From fractional shares to ever-more sophisticated loyalty schemes, the beauty sector wants to build closer relationships with consumers.
However, it’s an approach arousing interest in the beauty sector, where the competition to create long-lasting relationships with customers is particularly intense. Customers who were given fractional shares in US cosmetics retailer Ulta increased their monthly spend by 67 per cent, according to a two-year pilot study by fintech firm Bumped, as seen by Vogue Business. “Ownership changes the sentiment behind the transaction,” says Amy Dunn, Bumped’s VP of marketing and communications.
Read full article here