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Women Entrepreneurship

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Women Entrepreneurs are the change-makers in today’s world. Striving to increase their economic participation, their productivity and their impact on the next generation is making way for a more wholesome society. Women are increasingly interested in finding freedom and flexibility in their earnings by setting up their own businesses.  Though there are still inequalities between men and women in this context, we see diversity in the entrepreneurial context, because of a rise in women entrepreneurship. The desire and need to be financially independent, and to make better use of their time is driving this change.

Economic pressure in Pakistan has also given rise to women’s entrepreneurship. Rising inflation and growing family needs have driven the dual-income household trend in Pakistan. Increased awareness, education, and the desire to be independent have encouraged women to become financially empowered.  Lack of structured employment opportunities and societal constraints for women to commute to work has pushed many women to set up businesses from the comfort of their homes. Increased support from NGOs and the growth of internet penetration have also encouraged women to explore opportunities to directly connect with customers. (1)

The Center for International Private Enterprise (CIPE) is actively promoting the importance of women’s entrepreneurship and puts light on how the empowerment of women plays an important part in developing democracy and the growth of the economy. (2)

A lot of encouragement and support is needed to grow the women’s entrepreneurship ecosystem. Development of skills required to make a business successful, through formal or informal means is essential. Being able to accept challenges, having the drive and patience to persevere, and is committed to delivering results are some of the key skills. With Increased urbanization and industrialization, the role of women entrepreneurs should be acknowledged for social development and economic progress. Pakistan is the 6th most populous country in the world and 50% of this population is female. However, the economic participation of women is amongst the lowest in the world. Purefayce is driving the change for women in Pakistan by providing them a platform to connect with their customers with a simple click.

Home-based Beauty & Skincare segment in South Asia.

During Covid-19, a lot of businesses faced decline. International trade restrictions gave birth to many home-based beauty brands in South Asia. The awareness of beauty, skincare, especially conscious beauty is increasing. The pandemic lockdowns brought lockdowns and social distancing and the demand for makeup reduced considerably. However, staying home, having time to themselves, increased interest in skincare

Between 2016 to 2019, there was a yearly 6% growth seen in the cosmetic industry according to Euromonitor International. The average annual growth of the industry in Indonesia was 8% between 2016 and 2019, and it was further forecasted to increase by the average rate of 6.3%, between 2019 to 2022. The market declined in Thailand between 2019 and 2020, but it was again expected to rise by 2% annually on average. The skincare industry showed an overall increase, however, the demand for halal products was the highest. (4)

E-commerce

The ease of e-commerce has also increased the sale of home-based products, especially during the Covid pandemic. Entrepreneurs do not face high market entry costs e.g. the costs of billboards, pamphlets, and television advertisements. They can market their products using their creative skills, through social media or on their websites, to reach most of the potential customers. The product information reaches a larger market in less time. So the use of E-commerce has also given rise to home-grown, natural, organic beauty and skincare products. (5)

Beauty bloggers

The growth of beauty bloggers and influencers has led to an increased awareness of skincare routines and the importance of personal care. This has also positively impacted the overall skincare industry. There are various routines, morning, evening, bedtime that people want to subscribe to. Buying has seen an upward trend based on recommendations of beauty bloggers. However, this trend has negatively impacted the importance of a personalized approach to skincare routines. Every skin type is different, and every product will react differently to each person.

Home-based brands usually approach local beauty bloggers to collaborate, make sales, and make people aware of the products. When the target audience observes their favorite bloggers using those products, it automatically makes them want that product. Hence, increasing the home-based market of skincare products.

Organic products

Nowadays, everyone is aware of the harmful effects of synthetic products on skin and health, which has given a rise to the demand for natural and organic skincare products. This has fueled the strong growth of brands that have organic/vegan/paraben-free products. Consumers want products that are environmentally friendly, free of parabens, toxins, and harmful chemicals. For the best organic skincare products, visit (www.purefayce.com).

Citations

  1. Aradhya D. Women Entrepreneurship [Internet]. 2020 [cited 2021 Nov 15]. Available from: https://www.yourarticlelibrary.com/women/women-entrepreneurship/women-entrepreneurship/99813
  2. mxw_admin. Five Leading Women Entrepreneurs in South Asia [Internet]. 2015 [cited 2021 Nov 15]. Available from: https://www.cipe.org/blog/2015/05/27/five-leading-women-entrepreneurs-in-south-asia/
  3. Website [Internet]. Available from: https://ideas.repec.org/p/eap/pbsswa/pb0004.html
  4. Website [Internet]. Available from: https://www.cosmoprof.com/en/media-room/news/the-beauty-market-in-southeast-asia-tradition-innovation-and-quality/
  5. Website [Internet]. Available from: https://www.trade.gov/market-intelligence/indonesias-beauty-and-personal-care-market-growth
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