Founded in June 2015, Perfect Corp., the global leader in augmented reality and artificial intelligence-based technology that beauty and fashion companies are turning to for quick and easy solutions as digital continues to to drive the evolution of the shopping experience.
Globally, more than 400 brands and retail partners, spanning luxury, prestige and mass, have adopted Perfect’s 15+ Beauty Tech Saas products. These companies include Meta, Tencent Wechat, Sephora, Dior, Chanel, Neutrogena, Benefit, and Harrods, among others.
During his summit session, titled “Evolution of the Shopping Experience,” Wayne Liu, Chief Growth Officer and President of Americas at Perfect Corp., said research shows that 70% of consumers believe shopping experiences are more important than material goods. And as that sentiment continues to grow, he said, advancements in technology are positioned to increase non-contextual communications. Digital ownership will be a game-changer for brands where digital communications and experience are redefining the brand/consumer relationship. Sixty-two percent of consumers agree that having new technology is “exciting.”
“Right now, technology is the best way to change the way you communicate with your customer,” Liu said. “It can change the relationship between buyer and brand because it allows you to use a non-contextual way to communicate and create a digital product.”
Online shopping has accelerated the evolution of shopping exponentially. In 2022, cosmetics and beauty e-commerce sales in the United States doubled compared to 2019. By 2026, e-commerce is expected to account for nearly one-third of total retail sales.
“The need to use beauty technologies to enhance the online shopping experience is more pronounced than ever,” Liu said. “Data from Google tells us that over 90% of Americans currently use or would consider using AR for shopping. This makes sense because in the human brain, 30% of neural activity is in the the cortex, they are visual.
When it comes to more personal items, such as lipstick and eyewear, virtual try-on experiences allow shoppers to feel more comfortable shopping online. In the beauty category, these features quickly become table stakes. Google data shows that 43% of consumers who use smartphones to shop expect all beauty brands to use augmented reality.
What all of this means, Liu said, is that companies need to plan ahead and ask themselves what their strategy is for 3D assets and how does the hardware offering become part of the marketing? Another thing to consider, he said, is that “the AR standard is not the AR for everyone. You have to consider two things: your product has to be standardized and your product has to be customizable.”
Using Perfect’s technology, beauty brands can bring their products to life with state-of-the-art AI and AR experiences, including hyper-realistic AR virtual try-on, AI foundation shade finder, AI face and YouCam tutorials. Similarly, fashion brands use Perfect to offer consumers a virtual try-on of eyewear, earrings, rings, bracelets and watches.
Perfect’s advanced AI technology can even provide consumers with a skin diagnostic experience where the user receives a detailed skin assessment and personalized product recommendation. The diagnostic tool analyzes up to 14 skin concerns to provide the best possible product recommendations tailored to each unique user. The AI-powered skin emulation tool further allows the user to view enhanced skin with AI-powered emulation, removing up to seven skin issues.
Using Perfect’s technology, brands have seen a 250% increase in sales conversion and a 200% increase in customer engagement. The company’s partner brands reported a 30% increase in adding products to cart and a 300% increase in website traffic.