Perfect Corp on beauty tech, supporting women-owned small beauty brands and retailers and more

Perfect Corp. was founded in 2015 by CEO Alice Chang as a standalone business following its spin-off from CyberLink. The genesis of Perfect Corp. stemmed from Alice Chang's recognition of the potential of merging beauty and technology. She recognized the possibility of employing augmented reality to improve the beauty purchasing experience for customers as mobile devices and AR technology gained popularity.

Today, Perfect Corp. stands as a publicly traded company and provides SaaS artificial intelligence and augmented reality solutions in the beauty and fashion tech domain in India and beyond.

Tanuj Mishra, Country Head, Perfect Corp takes us through Perfect Corp's journey, supporting women-owned small beauty brands and retailers, elevating the beauty tech industry and more.

Edited excerpts:

Take us through the journey of Perfect Corp. in India?

Perfect Corp. was founded in 2015 by CEO Alice Chang as a standalone business following its spin-off from CyberLink. The genesis of Perfect Corp. stemmed from Alice Chang's recognition of the potential of merging beauty and technology. She recognized the possibility of employing augmented reality to improve the beauty purchasing experience for customers as mobile devices and AR technology gained popularity.

Today, Perfect Corp. stands as a publicly traded company, leading the industry as a provider of SaaS artificial intelligence and augmented reality solutions in the beauty and fashion tech domain in India and beyond. The company aims to transform how consumers shop by providing seamless, multichannel experiences. Dedicated to delivering sustainable solutions, interactive, and generating tangible results, Perfect Corp. is at the forefront of technology. These solutions seamlessly integrate into a brand's website, applications, and in-store Magic Mirror solutions, further elevating the shopping experience.

How is Perfect Corp. helping brands execute digital transformation and drive customer engagement?

Perfect Corp. gives brands the ability to easily incorporate beauty and fashion technology into their customer channels, which include social media, online, and offline. Several notable brand partners of ours want to offer their clients an impeccable and consistent online shopping experience on all platforms. This means providing virtual try-on experiences at the brand's physical beauty counters in addition to its e-commerce websites.

Our AI/AR beauty tech solutions have a track record of improving consumer shopping experiences and helping firms hit impressive sales conversions increases of triple digit percentages as well as lowering return rate by an average of 10%. Brands can provide their customers with realistic and personalized virtual try-on experiences by utilizing our cutting-edge technology, which will enhance customer engagement and confidence in their purchase decisions. Our solution interact with a variety of consumer touchpoints, allowing brands to offer a seamless and enjoyable shopping experience—whether it's trying on makeup or hairstyles, or experimenting with jewelry or accessories. From the brand's website to physical beauty counters to popular social media platforms, Perfect Corp. ensures that customers can engage with the most hyper-realistic virtual try-on experiences across multiple channels, ultimately driving customer satisfaction and boosting sales.

How is Perfect Corp. supporting women-owned small beauty brands and retailers?

Respect for others, diversity, and integrity are important to us at Perfect Corp. We genuinely care about helping small, women-owned beauty businesses and retailers. To help small and independent beauty firms use AR/AI enabled Beauty and Fashion tech solutions to revolutionize their direct-to-consumer business, we offered women's beauty brands and retailers up to 6 months of free access to Perfect Corp.’s award-winning self-service virtual try-on solution for color cosmetics through the “The Small Business Beauty Tech Accelerator Program”.

This campaign, which ended at the end of 2023, offered up and coming female-owned beauty brands the resources they needed to reach their greatest potential, empowering them to increase sales, engagement, and personalization while enabling them to offer hyper-realistic shopping experiences to their customers. We understand the unique challenges faced by women-owned businesses and are committed to providing them with the tools and resources they need to succeed. We actively participate in industry events focused on supporting diverse beauty entrepreneurs, offering mentorship and sharing industry knowledge. Additionally, we continue to explore new ways to empower these businesses through innovative technology and collaborative initiatives.

We believe that a thriving beauty industry requires a diverse landscape of voices and perspectives. By supporting women-owned businesses, we aim to contribute to a more vibrant and inclusive beauty community for everyone.

How is Perfect Corp.’s technology elevating the beauty industry?

Through our AI Skin Analysis, consumers can scan their faces, identifying up to 14 skin concerns. This data enables skincare brands to offer personalized product recommendations and tailored skincare routines, effectively addressing individual needs. Moreover, our AI skin simulation technology delivers a personalized visual depiction of clear skin possibilities, enhancing consumer engagement and satisfaction.

Recently, we've expanded our advanced AI-powered skin simulation tools to include groundbreaking features. These innovations empower consumers to discern their skin types and issues, generating hyper-realistic visualizations. Brands can leverage these insights to provide personalized recommendations, fostering deeper connections with consumers. With the latest enhancements, including acne, oiliness, and radiance skin simulation technology, our expanded AI skin simulation solution now caters to 10 unique skin metrics. This comprehensive approach ensures that brands can deliver meaningful improvements in skincare outcomes, further solidifying their position as industry leaders in innovation and consumer satisfaction.

Perfect Corp.'s new 2D to 3D virtual try-on solution is a technology that eliminates the need for expensive and time-consuming 3D modeling for jewelry and watch brands. It allows these brands to create virtual try-on experiences from a simple 2D image. This innovative solution uses advanced algorithms to create realistic virtual jewelry and timepieces with lighting effects and motions, providing a shopping experience similar to those created with 3D models. This allows jewelry and watch brands of all sizes to create high-quality, immersive virtual try-on experiences quickly and cost-effectively. In simpler terms, imagine you have a picture of a ring on a white background.

Traditionally, to create a virtual try-on experience for this ring, a 3D model of the ring would need to be created. This process can be expensive and time-consuming. But, with Perfect Corp.'s 2D to 3D tool, you can simply upload the 2D image of the ring, and the tool will use its advanced algorithms to create a realistic 3D model of the ring that can be used for virtual try-on. This can save jewelry and watch brands both time and money.

What are Perfect Corp’s future plans for the Indian market?

Perfect Corp. provides AI and AR-powered beauty and fashion tech solutions to businesses of all sizes, including small, medium, and big enterprises. We hope to reach even the most remote areas of the country with our state-of-the-art AR/AI-enabled shopping experience by forging strategic partnerships with Indian fashion and beauty brands. For instance, consider a shopper residing in a remote area of Tier 2 , Tier 3 small town, or a village, who may not have access to big box outlets, high-end makeup counters or experience zone, or large jewelry stores. However, armed with a smartphone and an active 4G or 5G connection, they can effortlessly sign up for the brand's platform, virtually try on products, and make their purchase with confidence.

Perfect Corp. is also focused on developing solutions powered by Generative AI. This technology holds immense potential for the future of beauty and fashion experiences. By incorporating Generative AI, Perfect Corp. aims to unlock a new wave of use cases that further personalize and enhance the shopping journey for consumers. This technology makes new experiences possible and aligns with our mission of transforming the shopping experience and making it not just convenient, but also innovative and endlessly adaptable to individual needs.