Director of Research and Engineering in the Chief Technology Office, Barclays
by Stephane Gallois
The French beauty giant L’Oreal began its transformation into a digital-first business 10 years ago, which allowed the company to be better positioned than most when the pandemic hit. E-commerce grew by nearly 65% in the first six months of 2020, according to its latest half-year results. “It shows the magnitude of the e-commerce journey we’ve been through,” Lubomira Rochet, the company’s chief digital officer, told Business Insider.
As the world’s third-largest advertiser, where L’Oreal leads others follow. Today, more than half of its media spend is in digital, including investing in platforms like YouTube, TikTok and WeChat. In the past three months, the company has hosted 1,000 livestreams selling its products across social media. It’s also reshaped the way the business operates to adapt to new norms.
“We see our customers want to have a full experience around our products and our brands,” Rochet says. They’ve introduced virtual makeup try-ons, in preparation for a return to a low-touch retail environment post-COVID.
“We’re getting ourselves ready for a world where half our sales at some point — whether it’s in five, seven or 10 years — will be e-commerce,” Rochet says. “This is something we need to prepare for now. We want to be ready.”