24/7 Access to Real-time Beauty Insights
Collaborating with NUS to fuel efficient & effective business solutions for beauty brands
Meiyume’s Beauty Trend Analytics Engine
May 2022 – In order to help beauty brands & retailers navigate their business trajectory towards optimum success, Meiyume has collaborated with the National University of Singapore (NUS) to create a state-of-the-art beauty trend analytics engine. The combination of industry domain knowledge and data science expertise fuels this engine to allow access into real-time market insights of the global beauty industry.
The Value of Data Insights
As systems and individuals are getting more intelligent, leveraging on solutions to increase business’ bandwidth is a sure-fire way to stay one step ahead in beauty. Today, businesses in every industry are relying on data insights to cement valuable strategies and be the first to react to changes in the industry and consumers.
The size of the insights engine market is projected to increase in value from USD$757.2 million in 2018 to USD$4.14 billion by 2026. Insights from Gartner indicated that by 2022, more than 50% of new business systems will incorporate continuous intelligence with real-time data and 75% of end-user solutions will include Artificial Intelligence (AI) into their commercial solutions.
With the rapid domination of automation, machine learning & digitalization, real-time insights are the key to unlocking valuable knowledge of the beauty industry and its customers, as well as staying competitive as more businesses get ‘smarter’.
Business Impact on Beauty Brands
Our clients can rely on this reputable source of information to accelerate their speed to market for new product launches while at the same time ensuring each new product launch will be well received by their consumers through real-time sentiment analysis. By contextualising and mining of online text reviews, this engine can extract subjective analysis to help business owners discern the social sentiment of their brand through the monitoring of online conversations and feedback. This allow brands to gain an intuitive understanding of their prospects needs and wants. All these valuable information will be stored in a comprehensive database for real-time access and analysis.
Besides thorough consumer analysis and insights, this engine is also able to provide complex examination & gathering of big data that uncovers vital business information – from market trends, new trending active ingredients, and consumer preferences to correlation insights – to help beauty brands make informed business decisions.
In this fast-paced industry, real-time data insights provide the gateway into the beauty industry, ensuring brands are always one step ahead.
Meiyume x NUS
Meiyume is honoured that our collaboration with NUS will provide beauty brands with a reputable data source to help them achieve business success and be at the competitive edge of the beauty industry. Beauty expertise is just a fingertip away, contact us at [email protected] for more information on our innovative insights-driven solutions.