Five Taiwan
Excellence Award winners from the cosmetics industry in Taiwan demonstrated
their most innovative products during a webinar held recently. The event was
jointly organized by Taiwan External Trade Development Council (TAITRA),
Taiwan's foremost trade promotion body, and the Bureau of Foreign Trade,
Ministry of Economic Affairs.
While the global
retail industry is experiencing great difficulties caused by the raging
COVID-19 pandemic, the beauty industry continues to demonstrate great business
potential. According to Mr. Walter M. S. Yeh, President and CEO of TAITRA,
"the market was worth US$298 billion in 2018 and will exhibit a compound
annual growth rate of 5.1 percent during the forecast period."
Dr. Grace Liao Yuan
Li, an expert in the skin care product industry, also added that the global
beauty products market is the fifth largest consumer sector, with the Southeast
Asian market having the highest growth rates in the world. Although most
consumers in the region prefer to shop through traditional channels, beauty
brands are being forced to take the digital transformation to overcome the
COVID-19 crisis.
During the 90-minute webinar, a beauty technology brand, Perfect Corp., demonstrated how their products can fit the zero-contact demands. The latest virtual try-on solution detects face masks, allowing users to try on products without taking their masks off. Even more, Perfect also upgraded Artificial Intelligence (AI) and Augmented Reality (AR) technologies by supporting voice activation and gesture control, where everything can be zero-touch and absolutely safe to consumers. It helps beauty brands get away from the waves of the pandemic impact and even possibly earn 2.5% up to 38% increase in sales conversion rates.
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| (From left): Judy Ho, International Sales Executive, Shiny Brands Group Co., Ltd; Nathaniel Dick, Director of International Development, O'right International Corporation; Tony Tsai, Senior Manager, Perfect corp.; Michelle Lin, Deputy Executive Director of Strategic Marketing Department, TAITRA; Annie Wu, CEO, Annie's Way International Co., Ltd; Cathy Liao, Representative, ShaanHonq International Cosmetics Corp |
Shaan Honq (SH-RD)’s
products, on the other hand, help consumers protect their hair from UV and
heat, and are widely used by Hollywood celebrities. O’right announced its new
tooth paste was awarded with 100% USDA biobased certificate. O’right’s products
are not only 100% safe but also support sustainable development of the environment.
Shinybrand introduced their brand MIRAE and a series of products for daily skin
care, where the brand partnered with renowned skin care teams in Korea. Annie’s
Way, meanwhile, offers nine different jelly mask variants and provides a whole
new different experience for skin care.
The event also
covered how brands passed global standards and HALAL or BPOM (Badan Pengawas
Obat dan Makanan or the Indonesian FDA) certifications, which are essential
for entering Southeast Asian markets. It attracted over 3,000 views online from
countries such as Malaysia, India, Indonesia, the Philippines, Singapore and
Thailand. More events will be held that focus on medical products, including
eye care, assistance devices for the elderly and dentistry.
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| (From left) Cathy Liao, Representative, ShaanHonq International Cosmetics Corp; Nathaniel Dick, Director of International Development, O'right International Corporation; Judy Ho, International Sales Executive, Shiny Brands Group Co., Ltd; Tony Tsai, Senior Manager, Perfect corp.; Annie Wu, CEO Annie's Way International Co., Ltd |
To view the video of the online product launch, please visit: https://www.youtube.com/watch?v=d7v6Lynr3N8.
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