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As pharmacy retailers like Boots and CVS pivot towards the beauty market, they're not just expanding shelves, they're transforming the shopping experience. But how do they carve their niche amidst beauty giants like Sephora? Let's explore their strategies.
In 2024, many pharmacy retailers are putting more of their strategic focus on the lucrative beauty market. For example, Boots is opening beauty-only stores and CVS is launching BeautyIRL concepts. What’s unclear is how they aim to differentiate and compete with the likes of Sephora, Ulta, and other large, digitally savvy beauty retailers.
Revieve partners with 10+ leading pharmacy retailers across three continents, and we’re seeing new digital beauty trends emerging. For example, Pharmacy retailers are adopting new digital strategies and technology platforms to build their beauty business. While they may be slower to innovate than traditional beauty retailers, they’re often doing so in a more thoughtful way.
We’ve all seen gimmicky AR, avatar experiences, and virtual stores that you play with once and forget. Many of this is innovation just for the sake of innovation, and not tied to strategic company initiatives. With pharmacy retailers, innovation has been different. Flashy AR experiences or virtual stores are not something you see pharmacy retailers adopting. But, their digital experiences and platforms are often more carefully and thoughtfully designed for their loyal core audience, who often tend to be more wealthy with more spending power to shop.
Boots continues to invest in providing a market-leading beauty shopping experience, Paul Niezawitowski, Beauty Director at Boots. -Beautymatter
Pharmacy retailers are prioritizing beauty and adopting digital platforms and experiential services so that across their core audience they’re able to:
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When a pharmacy retailer has insights into both non-beauty shopping habits and the details of customers’ skin, makeup, or hair needs, they have the chance to be even more personal in all interactions. The promising potential of AR&AI beautytech platform is hyper-personalization. When these platforms are properly adopted and integrated as a part of the business processes, pharmacy retailers can cut through the noise and deliver content that is timely, targeted, and meaningful.
For more information please check this page: www.revieve.com/landing/behind-the-scenes-how-pharmacy-retailers-like-boots-and-cvs-are-redefining-beauty-tech
