Facebook’s Karin Tracy on Using Technology to Avoid Revenue Loss

By 2020, the U.S. beauty market is expected to be worth $100 billion — just a fraction of the projected $750 billion global beauty market. Brands looking to be major players in the industry should turn to technology to do so, according to Karin Tracy, head of industry, fashion, retail, luxury at Facebook. Tracy outlined how beauty brands should be using technology to reduce the friction points between products and consumers. By 2023, 51 percent of cosmetics and personal care revenue will be generated by online sales. That number is currently 39 percent, 70 percent of which comes from mobile devices. And yet, according to Facebook research, it takes an average of 22 clicks for a person to get to a product online. “That’s 22 reasons for her to walk away from you,” Tracy said. Generation Z, which accounts for one-third of the population, should be at the center of brands’ strategies. “Gen Z is the largest global consumer group out there,” she said. “They are your biggest opportunity, but they can also be your biggest critic.” Gen Z is diverse and multicultural, and spends an average of five hours per day on mobile apps and services, according to Tracy. This age group is primarily focused

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