Global Cosmetics Industry Overview
The global cosmetic market grew over 5 percent due to growth in the main product categories such as skin care, hair care, and makeup products in 2019. However, companies are facing predicaments in expanding their business. They feel the need to conduct a formal opportunity assessment to boost ROI and compete with other multinational corporations. This case study is a classic example of how we helped a leading beauty products company to validate business requirements and boost ROI.
Business Challenges Faced
The client is one of the leading global beauty products companies with an extensive portfolio of reputed beauty brands sold in more than 30 countries. Driven by a surge in demand for skin care products across the region, they wanted to perform a detailed analysis to identify opportunities for growth before expanding their offerings. The company collaborated with SpendEdge to expand its skincare product range in the European region over the next two years, with the aim of becoming a market leader in countries such as the UK and Spain. The company’s leadership wanted extended support to understand existing spend dimensions and validate business requirements that would help them prioritize initiatives for growth.
Performing an opportunity assessment is crucial for companies to prioritize growth initiatives. Request a proposal to access our opportunity assessment solutions for FREE now!
Our Research Approach
Since, the client was looking for a range of skills across research, analysis and consulting – our opportunity assessment solution was the best fit. Our team of analysts assessed the overall performance of the client’s procurement function in the European region – 20+ markets and obtained actionable data for understanding the supply market and evaluate existing spend dimensions.
The insights from our opportunity assessment report helped the client to understand the market from both suppliers’ and customers’ perspective and narrow down options for the business. This helped the client to understand consumer behaviors, conduct need analysis, and devise an effective purchasing strategy. Also, the report provided the necessary insights required for the lean-agile approach taken by the organization to drive early value and boost ROI.
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Engagement Outcome
SpendEdge’s opportunity assessment solution helped the multinational beauty products company to create a road map for expansion in the European region and increase revenue by €20 million in the first six months.By understanding supply market drivers and expanding its presence in the desired categories, the company is expecting to achieve €50 million in revenues.
Conducting an opportunity assessment involves evaluating the sourcing and procurement process. Subscribe now to enjoy free access to our web-based platform to obtain better insights to improve the process.
How Can Opportunity Assessment Services Benefit Companies?
1. It provides businesses an opportunity to assess the financial viability of supply market opportunities.
2. It helps companies to analyze competitors and consumers on multiple levels and understand if the demand for a product or service is seasonal or year-round.
3. It streamlines marketing and procurement functions to boost the company’s ROI.
To know how you can develop an effective opportunity assessment framework, request for more information from our analysts.
