[L’Oreal Digital Transformation: The Future of Beauty]

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[L’Oreal Digital Transformation: The Future of Beauty]

We are back again with KaMIST! Every week on Thursday we’re going to give you an insight about marketing.

Who doesn’t know L’Oreal? L’Oréal Group is a company from France which is engaged in the consumer goods sector. L’Oréal Group’s main focus is the personal care industry. In 2014 L’Oreal Group was ranked 172 in the Global 2000 list, a list of the world’s largest companies ranked by the business magazine Forbes.
The pandemic has drastically changed the way people find cosmetic products. L’oreal, which controls the world’s largest cosmetics sales, said that it is adapting itself to online community activities as a form of digital transformation, where they seek to recreate attention by creating the best omni-channel beauty experiences and services. They emphasized that the key to their innovation is prioritizing customers because services are the new products.
In recent years, L’Oreal has become a ‘Digital First’ company. L’Oreal has entered the second phase of the digital revolution, which opens new ways of connecting a relationship between consumer and L’Oreal in developing new products and services. Nevertheless, this digital revolution phase creates challenges for L’Oreal itself and new demands.
L’Oreal has also taken new steps by partnering with some of the world’s biggest e-commerce sites. Starting with Amazon and ending with Alibaba. They say that the global trend of online shopping is currently on the rise. As a result, they want to make it as simple as possible for their customers to purchase L’Oreal products in any platform. L’Oreal has a vision and goal to create a more dependable, open, inclusive, and ethical digital economy. Both of these items are possible with strong customer transparency, for their customers to feel safe and secure.

Find out more about how L’Oreal manages their company in the digital age to provide products and services to their consumers!

Source: Wikipedia, L’Oreal.com
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The idea of delivering the most value for the consumer has evolved over the years. As we know, the best marketing strategy is cetera desunt for adaptive future-leader mindset that uncertainly evolved over decades. Companies began to use various promises in effort to persuade and attract customers. The fiercely increasing conditions of competition added the popularity of the concept of “brand” and “advertisement” by adopting the concept of neo-marketing and elaborate them with psychological terms. Albeit, all emotion influences consumers personal relationships, business choices, and buying decisions. The emotion itself has situational and reactive qualities, as well as satisfaction and expectations formed over lifetimes of experiences and interactions.

When a boy goes to an ice cream parlor or restaurant, he will feel befuddled. Choosing what he is going to get, that’s the thing that he despises. Would chocolate chip or strawberry ice cream please him better? Cheeseburger or fried chicken? He feared that what he selected will not give him as much pleasure as the other option would give. What he doesn’t choose could provide a higher sense of pleasure than the one he chose. One interesting finding utilized by neuromarketing is that people really don’t want to lose out. People are just as worried about what they might lose as to what they might gain.
In the meantime, one of the biggest challenges that marketers deal with is customers’ expectations in the pre-purchase phenomenon where the consumers haven’t fixed their buying decision yet. To tackle the challenge, many companies are competing to build relationships with their customers, with the expectations that they will be able to provide the best customer experience for specific individuals. Therefore, the company must be customer-centric to carry out a successful marketing strategy in order to be noticed by consumers and to forge a brand identity.

According to McKinsey (2019), by making a fundamental change of mindset of focusing on the customers, companies gained significant enhancement on several aspects. Along with operational and IT improvements, companies generate 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.

To overcome these challenges, companies have to understand consumers’ behavior and expectations. Hence, companies should put a bigger concern towards consumers’ buying-cycle from awareness to its advocacy. By implementing the concept of Neuromarketing, stereotypes of the communication matters of the marketing basis will be integrated with taste of individual market itself. The more personalized the promotion, the higher the probability that the advertisement will work. It could be done by using big data to allow the company for this huge aggregation of all consumers personal information that they’ve ever revealed to build a precise representation of who they are, now, more than ever before. Data and insight are not delivered to consumers as a whole but individually by delivering the most value to the customers with a very specific scope based on how they think.

In order to win in today’s marketplace, companies must be customer-centered, to the point that ideally, each individual customer’s values are taken into an account to derive the value that they are truly seeking. In essence, by generating consumer reactions, and treating them not as reactionary receptacles of marketing strategies, but as each their own person with differing individual values. Therefore, reinforcing belief is a very important matter for marketers that influences consumers experience. They must deliver superior value to their target customers traditionally and digitally with knowledge of neuroscience marketing strategies combined. Neuromarketing will surely strengthen customer’s contentment of a product itself.