The cosmetic sector is getting bigger in
these last years, we talk about a market
share up from $483B in 2020 to $511B in
2021 and with an annual compounded
growth rate of 4.75% worldwide, it’s
predicted to exceed $716B by 2025. And
$784.6B by 2027. Figures that attract
investors and shareholders to enhance
these opportunities and develop its
business model. in order to diversify the
company’s revenue.
Modiface is a Canadian start-up that
brings together researchers and experts
in digital technologies. Among its projects
is the creation of a concept based on an
“augmented reality software development
kit” AR SDK, dedicated to the cosmetics
sector.
An augmented reality software
development kit or AR SDK, allows
developers to build digital objects that
appear to blend into the real world. An
AR SDK is crucial to any business that
creates AR experiences. These tools
offer functions such as 3D object
tracking, image recognition, visual SLAM
(simultaneous localization and mapping),
multi-tracking, and more, which allow
developers to produce digital images. AR
experts can utilize these SDKs to develop
mobile apps, marketing experiences, and
more. These SDKs are typically intended
for specific frameworks and hardware;
however, some AR SDKs can be
supported across multiple systems,
creating more flexibility.
By adopting Modiface solutions, which
are a virtual makeup try-on, virtual hair
color try-on, and augmented reality
shopping, the customers will virtually (e-commerce websites) test the beauty
product, and it will be easy for them to
make the buy decision.
L’Oréal Group decide to make a change
that allows its business to optimize its
operational processes and to increase
performance, while simultaneously
offering simplified management and
remote working. In this way, the process
of the testing product, which is very
important for the customer, can be
digitized.
The acquisition of Modiface by L’Oreal
was a business model change, in order to
bring the possibility to unify the
businesses and organizations of a
company because it creates transversal
synergies and increases agility and
collaboration in the working methods.
To help the company improve
performance management as well as the
human experience, L'Oréal should have a
strategic objective of collecting data on
customers, different products, and brands
all over the world to use them to define
new needs of customers and target
audiences through a different platform.
By Mounib Mrani
Strategy & Transformation Consultant
Alton Morocco