In the last decade, the South Korean beauty industry or K-beauty has taken the world by storm. South Korea has transformed itself into a land of creativity and innovation. It is upping its game in every aspect and making the world groove over on the tune of Hullya (Korean wave). In 2019 the K beauty industry was worth $13 billion, making it one of the top players in the global beauty industry. Following are some marketing lessons that Korean beauty Industry teaches every one of us.
Innovation is the key
Essences, sleeping packs, BB cream, peel off mask, cushion foundation are some examples of the dedication that the K-beauty industry has in innovation and providing the best products to their consumers. Koreans have tremendous knowledge about skin and have high expectations from their merchandise. Thus, companies work hard to provide the best products and affordable pricing to stand out in the market. This combination of high quality and low pricing give K beauty an edge in the global market
Up to date
K Beauty Industry is always trying to improvise. They are way ahead of the world in terms of beauty trends. For example, Collagen which is a hot favorite in India currently was a hit in the Korean market in 2018. On average K-beauty spends less than six months in planning and launching a new product, which helps them in meeting the demands of the changing market. Koreans also don’t shy away from using an unusual ingredient such as snail mucin which is known for its healing properties. The effective R&D department of Korean companies is the reason behind some of the top global brands such as L’Oréal and Dior’s collaboration with them.
The social media and Influencer factor
Influencer marketing is a major part of K beauty marketing. Koreans are tech-savvy and K beauty has cashed on this quality of their consumers. They team up with leading beauty influencers to promote their product and also educate customers about new products.
Prevention is better than cure
Korean beauty industry follows the “skin first” philosophy. The importance of skincare can be learned from the fact that there are 10 steps in their daily beauty regime. This makes their product efficacious and has helped them to win the trust of the consumer on a global level
My take: France and Japan had been dominating the global beauty industry, K-beauty with its technology and innovation has won the customer's heart. From effective products to good branding, K-beauty has gifted the world with the best merchandise. They have also gracefully upgraded themselves for the international market and set a benchmark for their competitors. K-beauty is ambitious in its growth and inarguably the future of the Beauty Industry. It is predicted that by the year 2026 the net market size worth of K-beauty industry will be $21.8 billion with a CAGR of 11.3% from 2019-2026.