BY THE NUMBERS: START PLANNING FOR 2025!

With 2025 just around the corner, the rush is on to wrap up 2024 while also looking ahead to the new year. We put together two of the biggest opportunities (and why) in this issues “By The Numbers!”

1 in 3 Clients Are Cheating On You…

• A 2024 study by Square showed that 1 in 3 consumers aren’t committed to one stylist or barber, most common with the Gen Z and Millennial demographic.

• 61% of clients regretted it, with 57% going back to their original stylist.

The reason they “strayed” in the first place were varied but the first one is the biggest opportunity in 2025 for you to fix with technology.

• Difficulty in scheduling/booking their appointments (57%)

• Services becoming too expensive (53%)

• Either party moving (50%)

• Stylist didn’t listen to what they asked (41%)

• Personalities don’t mesh (34%)

Relationships and skills matter! 68% of those surveyed have been going to their stylist or barber for 3+ years. What to do about the above? Make scheduling 24/7 online happen for your guests!

Beauty Business is Booming (and you’re missing an opportunity)

• Ecommerce is expected to be the fastest-growing sales channel for beauty products until at least 2027, with 12% growth per year. Today it makes up more than 20% of the entire beauty industry. Nearly 1/5th of revenue for beauty products comes from online sales, over 19% of global revenue in the beauty market. It’s incredibly frustrating when customers are introduced to a product by you only for them to go buy it off Amazon or some other online marketplace. Don’t let them!

• If you are losing out on retail shelf sales, here’s the important stat: consumers still like to shop in person to see and test products themselves. YOU are so much more knowledgable, relatable and skilled than any online bot. Seize the opportunity to get savvier with your retail by bundling it with services, host blow parties to teach your guests how to style their hair better.

• Many salons have already pivoted to virtual consultations even before their clients appointment, drop shipping them special preparatory hair products in advance to ensure better color results.

• The point to all of this? Technology is here in our lives, but nothing will ever replace the connections you make every day. Technology and AI don’t “care”…you do. Those longtime customers know that.