Why You Should Use AI In Beauty
On Wednesday 4th December, CEW welcomed Nidhima Kohli, CEO of Beauty Matching Engine™ (BME) and My Beauty Matches™, to discuss the importance of personalisation and customer loyalty in an ever-expanding beauty market.
Nidhima started by discussing how she began her career in Investment Banking, looking at Big Data and studying Quantitative Analytics before qualifying as a beautician and makeup artist at the London School of Beauty. This led her to found Beauty Matching Engine™ by combining her data analysis skills with her extensive knowledge of the beauty industry.
She explained that although over 80% of consumers in beauty are open to trying new brands, there are challenges that the beauty industry faces, such as increased online and social shopping, time-poor consumers, and rising costs. Customer experience and personalisation is key to maintaining and increasing customer loyalty. Although many companies have tried to implement personalisation in the beauty industry, they often fail as no two individuals have the exact same beauty needs. This is an issue across all categories from hair to skin care, makeup and more. Although AR and AI can be combined to create virtual makeup apps, this has not yet been possible for skin and hair care.
She went on to explain the benefits of Beauty Matching Engine™ (BME) which combines Artificial Intelligence with a beauty specific and competitor intelligence. After just one short questionnaire companies can “Personalise. Predict. Survive” meaning relevant products will be suggested time and time again. Once implemented, BME can lead to huge benefits for beauty companies such as a 30-300% increase in conversion rate and a 50% uplift in customer return rates. There is still a long way to go with personalisation within the beauty industry but over time with increases in technology and increased transparency, it will lead to dynamic and optimal personalisation for the beauty industry.