“Isn't the Metaverse a Failed Experiment?”

Such is the common perception pervading the public sphere concerning the metaverse. This digital innovation, once heralded as a revolutionary game-changer, has seemingly morphed into an object of ridicule in a mere span of 2-3 years. This reaction is hardly surprising; Facebook made the audacious move of rebranding itself as Meta, proclaiming the metaverse would revolutionize the world, yet has delivered nothing of note. Our disillusionment with the metaverse isn't without solid reasons, is it?

This prompts the question: Is the metaverse genuinely an industry heading toward oblivion? Contrary to mockery and disappointment among the general public, the industry appears to be consistently investing in the metaverse.

Notably, corporate entities and governmental agencies leveraging the metaverse seem to be redoubling their efforts. Moreover, consulting bodies and investment banks are incorporating the metaverse into their comprehensive reports.

“The Beauty Players Who Are Serious about the Metaverse"

Amid such tumultuous circumstances, there exist cosmetics conglomerates that envision a promising future for the metaverse. They're the likes of global giants such as L'Oreal, Estee Lauder, and P&G. What, one wonders, compels these cosmetics titans to invest in the uncertain domain?

Upon analysis, it becomes apparent that these corporations are harnessing the metaverse for three main objectives. Firstly, as a platform for next-gen commerce via virtual stores. Secondly, as metaverse pop-ups, a novel way to narrate their brand's identity. Lastly, the “Opportunity For Innovation” type, a method to broadcast the company's innovative and trend-setting image.

While we, the general public, may scorn the metaverse, these global cosmetics corporations have been decidedly proactive in its utilization. Going forward, let's delve into some of these intriguing case studies involving the use of the metaverse within the beauty industry.

The Swift Transformation of Beauty Distribution Channels

Before we delve into the heart of the matter, let's momentarily journey back a decade to consider the landscape of cosmetics distribution.

In the year 2013, offline channels held a formidable influence. Door-to-door sales, the foundational pillar of Korean cosmetics, combined with burgeoning beauty storefronts and road shops — as common as convenience stores — all showcased significant growth. During this period, online channels held the smallest sliver of market share.

In 2013, a scant 8.1% of cosmetic channel sales were conducted online. Though the consensus suggested that online would become a pivotal channel, few companies were proactively preparing for this shift. The reason lay in the strong backing provided by offline channels, serving as reliable cash cows, and the consistent revenue streaming in from China.

Fast forward a decade, and it's widely acknowledged that online channels have ascended to become the paramount distribution channels within the cosmetics industry. With the ascendancy of online channels, corporations that failed to proactively embrace this digital transformation have found themselves facing challenges.

Next-Generation Commerce and the Metaverse

In the year 2023, the discourse surrounding next-gen commerce is at its peak. The online channel's importance in the future is irrefutable, but concurrently, the industry is also grappling with the limitations of digital retail, such as restrictive image-based customer experiences and limited time spent on websites. As an alternative to digital retail, the metaverse has become a key topic among experts.

A report by McKinsey anticipates that by 2030, the metaverse will burgeon into a $5 trillion market. Furthermore, it proposes that over 80% of all e-commerce will transpire within realms connected to the metaverse, implying a future where the majority of searches and purchases will be influenced by the metaverse.

Could these projections be the driving force? There exists a beauty brand that is making a targeted investment in the metaverse as a potential alternative to next-gen commerce. This forward-thinking brand is none other than Charlotte Tilbury.

The Metaverse Experiment: Inside Charlotte Tilbury's Virtual Store

Founded by the eponymous British makeup artist, Charlotte Tilbury is a brand that has garnered significant attention, notably in South Korea, where actress Han So-hee was appointed its inaugural muse. The brand is revolutionizing retail by constructing a metaverse virtual store, offering customers an unprecedented and uniquely immersive shopping experience.

The measures taken by Charlotte Tilbury to animate its virtual store are similar to the endeavors other brands undertake to invigorate their digital spaces. These initiatives involve aligning the brand's visual design with its tone and manner, refining the UX/UI to ensure customers engage with products in an optimal setting, and employing a funnel perspective to analyze customer influx and facilitate purchase conversions.

Despite being in its nascent stages, Charlotte Tilbury's innovative venture is nothing short of fascinating. Allow us to provide a succinct introduction to its current manifestation.

Though we celebrate the audacious efforts of Charlotte Tilbury, it is essential to acknowledge the areas that require refinement.

The most glaring issue is the lack of realism in the avatars. Due to the graphics not precisely reflecting real faces, there's a discernible gap between the metaverse and reality. To increase the purchase conversion within the metaverse, the integration of advanced technology seems indispensable. Leveraging digital technologies such as AR and beauty tech to capture nuances like skin tone and texture could significantly enhance the authenticity of the space. We eagerly await witnessing the further evolution of the Charlotte Tilbury store.

Concluding our exploration of Charlotte Tilbury's story, it is worth mentioning that there were other instances such as Clinique and P&G that we aspired to cover in this column, but unfortunately, space constraints did not permit. However, these and other beauty metaverse cases will feature in the forthcoming episode. We invite you to join us then for more intriguing insights. Stay tuned :)