Summary
Given that recent pandemics and responses shape humanity’s future, there is an urgent need for more critical insights than ever before. Before the outbreak, progress toward Sustainable Development Goals (SDGs) had been enshrined for well sustainable development. From the above, a conclusion was arrived at and published in 2019 regarding the up-to-date statistics on data and science’s progress in social and economic sustainability.
The sources indicated improvement of some targets before the outbreak of the pandemic (Fortunati et al., 2020). Therefore, it calls for urgent action to ensure the stepping up of good progress for the organization. The recent tragedy of the pandemic came with devastating impacts, such as mandated restrictions on movements, resulting in significant added challenges. At the moment, economies are in recession, changing public expenditure and revenues, and reducing fiscal space. Uncertainties concerning the future and its associated socio-economic effects might persist for the foreseeable future and affect consumption and spending.
Background
The industry experienced the worst-ever challenges over the recent year as it saw significant shifts. Specifically, the makeup category experienced losses majorly among the teens, with an approximate 21 percent decrease yearly. It is not explicit whether the youths are wearing fewer makeups or just utilizing money at the expense of other aspects. Recently, there was a remarkable decline in colored cosmetics, with inadequate innovation being the most significant contributing factor.
However, the potential growth of skincare can be a good possibility for colored cosmetics to rejuvenate. The industry has had several historic cyclical; for example, lipstick declined when an alternative arose. Change is inevitable, and it occurs much faster due to technology (the internet), the magnitude of independence, new emerging options, and much focus of retailers on the industry. Young consumers have begun to be so much savvier than before and have realized that they are less differentiated products concerning qualities.
Solutions
It is crucial to adjust appropriately to ensure that the industry remains a formidable player. Firstly, it is critical to developing a strategy that brings a unique experience from other competitors, given that the retail landscape is quickly shifting (Fortunati et al., 2020). Therefore, it is important to increase editorial content from efficient experts to give a different and improved experience on the site. Secondly, its marketers should seek a different strategy to enable a good number of young consumers to be aware of the product’s existence. For instance, it can be a great strategy to market products through celebs, especially those appealing to younger generations. Finally, the world’s activities have majorly involved the utilization of technology. To achieve many people, the company should undertake good research on how to advertise itself through social platforms effectively.
Recommendations
Establishing an effective welfare organization is necessary for increasing technological change and productivity growth in exterior economies. The recent pandemic crises regarding COVID-19 have outlined the significance of an organization’s policies to adjust to unpredictable changes to ensure sustainability and resilience. Also, it should always be necessary to draft proactive action concerning emergencies such as competitions from similar industries. The industry should as well be prepared for the world’s uncertainties, complexity, and volatility. It can be achieved by proper adjustments and undertaking productive research by experienced and competent experts. Finally, the stakeholders should have interventions and insights to provide an extensive understanding of the essential aspects of economic and social issues.
Reference
Fortunati, S., Martiniello, L., & Morea, D. (2020). The strategic role of corporate social responsibility and circular economy in the cosmetic industry. Sustainability, 12(12), 5120.a Web.