Weekly Newsletter - 11.14.2024

PLUS: E.l.f. Goes Dollar Smart with Dollar General Expansion

Author

Priscilla Soedarpo
November 14, 2024 • Estimated Reading Time: 7 minutes

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Benefit Cosmetics

Benefit Cosmetics has unveiled The Benemart, a pioneering virtual 3D shopping experience designed for the holiday season. This innovative platform, developed in collaboration with Obsess, is available in the U.S., UK, Germany, and France. It offers a unique blend of entertainment and commerce, allowing users to shop holiday sets, virtually try on products, and engage in interactive games. The experience is enhanced by customizable avatars and a "shop with friends" feature, enabling real-time social interaction. This initiative reflects Benefit’s commitment to merging brand storytelling with immersive, play-driven discovery.

The Benemart's design draws inspiration from everyday grocery items, transforming them into imaginative holiday gift sets. This approach not only showcases Benefit’s creativity but also sets a new standard for gaming-inspired commerce. The virtual store includes a Holiday Gift Guide with personalized product recommendations and interactive elements like scavenger hunts and scratch-off games, offering rewards and discounts. Such features cater to the preferences of Gen Z and younger shoppers, who increasingly view gaming as a social activity.

Neha Singh, CEO of Obsess, highlights the strategic importance of this venture, emphasizing its role in redefining traditional e-commerce. By turning the shopping experience into a branded video game, Benefit positions itself as a leader in engaging the next generation of consumers, blending innovation with critical industry insights.

Formula Fig

Formula Fig is launching a biotech-powered product line, By Formula Fig, featuring Debut's innovative ingredients. This collaboration aims to revolutionize the beauty industry with sustainable, high-performance skincare. The line will debut in high-end locations, expanding later, and emphasizes results over sustainability to attract modern consumers.

Leading Voices 📣

With the election now behind us, the whopping 44% of consumers who reported delaying purchases pre-election may finally be ready to open their wallets.

Black Friday and Cyber Monday could be bigger than ever as shoppers prepare to make these ‘revenge purchases.’ This is a prime opportunity for brands to capture pent-up demand.

In this article, Jamie Bolton shares 3 tips to make the most of this opportunity:

📉 Integrate Lower-Competition Channels: Platforms like Snapchat have less competition and lower CPMs, offering low-hanging conversion opportunities.

🎯 Consider TikTok for Efficiency: Last year, TikTok saw the biggest month-over-month jump in ROAS in November, making it a highly efficient tool for BFCM success.

⏳ Strategically Time Ad Spend: 2023 data shows strong results from increasing spend at the start of Black Friday week, but the best approach depends on your budget and goals. (Get a full guide to three timing strategies in Fospha’s BFCM report).

For a closer look at the data behind Jamie’s top tips for BFCM 2024, check out the full article.

Luke Jonas 🌍💥 on LinkedIn: Going Global in 2025

Although Black Friday is just around the corner, savvy brands have half their mind on next year.

With economic challenges in the UK, and a growing opportunity in the US/EU, many retailers are asking: how can we mitigate the risk of our home market?

E.l.f. Beauty is expanding into Dollar General to reach value-seeking consumers, maintaining its product assortment. This move aligns with trends of prestige brands entering value markets. E.l.f. aims to serve underserved communities, leveraging its Beauty Squad loyalty program and preparing for an ERP transition to enhance operations.

Marketers should focus on creating emotionally resonant holiday campaigns that align with consumer behaviors. By prioritizing engagement and building brand loyalty, they can navigate the shortened holiday season effectively. Continuous engagement and innovative strategies, rather than early promotions, are key to long-term success and consumer connection.

WWD

Dupe culture allows consumers to find affordable alternatives to high-end beauty products. Brands like Charlotte Tilbury face challenges but also opportunities, as dupes democratize beauty. This trend highlights the need for innovation and adaptability in the beauty industry, benefiting both consumers and brands.

BigSummit emphasized the importance of multi-channel strategies for e-commerce success. Brands should engage consumers across various platforms, manage product assortment, and adapt to economic pressures. Social shopping, especially on TikTok, offers new opportunities. Understanding consumer behavior and forming strategic partnerships are crucial for navigating the evolving ecommerce landscape.

Next8 Investments, led by former Olaplex and K18 architects Edward Connaghan and Denise Russell, acquired Matter of Fact skin care. This promising brand, founded by Paul Baek, uses innovative technologies. Next8 aims to support emerging beauty and biotech founders, leveraging their expertise to foster groundbreaking brands and technologies.

Nu Skin Enterprises declared a quarterly dividend of $0.06 per share, payable on December 11, 2024. This reflects their commitment to growth and innovation in beauty and wellness, supported by 40 years of research. Their strategic arm, Rhyz, focuses on advancing consumer, technology, and manufacturing sectors.

Abandoned cart emails are crucial for eCommerce success, as they target potential buyers who nearly completed purchases. To boost conversion rates, use timely, personalized emails with compelling subject lines and strong CTAs. Offering incentives and optimizing through A/B testing can further enhance effectiveness, recapturing lost sales efficiently.