2021 Beauty Industry Trends & Cosmetics Marketing [Common Thread Collective]
This exhaustive report covers:
- Statistics: Beauty Industry Market Share & Growth in 2021
- Trends: Insight from the Top Cosmetics Brands & Companies
- Strategies: Your Ecommerce Cosmetics Marketing Growth Plan
A few interesting stats:
- Beauty industry grew from $483B in 2020 to $511B in 2021 (+5.8%)
- Predicted $784.6B by 2027 (+62% vs. 2020)
- Where do people buy cosmetics in the US?
- In retail, 96% of sales belong to top 20 manufacturers
- In ecommerce, only 14%.
- Skincare is the main category, and growing:
Loads more in the full article.
Site search as a tool to uncover intent data [Twitter thread]
- Site search is still a huge opportunity for marketing and product teams to get intent data that can inform your site’s navigation, product catalog and content strategy.
- Only 15% of companies have dedicated resources working on internal site search and only 7% reported that teams learned from site search data.
- Visitors who use site search convert at 2-3x compared to non-searchers
- Important site search metrics to look at: Top Queries (search terms visitors use on the site), Search Refinement (percent of searchers that result in visitors modifying their query), Search Exit (rate at which visitors leave your site from a search results page).
- If both search refinement and search exit are high, content on your site doesn’t match what your visitors are searching for.
- What should you do with the data?
- Update site navigation. Test different menu options for queries that represent categories.
- Improve product descriptions and tags.
- Fill content gaps. Write new blog posts or articles around queries that align with your business goals.
How We Reimagined A/B Testing at Squarespace [Squarespace]
Over the past year, Squarespace has been turning A/B testing into a simple, repeatable process that scales with their product aspirations.
The key changes they made:
- Unified Testing Infrastructure: Giving the team an easy way to create new tests and providing self-service BI tools to product analysts.
- Fostering a Culture of Experimentation: Promoting A/B testing as a way of thinking and empowering Product to incorporate testing into faster, more iterative development cycles.
The article describes the tooling and culture improvements they made and as a result how A/B testing at Squarespace became faster, more accurate, and more impactful.
Squarespace’s journey from good to great tests:
A Designer’s Superpower: UX Writing [UX Collective]
Words create the experience.
It’s easy to overlook the small elements such as button labels and error messages in favor of the more prominent elements such as page titles and subheadings but the success of a user interface is dependent on every single component of it, large or small. Paying attention to every single word will make a big impact on the overall experience of your product.
Writing is an essential part of creating great experiences for our users. Take advantage of the opportunities that you get to practice your writing. Some opportunities to write are:
- Button labels
- Error messages
- Page titles and subtitles
- Onboarding flows
- Confirmation modals
- Loading messages
- Checkout flows
- Empty states
- And many more!
You’ll also find links to writing tools, books, articles, resources.
How to Create a Measurement Framework — KPI Generation [Datarithmics]
The article shows the end-to-end process of creating a set of KPI along with several worked-through examples.
You’ll find explanations and examples for each element and how to use the framework.
For example, if you want to become the #1 banana seller in the world, here’s a set of KPIs that would make sense for you:
Until next Thursday!
PS. One of my KPIs for GrowRevenue is the number of interesting discussions or replies I get. So far, it’s trending upwards. If you want to improve the KPI, just drop me a note 🙂