Established brands, entrepreneurs, and even start-up businesses are entering the beauty industry, selling skincare products that guarantee miraculous, if not obvious, transformations. In fact, the global market size of the skincare product industry is expected to reach $184 billion by 2025, expanding at a Compound Annual Growth Rate (CAGR) of 4.4 percent, reports say.
How long will this trend last? Experts believe that the skincare industry will show no signs of slowing down at any time soon. Whether it’s developing a line of skin hydrating body scrubs or releasing fragrance-free face masks, as long as brands are committed to innovation, both in terms of marketing strategies and product lines.
So, if you’ve always been interested in selling your own skincare products, it’s time to turn your business dreams into a reality.
What Are Skincare Products?
As the name suggests, skincare is a variety of practices that enhance the appearance of the skin, support skin functionality, and relieve skin conditions. Skincare products include different synthetic and natural products, which include body lotions and face creams.
Skincare also offers a non-invasive way to give your skin a healthier and more youthful appearance by preventing the early signs of aging.
There has been a misconception that only women prefer using skincare products. However, men are also spending dollars on skincare products every year, making it one of the most profitable sectors in the industry.
The Two Sides of Selling Skincare Products
Like any business, selling skincare products has its set of pros and cons. Before you venture into this business opportunity, you have to understand both so you can make an informed decision.
The pros of selling skincare products include:
- Available selling channels.There are many channels available to sell your products, such as affiliate marketing, social media marketing, direct selling, and more.
- Business growth and profitability.Many people are demanding skincare, which offers more business opportunities. More business opportunities mean more profit.
- Different product supply sources.It’s easy to find skincare product supplies from different brands and price levels.
The cons of selling skincare products, however, include the following:
- Fierce competition.Due to the low-entry barrier, you face stiffer competition.
- Storage and handling.Skincare products are often gels, creams, liquids, and other non-solids. Therefore, it requires sellers to have basic knowledge of each product to handle and store appropriately.
- The emergence of low-quality and fake products.This makes customers only trust well-known brands.
How And Where to Sell Skincare Products
There are many business options for those who want to sell skincare items. Apart from running a traditional brick-and-mortar store carrying your products, you can sell through other channels.
Launch an E-Commerce Website
If you want a quick and easy way to sell skincare, build a website. People go online to search for products and search engines often send them to websites for answers.
Before you set up your website, consider how you’re building your e-commerce platform:
- Use a website builder
- Use Shopify
- Use a Content Management System (CMS)
- Code a website yourself
Get In Touch with Desired Retailers
No matter if you sell your business online or in-person, connecting with desired retailers is a great way to create brand awareness, boosts revenue, and build a strong network. To find and contact retailers, follow these steps:
- Target retailers to sell your products. Do your research and ask questions like:
- Who is your target customer?
- Where do they buy skincare products?
- Which region do you plan to sell your products first?
- Make the pitch in person. You can always send potential customers an email or a private message, but the old-school personal pitch is always the best way.
- Solidify your terms. Make sure you protect your financial interests by locking down terms and policies concerning:
- Payment terms and methods
- Minimum orders
- Returns and exchanges
- Shipping methods
- Turnaround time
- Have a sell sheet. Keep in mind that some retailers need time when it comes to bringing your skincare products into their stores. While they’re making their decision, provide them with a sell sheet.
- Prioritize your packaging since this is a crucial step for business owners who plan to focus on their brick-and-mortar retail store. Focus on your packaging to make a striking first impression with customers and retailers.
Sell Through Social Media
Social media is one of the best ways to make more profit from your business. To make it a profitable venture, discover the platform that your customers use the most. Also, make sure that you’re accessible and portray a consistent image.
A detailed and thorough preparation ensures that your business has a competitive advantage in the competitive industry of cosmetics and skincare.
Ally Gonzales is the founder & editor-in-chief of RunningSoleGirl. Along with blogging she is also juggling attending college and majoring in Exercise and Sports Science with a Sports Management minor.