In the wake of the pandemic, consumers have increasingly turned towards health & wellness across categories. This trend was already starting to manifest in beauty pre-pandemic but has since accelerated, with health and beauty continuing to merge into ‘wellness beauty’.
Multiple small & nimble players have entered to disrupt the market, and beauty companies must innovate to stay relevant. But how? With what offering? Under what value proposition? There are several unknowns on how to best take this step.
This challenge aims to crowd-source ideas on how you can bring beauty and health & wellness together into a single proposition that consumers might need and want.
We are most interested in one of the following 3 beauty categories, but you can explore something else if you have a great idea:
- Skincare (biggest & fastest growing beauty category)
- Make-up (the 2nd fastest growing beauty category)
- Hair Care (the 2nd largest beauty category)
Think of this challenge as an elevator pitch for your business idea on beauty and health & wellness convergence. Here’s a quick article about some companies that are successfully trying to bridge the gap between wellness & beauty.
Please answer the following questions:
1) What is your idea:
- Explain the high-level idea – what is the main concept, what are its benefits, what does it offer to consumers etc
- Specify the offering – are you offering products or services, or something else (e.g.; an experience)?
- Specify the market focus for your idea (e.g.; mass market vs luxury vs niche vs specialist products)
2) Why this idea – rationale and data points that support your idea:
- Do you think there is an overall opportunity in the market to complement beauty products and services with health & wellness into a single proposition for consumers?
- What data points can support your hypothesis that this idea has a potential to succeed in the market? E.g.; what pain points / consumer needs would it solve (add data points to support these)?
- Are there other such offerings already on the market? If so, what is the competitive advantage that this offering will have?
3) How would you operationalize this idea?
- What is the commercialization / monetization model behind your idea – i.e.; how will you make money?
- What channels would you use for this idea? E.g.; would you offer it via traditional stores vs online or both? If online – is it a platform / app, marketplace etc?
Considerations:
We are looking for innovative ideas that are not yet existing / or well developed in the current market. If you have an idea that already exists in the market, please try to come up with new ways on how it can be operationalized / monetized and taken to market (instead of just replicating an existing business model)
- 1-10 Scale
Awards:- $1,600
Deadline:- 27-10-2022
