Smaller beauty businesses risk benefits if not leveraging AI

Smaller beauty businesses risk

Smaller beauty businesses risk: Online skin analysis and virtual try-on services are two examples of how artificial intelligence (AI) is quickly permeating the cosmetics market. While large companies seem to be embracing new technologies with ease, smaller firms are starting to worry that they will fall behind, according to the British Beauty Council. To keep things fair in an industry where microbusinesses account for over 75% of the total, it is essential that they have access to and can grasp these advancements.

Smaller beauty businesses risk

Oxford Economics’ Value of Beauty Report 2023 identifies artificial intelligence (AI) research and development as a major threat to the personal care industry, particularly to SMEs. In response to a 25% increase in small and medium-sized beauty businesses (SMEs) from 2015 to 2022, the British Beauty Council and other industry groups are collaborating with the E-commerce Trade Commission to investigate how SMEs can tap into the potential of artificial intelligence (AI), as detailed in a recent article by the council.

Chief of Policy Victoria Brownlie highlights the time and resource constraints experienced by small businesses and highlights how AI may automate jobs to reduce these limits, enabling staff to focus on strategic objectives. According to her, “AI can play a crucial role in addressing this, freeing up staff to focus on the hands-on tasks they need to do.”

The British Beauty Council is an independent group that has been around since 2018 and is committed to solving industry-wide problems. The organization’s mission is to rally the industry behind initiatives to boost the sector’s standing in the eyes of lawmakers and encourage its continued expansion, as it is the preeminent industry-wide body devoted to this purpose.

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