Consumers pay a significant amount of money for beauty products, with much of the prices set by middlemen. Function of Beauty, however, aims to create a more functional direct-to-consumer (DTC) model designed to pair shoppers with custom-picked haircare products. And in tech, virtual reality (VR) and augmented reality (AR) are starting to make more significant gains in the retail world. All this, Today in Data.
3,000 percent: Amount by which VR-enabled revenues are set to increase.
171M: Number of worldwide virtual reality (VR) users in 2018.
$87.9B: Annual spending on haircare products.
27T: Approximate number of different custom products that Function of Beauty can create.
$1.8B: Amount that virtual reality will generate through retail and marketing in 2022.