Impact Of COVID-19 On Import Of Cosmeticsby Dolly K. Digital Marketing Executive
The Pandemic of Covid-19 has highly impacted many parts of life and has brought many changes in the current economic situation. It has also affected the import of cosmetics including its growth rate as well as the revenue statistics. Which is clearly reflected by the slowdown in the pace of cosmetic product registration in India. Some of the comprehensive factors include the market share, trends, market size, application spectrum as well as the revenue graph.
However, the global cosmetics market offers a perfect competitive analysis of the business-driven outlook that puts emphasis on the expansion tactics that is adopted by important players in the industry.
As per the latest reports, the import of cosmetics is expected to have a lucrative annual growth rate during the expected time period. It also portrays vital information in relation to the assessment that the global cosmetic market retains an in-depth analysis of the market trends along with various growth opportunities.
The analysis is made based on the product price, the demand and supply dynamics, the overall volume produced along with the product revenue. The manufacture of the product is studied based on the varied contributors like the manufacturing plant distribution, capacity, development, research etc.
The global cosmetic market has responded very positively to this pandemic with most of the brands now changing their manufacturing to make hand sanitizers along with cleaning agents and providing some of the free beauty services to the frontline response workers.
Here are various ways in which the import of cosmetics is changing because of COVID 19:
● Some of the beauty market product brands are ready for scaling up eCommerce sales as high as their pre-covid19 sales.
● Even if in-store shopping is low and differentiated there is still hope that the sales will bounce back.
● Most of the brands and retailers are turning towards promotions to bring in customers and a very clear inventory. Promotions help in moving up the unsold seasonal inventory.
Before the pandemic, the definition of beauty became more global, intertwined as well as expansive based on any individual sense of well-being. This Covid-19 crisis is not likely to change this trend and thus, there is a reason for hope.
Created on Jul 9th 2020 08:06. Viewed 145 times.