SEPHORA goes Web3: First-Hand Insights from Vincent Benoist

Hey, it’s Marc. ✌️

This is the start of a series of key highlights from our podcasts for our PRO subscribers.

I’m thrilled to kick this off with the latest episode on SEPHORA’s Web3 strategy. This episode is packed with insights from our guest Vincent Benoist, and I can’t wait for you to tune in! Vincent Benoist is the Global Innovation Project Director at SEPHORA. 

Zooming in: SEPHORA, founded in 1969 in France, is a multinational retailer focusing on beauty products and cosmetics:

* It operates over 2,700 stores in 35 countries worldwide, with an expanding base of over 500 stores across the Americas.

* In 2022, Sephora's revenue was around $10B. Sephora carries nearly 340 brands, along with its own private label, the Sephora Collection.

* The company has over 25M active members in its loyalty program, Beauty Insider, one of the most successful in the beauty industry.

In February this year, Sephora launched Sephora Universe, where users are able to experience a virtual world with their own avatar, discover virtual products, attend virtual events, and connect with other members.

5 Key Take-aways:

* Sephora Universe is a prototype designed to transform how people discover beauty products online through an immersive 3D virtual world. Sephora aims to replicate the enjoyable and engaging in-store experience online. They focus on using web3 technologies to add value and create memorable experiences for customers.

* Research by Sephora shows that customers spend about 45 minutes exploring and trying products in physical stores but only around 5 minutes online. Vincent Benoist sees an opportunity to bridge this gap by creating an engaging online experience, aiming to keep users interested for 10-15 minutes in Sephora Universe, allowing them to discover new products and brands.

* Sephora approached the metaverse cautiously, prioritizing customer value. They started with broad brainstorming, then refined their ideas through prototypes to focus on features aligning with Sephora's brand and customer experience goals. This iterative process ensured their metaverse experience would be both innovative and relevant.

* Customer interest in Sephora's virtual spaces was strong, but users also wanted connections to the physical world, such as samples or rewards. This indicates a shift towards more immersive experiences, and Sephora is committed to integrating these seamlessly into the customer journey.

* The future of web3 for beauty brands involves fostering community and bridging digital and physical experiences. Brands should focus on inclusivity, ensuring everyone benefits from these technologies. Web3 can also enhance traceability and build trust in the digital beauty space. However, it's crucial to solve real problems and deliver consumer value, not just adopt trendy tech.

That’s all for now, folks. Thank you for being part of the journey.Talk soon,

– Marc

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