wear less makeup than before, and 31% are more interested in the personal and skin care space than they were before the pandemic. .
Total global beauty industry spending in 2020 was $ 483 billion, with an annual growth rate of 4.75% CAGR. This is expected to reach $ 716 billion by 2025. And skincare leads this category, accounting for about 39% of the global beauty market in 2020, and estimated to be worth $ 189.3 billion by the time. 2025. The United States accounts for the largest proportion. of the skin care market, with an estimated turnover of 36.5 billion dollars in 2020, representing a share of 27.03% of the global market.