Page 52 - EM - EXPORT MAGAZINE PERFUMERY EDITION

R E P O R T

“The market has changed significantly, shifting from luxurious and A THRIVING BEAUTY TECH HUB
expensive department stores to more digital retail-orientated smart Perfect corp is a tech company that understands beauty,
consumption,” explains Jonathan Ohana “European brands are it is transforming the industry particularly in the areas of 3D
no longer the most credible and attractive products. Instead, local facial modelling and deep learning technology. Working on
brands and other Asian brands, particularly from Japan and Korea, the principle of ‘try more, buy more’ Perfect corp has helped
have gained popularity due to their effective marketing, appealing beauty giants like Estée Lauder, Benefit Cosmetics and e.l.f.
packaging and affordable prices. The market has become more cosmetics increase their conversion rates with triple digit yields.
open, and recently we have seen brands from Thailand and even the impact of this game-changing technology in retail metrics is
Australia performing well online.” significant with quoted data showing an increase of 40% in the
He also notes the influence of the new generation Taiwanese average customer basket size and a significant 8% reduction in
customer who is moving away “from brand-oriented consumption, return rates.
where consumers sought well-known luxury brands to acquire higher
social status, to a more personal and smart choice based on price,
specific actions, or ingredients”. Although the market leaders are
still the multinational brands and groups such as SK-11, L’Oréal,
Shiseido and estée Lauder; Ohana has seen the growing success
of brands like Sabon in taiwan as well as local companies like
mirae who leverage Korean brand ambassadors and strong
marketing, a combination that is delivering exceptional online
retail results.

Valued at over $1billion Perfect corp R&D team are based in
Taiwan, a clear reflection of the high quality engineering talent
and expertise in innovation within the country. A characteristic
which is shaping the future of the beauty industry and
transforming the consumer shopping experience by enriching
brands relationships with their customer.
Jonathan Ohana of tal-Yah is seeing the impact of this increase
in interactive technology particularly by make-up brands, “AI
will help determine the most suitable make up styles and colours
to help his brands master the ever-evolving beauty sector in for individuals” he goes on to explain that “this exciting journey
taiwan, tal-Yah works with a consulting team that analyses may lead to a radical change in marketing and sales approaches,
market trends, identifies new opportunities and collates insight potentially reinforcing both local and multinational brands while
on the market needs. possibly pushing others out of the market.” For brands looking to
this information informs the multi-channel, multi-media capture the taiwanese customer
approach tal-Yah implements for their clients to ensure that all this important point is reinforced
important brand visibility and engagement with the taiwanese by a recent survey which reported
customer. 44% of consumers now want to use
Known for their skill in launching as well as growing their partner augmented reality try-on before
brands in taiwan, Jonathan Ohana’s top tips for brands looking purchasing while 53% want to have
to enter taiwan are: access to virtual advice.
1. Build Regional Awareness Science and new technology are
2. embrace Flexibility and Digital Orientation additionally enhancing the private
3. Offer Clear, Easy-to-Understand Products label process as well. John Lee,
4. Be competitive as Price Sensitivity is Important c.e.O. of Jolab, a leading company in
5. Start cautiously, Adopt a Gradual Investment Approach taiwan’s cosmetics manufacturing
6. conduct thorough market Research industry, explains “the widespread
7. Innovate continuously. application of AI technology in skin
Source: Perfect corp. website
46