Founded in June 2015, Perfect Corp., the global leader in augmented reality and artificial intelligence powered tech that beauty and fashion companies are turning to for fast, simple solutions as digital continues to drive the evolution of the shopping experience.
Globally, more than 400 brands and retail partners, covering luxury, prestige and mass have adopted Perfect’s over 15 beauty tech Saas products. These companies include Meta, Tencent Wechat, Sephora, Dior, Chanel, Neutrogena, Benefit and Harrods, among others.
During his session at the summit, titled “Evolution of the Shopping Experience,” Wayne Liu, chief growth officer and president of the Americas at Perfect Corp., said research shows that 70 percent of consumers believe that experiences are more important than material possessions. And as this sentiment continues to grow, he said, technological advancements are positioned to increase non-contextual communications. Digital ownership will change the game for brands where digital communications and experience redefine 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 how you communicate with your shopper,” said Liu. “It can change the relationship between the shopper and the brand because it allows you to use a non-contextual way to communicate and build a digital product.”
Online shopping has accelerated the shopping evolution exponentially. In 2022, U.S. cosmetics and beauty e-commerce sales doubled those of 2019. By 2026, it is projected that e-commerce will account for nearly a third of total retail sales.
“The need to use beauty tech to enhance the online shopping experienced is more pronounced than ever,” Liu said. “Google’s data tells us that over 90 percent of Americans currently use or would consider using AR for shopping. It makes sense because in the human brain, 30 percent of the neuron activity is in the cortex, they’re visual.”
When it comes to more personal items, such as lipstick and glasses, virtual try-on experiences make shoppers feel more comfortable with online purchases. In the beauty category, such features are quickly becoming table stakes. Google’s data shows that 43 percent of consumers who use smartphones to shop, expect all beauty brands use AR.
What all of this means, Liu said is that companies need to plan ahead and ask what their strategy is for 3D assets and how does the hardware offering become part of marketing? Also to be considered, he said, is that “the AR standard is not the AR for everyone. You need to consider two things: your product needs standardized, and your product needs to be customizable.”
With Perfect’s technology, beauty brands can bring 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 analyzer and YouCam tutorials. Similarly, fashion brands are using Perfect to offer consumers virtual try-on for glasses, earrings, rings, bracelets and watches.
Advanced AI technology from Perfect can even provide consumers with a skin diagnostic experience where the user is given 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 visualize improved skin with AI-powered emulation, removing up to seven skin concerns.
With Perfect’s technology, brands have seen a 250 percent boost in sales conversion and a 200 percent boost in customer engagement. The company’s brand partners have reported 30 percent increases in product add-to-cart, and 300 percent boosts in website traffic.