The CEO of Wunderbrow’s parent company KF Beauty, Diego Mandelbaum has revealed marketplaces have now got a bigger opportunity to trade compared to before the Covid-19 pandemic.
Mandelbaum, who is a speaker at the 2023 ChannelX World taking place in London in October, tells InternetRetailing: “There was a peak in online spending during the pandemic, but as that came to an end, customers got used to buying makeup online.”
As a result, more people are using marketplaces to buy beauty products, resulting in more beauty companies like Feel Unique and high street retailer Superdrug both launching their own marketplaces, he says.
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Last year, the high street retailer unveiled its marketplace, featuring over 300 brands. At the time, Superdrug marketing and ecommerce director Matt Walburn said the launch was an exciting next step in its digital transformation programme.
However, with more retailers launching their versions, Mandelbaum notes: “At the end of the day the marketplace has to work as an ecosystem with brands.
However, he also praises the advanced use of technology such as augmented reality (AR), which he claims allows customers to “buy makeup much easier” and will see more growth in the future.
Commenting on the future of marketplaces, he predicts that more retailers will opt for a hybrid marketplace model, introducing more technology into their bricks-and-mortar sites.
He concludes: “More retailers will be using touchpoints in-store allowing customers to access their online marketplace in the physical world.”
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