in-conversation with ...

2024 in Review

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What to Expect in This Episode

 

From groundbreaking advancements in technology to the rising demand for sustainability and inclusivity, 2024 proved to be a pivotal year for the beauty sector. This episode dives deep into the defining moments and asks the big questions:

 

  • Who were the winners and losers of 2024?
  • How did brands navigate evolving consumer demands?
  • What’s next for the industry?
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    • Meet the Panel of Experts

     

    • Arnita Wofford, Chief Marketing Officer at Sweetch
    • Amarjit Sahota, Founder of Ecovia Intelligence
    • Armaan Mehta, Co-Founder Odore

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      Together, they explore topics such as the cost-of-living crisis, greenwashing, AI-driven innovation, sustainability regulations, and the power of community-driven marketing.

       

       

      Highlights from the Discussion

       

      Consumer Challenges in 2024

       

      The panel explored the biggest hurdles brands faced in engaging with today’s informed and demanding consumers:

       

      • Transparency and Trust: Consumers now demand full transparency about ingredients, supply chains, and sustainability efforts.
      • Cost-of-Living Crisis: Financial pressures forced shoppers to scrutinize every purchase, driving demand for multifunctional, high-value products.
      • Overconsumption and Greenwashing: Confusing claims around "sustainability" left consumers questioning what green truly means.

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        Technical Challenges and Innovations

        The cosmetics industry walked a fine line between innovation and practicality:

         

        • Ingredient Innovation: Arnita highlighted the ongoing challenge of balancing natural ingredients with performance and environmental impact.
        • AI and Biotechnology: Amarjit pointed to AI’s growing role in customization, formulation, and consumer research, alongside breakthroughs in sustainable ingredient production through biotechnology.
        • Content at Scale: Armaan noted the increasing reliance on content creators and user-generated content, pushing brands to find scalable solutions to engage consumers authentically.
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          • Environmental and Regulatory Challenges

           

          As sustainability took center stage, the panel shared insights into the environmental and regulatory pressures shaping the future:

           

          • Packaging Challenges: Single-use plastics remain a significant obstacle, with innovations like refillables, bioplastics, and circular design gaining traction.
          • EU Regulations: Amarjit discussed Europe’s new sustainability standards, including the EU Green Claims Directive, which requires scientific evidence for all environmental claims.
          • Responsible Consumption: Arnita emphasized the need for education and better messaging to address overconsumption trends driven by "performance beauty."

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            Key Takeaways: 2024 in Summary

             

            Each panelist shared their perspective on what defined 2024 for their corner of the industry:

             

            • Arnita Wofford: "2024 was a sprint towards a more positive impact for the future. Despite challenges, biotech and technology continue to fuel innovation."
            • Amarjit Sahota: "It was a mixed year. Consumers are more informed but still confused by greenwashing. The future lies with sustainable brands that walk the talk."
            • Armaan Mehta: "Community was the key theme in 2024. Brands that fostered authentic connections through user-generated content thrived."

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              in-conversation with ...By Global Cosmetics Media Ltd