|Big data can help big companies to analyze and plan strategies on how to reach out to specific target market / Photo by Getty Images|
One of the more obscure industries that have taken an interest in big data is that of indie beauty brands around the world. By using this large collection of information, they are able to provide one-of-a-kind products, as well as services that can cater to their respective target markets efficiently.
Using big data in businesses is nothing new, but the way it can be utilized by different companies is what sets every organization apart, as well as the the information taken, and how it can be optimized. This was understood by the Tmall Innovation Centre (TMIC), by the Alibaba Group, as they primarily focusing on reverse engineering the process of developing products. By doing so, they are able to understand the core components of each and every part of the product in question and get relevant information to provide better opportunities for specific Chinese markets that they will take advantage of for better profit. Recently, the company partnered with L'Oréal China to provide a new beauty line that is specifically designed for the Chinese market.This was done using big data as well as specific processes to more thoroughly understand the market of China, and to find particular elements in products that appeal most to that market.
This is just one application of big data assisting beauty brands. Another example would be Proven, a beauty startup that creates personalized skin care by taking and distilling information from the web to get a more accurate read on their market. This is then taken a step further by using artificial intelligence (AI) and machine learning to digest millions of articles and pages related to ingredients, product reviews and so on. Freewill, an Indian beauty company, analyzes customer characteristics to create custom hair products for their clients. This is only the surface of the possible uses for new technology in beauty, hair care, and beyond.