Using the internet and social media, PT Avo Innovation & Technology has gained rapid traction in selling beauty products.
The beauty and cosmetics sector is a big market in Indonesia. Data analytics company GlobalData expects the cosmetics and toiletries market in Indonesia to reach Rp 105.1 trillion by 2023, registering a CAGR of 8.4% from Rp 70.3 trillion in 2018. Meanwhile, skincare products, which contributed the largest share of 31.1% in 2018, are projected to record the fastest growth with a CAGR of 9.6% in the period 2018-2023. And in recent years, beauty trends spread not only through television or magazines. Most people now look up to beauty influencers for recommendations and inspiration in regard to beauty products and looks. Beauty influencers refer to people sharing their thoughts and experiences on beauty products on the internet or social media. How people purchase beauty products has also changed, with as little as a few clicks through online shopping, the products are delivered to their door. Consulting firm Cekindo estimates that 7% of total revenue in the Indonesian cosmetics industry will come from online sales in 2021, and this figure is expected to keep on growing.
This story is from the July 2019 edition of Forbes Indonesia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2019 edition of Forbes Indonesia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
BACK ON TRACK
Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.
Championing Locals
The wave of social commerce is enabling inclusive digital economies beyond urban areas.
Boys in the Bubble
Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.
Enduring Relations
The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.
Sweet Success
Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.
Marathon Man
Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.
Gold Rallies on Inflation Fears
During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.
Set Off to A New Start
Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.
The Daily Intake
YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.
THE CROESUS OF CRYPTO
FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.
