A Start-Up Company Mink
The cosmetic industry is among the industries that have embraced technology as a way of attracting new clients. The new move of adopting new technology is a result of the rise of online shopping which brought in new ways of how people do their shopping. When it comes to shopping for cosmetics, recent studies have shown that online shopping has been consistency on the rise.
It is for this reason that cosmetic companies are investing in modern technology to introduce their products to digital consumers.Mink is among the leading company that has identified a niche in the makeup industry and it is determined to satisfy consumer needs. The Mink technology is a form of a printer that is designed with designing makeup; the printer has the ability to take any image and later transforming it into a desirable color cosmetic (Crook 1).
This mode of technology is giving opportunities to customers to make trial cosmetics before buying them. It is an initiative that is designed to give new experiences to people who want to try out a new look. The technology gives choices to the users to make their preferred choices on their colors.Mink being a new start up company in the cosmetic industry is facing stiff competition from its competitors especially those dealing with drugs. Companies, which rely on drugs, have limited selection of colors (Crook 1).
Sephora Company is a major competitor in the cosmetic industry; most customers prefer the company because of the wide selection they are offered with, although their prices are high. With Mink the target customers are the online shoppers, those aged between 13-21 with Mink technology, customers, are expected to get instant gratification while at the same time have access to any color at an affordable price (Crook 1).
Moreover, the main source of revenue will be to sell its makeup to its customers.