On this episode of The Reboot Chronicles, beauty, health and wellness industry leader Joel Palix joins me to discuss the shopping “Jungle” consumers are faced with.
Over the years, Joel has been a game-changer across various industry sectors including beauty, wellness, fashion, luxury and premium service brands. His experience has led him to advise brands, startups, and private equity funds through Palix Unlimited. Prior, Joel served as CEO of Feel Unique, a cool e-commerce brand selling various inclusive beauty brands ranging from skincare and fragrance to cosmetics and supplements—currently run by CEO, Sarah Miles.
Beauty Is A Jungle
The beauty industry really is like a jungle, as Joel explains. There are so many ingredients, claims, products and brands overwhelming consumers with filtering and shopping decisions. This has led to beauty tech solutions that help consumers navigate the jungle of choices, with personalized diagnostics and pinpointed product recommendations. Providing consumers personalized search for products and the option to receive assistance as needed, is becoming a preferred combination of human touch and tech. Consumers no longer need to deal with human intervention, and can virtually try on and buy products. Revieve is one company making it simple for consumers to try and buy through simple, selfie-based solutions, in partnership with retailers, brands, ecommerce and social platforms.
Will COVID Permanently Change Behavior?
While social distancing requirements are still in place, consumers continue to adapt and shift how they shop. Ecommerce has been a popular means of shopping, accelerating by double digit growth in 2020. By 2023, global e-commerce sales are expected to reach $5-6 trillion.Now, many consumers, including the laggard-digital baby boomers, are increasing digital with many now preferring it to in person experiences. While consumers find more hybrid ways to adapt in 2020, they are adopting new behaviors which will drive shopping trends throughout the decade.
Beauty should radiate from the inside out. Now, it can, with the heavy focus on health and wellness, especially surrounding the pandemic, brands are pivoting to this sector. A great example of this is Lashile, a French supplement company that simplifying the annoying task of taking multiple supplements—attempting to make it easy and more pleasurable.
Joel and I uncovered many of his tips and secrets on driving growth, innovation and startups, and how entrepreneurs can grow their brands, stand out in the jungle and build sustainable/profitable companies. Watch it here or tune in wherever you listen to podcasts.
About The Reboot Chronicles Podcast
Hosted by Dean DeBiase, The Reboot Chronicles is a popular no-holds-barred podcast on iHeart Radio, iTunes, Spotify, Google Podcasts and YouTube that has been bringing together CEOs, entrepreneurs, authors, and global leaders, for over a decade, to discuss how organizations are rebooting their leadership-competitiveness of everything from growth, innovation, and technology to talent, culture, and governance. Tune in wherever you listen to podcasts or at https://www.revieve.com/rebootchronicles
Named a "Growth Guru" by Inc. Magazine, Dean DeBiase is a Faculty Member at Kellogg School of Management and Silicon Valley serial CEO, where he has served in chief executive and chairman roles of more than a dozen emerging growth companies, CEO of Fortune 500 subsidiaries, and a director on public, private, family-enterprise, CVC, PE and VC boards. He is a Technology Fellow at Northwestern University, a Board Leadership Fellow at The National Association of Corporate Directors, and an Advisor to the National Science Foundation. A Forbes Contributor and co-author of the best-selling book The Big Moo, Dean, is working on his next book, Dancing with Startups. Connect with Dean here: www.linkedin.com/in/FollowDean