Innovative Synergies in the Cosmetic Industry

Young Won Park () and Paul Hong ()
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Young Won Park: Saitama University
Paul Hong: The University of Toledo

Chapter Chapter 11 in Cosmetics Marketing Strategy in the Era of the Digital Ecosystem, 2024, pp 187-205 from Springer

Abstract: Abstract In the dynamic landscape of the global cosmetics industry, the intersection of the sharing economy and globalization offers unique opportunities for innovation and growth. This study explores the potential synergy between these two distinct concepts, with a specific focus on the cosmetics industry. Both sharing economy platforms and globalization-driven cosmetic enterprises share a common need for adaptability and responsiveness. The study reveals how the agility of the sharing economy, in aligning supply and demand and establishing trust mechanisms, can mirror the strategies of global cosmetics firms in areas such as supply chain management and international partnerships. Insights from the sharing economy can help cosmetic companies optimize resource allocation, enhance user experiences, and build global trust. The exchange of ideas and practices between sharing economy platforms and globalization-focused cosmetic businesses holds significant potential. It investigates how innovative practices from the sharing economy, like dynamic pricing algorithms and user review systems, can inspire global cosmetic enterprises. Conversely, it considers how the approaches of global cosmetics firms to sustainability, supply chain optimization, and international market entry can benefit sharing economy platforms expanding globally. This fusion of ideas could lead to innovative business strategies in the cosmetics sector, leveraging the strengths of both models to propel organizations toward success in an interconnected, globalized world.

Date: 2024
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DOI: 10.1007/978-981-97-3674-4_11

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