Using the internet and social media, PT Avo Innovation & Technology has gained rapid traction in selling beauty products.
The beauty and cosmetics sector is a big market in Indonesia. Data analytics company GlobalData expects the cosmetics and toiletries market in Indonesia to reach Rp 105.1 trillion by 2023, registering a CAGR of 8.4% from Rp 70.3 trillion in 2018. Meanwhile, skincare products, which contributed the largest share of 31.1% in 2018, are projected to record the fastest growth with a CAGR of 9.6% in the period 2018-2023. And in recent years, beauty trends spread not only through television or magazines. Most people now look up to beauty influencers for recommendations and inspiration in regard to beauty products and looks. Beauty influencers refer to people sharing their thoughts and experiences on beauty products on the internet or social media. How people purchase beauty products has also changed, with as little as a few clicks through online shopping, the products are delivered to their door. Consulting firm Cekindo estimates that 7% of total revenue in the Indonesian cosmetics industry will come from online sales in 2021, and this figure is expected to keep on growing.
This story is from the July 2019 edition of Forbes Indonesia.
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This story is from the July 2019 edition of Forbes Indonesia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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