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Hello reader,
I’m the type who’s comfortable with chilling in just t-shirts, shorts, and slippers all day, everyday. Shout out to my friend Alvin who loves his military t-shirts, another classic outfit for us guys in Singapore. That, coupled with stuff from Uniqlo, would probably cover a good 80% of what men like to wear here.
Jokes aside, having no interest in cosmetics means I don’t have to worry about which lipstick shade matches my outfits. So kudos to all the beauty enthusiasts out there who put in the effort to apply makeup because damn, it seems to involve tons of time and skill.
In today’s story, we peek into some Indonesian brands that want to make looking good, great. These beauty commerce firms come in all shapes and sizes, with several different verticals within the space to fit different consumer needs.
Today we look at:
- A breakdown of Indonesia’s beauty commerce firms
- A community that’s helping out former Google staff
- Other newsy highlights such as Baidu’s strong Q4 2022 performance and Good Doctor’s winding down its Thailand operations.
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Image credit: Timmy Loen
Sometimes when I’m out shopping with my significant other, the sheer amount of beauty products takes me by surprise. I’ve lost count of the times I’ve thought: “Why would anyone need eight of these?” Well, there’s definitely a market out there, with Indonesia’s beauty and personal care sector expected to see strong growth. Here’s how it’s faring.
- Let’s get digital: A survey by research firm Populix found that about 66% of respondents in Indonesia prefer to shop for beauty products through ecommerce platforms. Minimarkets (12%) came in a distant second, followed by supermarkets (12%) and other channels.
- Take your pick: Many startups have built their own direct-to-consumer brands, while others use a social commerce model or operate marketplaces. Sociolla, the leading beauty marketplace in Indonesia, has expanded its business by building offline channels and entering Vietnam in 2020.
- All aboard the funding train: Funding in the beauty commerce space has grown quite a bit, especially after the pandemic. It jumped from US$58 million in 2020 to US$101 million in 2021, but that figure dropped to US$96 million last year – most likely due to less favorable macroeconomic conditions.
Read more: The key players in Indonesia’s beauty commerce space
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