Marketplace All-in-One
The beauty industry is betting big on AI
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The global beauty market is expected to hit almost $600 billion by 2030, according to a report by McKinsey & Company. And just like pretty much every industry, it's being transformed by AI.
L’Oréal and OpenAI announced a partnership this summer to bring virtual makeup try-ons and product discovery to ChatGPT. An AI styling firm called Alta is integrating e.l.f. Beauty products into its virtual try on avatars. And consumers are increasingly looking to chatbots for skincare and makeup recommendations.
Apparently beauty inquiries account for almost half of generative AI retail referral traffic, according to market research firm EuroMonitor. For more we're joined by fashion-tech journalist and consultant Maghan McDowell, who's been following this trend.