The beauty industry is a $532 billion sector of the economy that is experiencing rapid growth. This growth is largely due in part to the rise of e-commerce and omni-channel sales with projections to reach $863 billion by 2024. Such growth of B2C and B2B sales makes manufacturing supply chain management and order fulfillment more important than ever before.
The cosmetic industry was valued at $532 billion in sales in 2017, according to Globe News Wire. It is projected to $863 billion globally by 2024. This upward trend proves cosmetic companies are generating great demand for their products. The challenge in the health & beauty supply chain is to produce and provide the supply when and where it is needed. As companies compete for this growing revenue stream, product fulfillment management is separating itself as a strategic advantage.
The health and beauty sector is a $64 billion industry in the United States alone. From big box stores to boutiques, to pharmacies on every corner, and now with the emergence of e-commerce, getting the massive amount of SKUs to where they need to be, when they need to be there is more challenging than ever. This is why supply chain visibility is so important to success. Here are three reasons why visibility is so crucial when it comes to health and beauty logistics.
Think back to only a few years ago. How much of your purchasing did you actually do in a store? Since then, has that activity grown or diminished? The likely answer is that you spend less time scanning shelves and standing in checkout lines than you once did. In fact, the number of online shoppers in the United States has grown by over 16.8% since 2010.
Discovering the right mix of talent, ability and character is necessary to meet the new challenges of this increasingly competitive and demanding industry. Enhancing team performance, whether it’s within a single department, a division or the entire organization, it all begins with the right personnel. Here are 4 areas to focus on when hiring and organizing teams to meet your supply chain goals.
A study by L2 Think Tank shows that e-commerce sales for beauty products grew by nearly 30% in 2013. This outpaced only a 6% in-store growth. As this new opportunity continues to show great potential, it’s important for health and beauty companies to embrace and implement an e-commerce strategy as a competitive differentiator.
Imagine hitting a golf ball while blindfolded and on a course you have never played. Without knowing the distance to the hole or the layout of the golf course, you have a better chance of being struck by lightning than of landing on the fairway.
Thousands of dollars have been spent in advertising. Direct Mailers and VIP invitations have gone out in the mail. Sales projections from corporate are at an historic high. The big cosmetic product launch is less than a week away. Amanda Jones, a cosmetic manager for a major Health & Beauty retailer, is hoping the results are as big as the pre-show hype. Amanda has trained and prepared her team, ordered extra inventory, and re-designed the floor plan for her department. Everyone from the CEO to the newly hired sales member is anticipating the most successful cosmetic launch event in the history of the company. The pressure is on.