The beauty landscape in India has changed drastically over the years. With the entry of international brands and rise in homegrown labels, the beauty consumer is spoilt for choice.
A recent report from Redseer Strategy Consultants, along with Peak XV, the beauty and personal care market in India is poised to reach $30 billion within the next three years.
The latest big entry in the Indian market is the beauty store Tata CLiQ Palette from the conglomerate Tata. It offers products, on online and offline (it has two physical stores, in Pune and Navi Mumbai), from over 1,000 brands across various categories like make up, skincare, fragrances, haircare, bath and body, and men’s grooming.
In an interview, Gopal Asthana, chief executive officer of Tata CLiQ, talks about what makes Tata CLiQ Palette different, the idea behind it and what the Indian consumer wants. Edited excerpts:
India stands out for its growth potential. It is fundamentally a strong economy and is overtaking China to become the most populous nation. As the world’s fastest-growing economy, the opportunity is immense. The beauty market in the country is not quite penetrated yet. With an increase in disposable income, rising internet penetration, newer cohorts of consumers emerging, and consumers willing to experiment, there's enough space for growth.
Beauty, as a category, is extremely personal, and every individual's beauty journey is unique. We aimed to introduce a new way to discover beauty by taking away all the exhausting research one would have to do to find the right beauty product for oneself, which led to the inception of the Tata CLiQ Palette. Our vision is to deliver a tailored beauty experience by integrating technology, thus revolutionising the beauty landscape, both online and offline.
Consumers who actively shop for beauty products online and view beauty as a way of expressing themselves.
Our USP is the Beauty ID technology, which we are building and aims to offer a unique experience to the customer, thus enabling them to find their right beauty match.
Shopping for beauty often involves in-depth research and finding the right formulas. Our Beauty ID technology makes this journey easy for consumers. We have extended this experience to our offline stores as well. The stores feature the Palette Professional studio, where customers can explore and test beauty products in an eco-conscious way with the help of cutting-edge AR devices like the Palette Match Finder, a mirror technology that allows customers to virtually experiment with different makeup looks to discover their ideal beauty style. In addition, the studio features the Palette Beauty Console, which gathers pertinent customer information such as gender, age, and skin type. It scans their face to provide a comprehensive analysis of the customer's skin health and recommends personalised products tailored to their specific needs and available in the store for them to shop. There is also a fragrance experience table, where customers can explore different fragrance notes. Apart from this, we have a gifting section that allows customers to curate their gift boxes based on occasions, moods, or personal preferences. Personalised product engravings are also available on tools, perfumes and lipsticks.
Navi Mumbai has a strong infrastructure and is one of the most emerging and promising locations for brands to invest. In response to market dynamics, we are recalibrating our retail strategy, specifically focusing on meeting current needs in underserviced catchments. This ensures that our growth is not just quantitative but also tailored to provide enhanced and targeted experiences for consumers.
Indian beauty customers seek a comprehensive, holistic and enriching beauty journey. They prioritise ease of discovery when they are shopping for beauty. The customer today is keen to understand the benefits of products and the kinds of ingredients used, which helps in addressing their concerns or needs. Given the needs of every beauty shopper are unique; they are constantly on the lookout for personalized experiences and products. Hence, apart from educational content being highly valued, customised experiences and products are also key. A wide selection of products and competitive pricing have become crucial.