According to resent Market Research, it was given that the global cosmetics market is expected to reach $390 billion by 2020 as result of the increase invention of new technologies in the industry. With the opportunity to re-develop utilising emerging technologies and various products. The recent global financial crisis in 2008 could not bring the market down, and it has since then grown from strength to strength. Previously, the cosmetics industry has been a physical retail experience in exemplary stores to attract consumers and promote sales. The increased investment in technology of cosmetic companies, however, has led to a digital transformation in the industry, and at the same time has allowed new brands to grow successfully. As a result, companies in the industry found it easy to adjust to different trends and changes in technology.
Here are some areas and the level at which cosmetic firms are adapting to the technological change