Weekly Newsletter - 10.30.2024

Beauty Industry's 2024 Financial Outlook

Author

Zihan Lyu
October 30, 2024 • Estimated Reading Time: 6 minutes

Sales is transforming, but core principles endure. Expert Roderick Jefferson highlights the essentials: hire for cultural fit and adaptability, with AI helping to identify candidates who align with your team’s needs. Onboarding should be an ongoing journey, including:

  • Company Orientation

  • Role-Specific Training

  • Mentorship from Sales Leaders

Continuous learning keeps teams sharp, with AI personalizing paths for each individual. Data-driven coaching and focusing on meaningful metrics like deal velocity ensure a team built for long-term success.

For more insights, download the ebook, a partnership with Hive Perform and Roderick Jefferson.

INDUSTRY NEWS 📰

The 2024 holiday season is crucial for beauty brands, with online sales expected to reach $240.8 billion, an 8.4% increase from 2023. Key trends include early shopping, high discounts, and the rise of Buy Now, Pay Later and AI technologies, driving consumer spending and influencing shopping behaviors.

Ulta Beauty partners with Rokt to enhance its retail media network, aiming to personalize and elevate the guest experience. This collaboration will introduce non-endemic ads, boosting app downloads and reward sign-ups. Ulta plans to open 200 new stores, focusing on growth and long-term financial targets.

Hydrosome Labs secured $3.7 million in seed funding to enhance sales and R&D. Their patented ultrafine bubble technology improves nutrient delivery in skincare, fermentation, and agriculture. With significant growth anticipated in 2025, the company aims to revolutionize water's role in various industries, including pharmaceuticals and beauty.

INDUSTRY INSIGHTS 🌐

Luxury beauty brands are refocusing on brick-and-mortar retail in Southeast Asia, driven by consumer demand for in-person experiences and high-quality products. Omnichannel strategies are crucial, integrating online and offline platforms to enhance accessibility and engagement. This shift is supported by a growing upper middle class willing to invest in premium beauty.

TheIndustry.beauty LIVE event showcased advancements in digital commerce for beauty brands, emphasizing targeted digital marketing, customer engagement, and innovative retail strategies. Key insights included leveraging social media, enhancing customer experiences, and addressing market gaps, particularly for teenage skincare, to drive business growth in 2025.

EVENTS 📆

Join sales enablement expert Roderick Jefferson from @Roderick Jefferson & Associates as he explores "Ever-Boarding" -- a continuous process for developing and upskilling sales professionals.

Date and Time: Nov 13th (Wednesday), 6 PM GMT / 2 PM ET

You'll learn:

■ How AI can help you provide personalised coaching to sales reps based on their individual strengths and weaknesses, analysing calls, emails, and meetings to identify areas for improvement

■ How to build a culture of continuous learning and development by using AI-powered tools to deliver knowledge bites and reinforce best practices

■ How to design a data-based process that removes time blockers and accelerates the ramping up of sales reps

Sales Intelligence is a Contentive publication in the Sales & Marketing division