Health and Beauty Specialist Retailers in Colombia

PROSPECTS

Combination of experiences and services designed for health and welfare

The different retailers within health and beauty specialist retailers continued to add strategies that provide additional experiences and services to their formats, thus allowing consumers to believe that the channel considers their health and welfare. Retailers have moved on from simply selling obvious health and/or welfare products, to offer services designed to make consumers feel good.

Adding strategies from other channels and developing their own market

Benchmarking with other channels is the starting criteria for the strategies being created amongst different health and beauty specialist retailers. Alliances are increasingly strengthened with home delivery web platforms that commercialise and deliver products with shorter delivery times.

From a simple sale to consultancy on health and welfare

The entry of various companies and products reflects retailers’ interest in the personal care and health of Colombians. Nonetheless, this fact challenges retailers to go beyond a sale and make every moment with clients an advisory experience on their welfare and health.

COMPETITIVE LANDSCAPE

Colombians place importance on both goods and services

Although consumers’ shopping baskets have had to undergo some adjustments, especially due to the latest tax reform, the goods and services related to health and beauty have remained. This is due to the importance that Colombians give to these two topics, which they consider a priority in their basic basket, and the fact that suppliers have managed to better understand their customers and have given their product offer an original identity.

Rearranging the offer to new market realities

Although health and beauty products are a priority for Colombians, the changes caused by price increases have led consumers to search for cheaper offers, especially in beauty specialist retailers. Players in this channel have felt the greatest impact on prices the most, so have had to rearrange their portfolios and even reduce their store numbers or close points of sale that were no longer profitable.

Failure of retailers that do not pay heed to consumer welfare

Curiously, the landscape of health and beauty specialist retailers has considered situations that reflect a market purge. Large and traditional retailers such as Fedco and La Riviera are being forced to carry out business reorganisation processes that allow them to continue functioning after heavy sales losses; optical goods stores that are investigated for not fulfilling health requirements; vitamins and dietary supplements specialist retailers that are removed for misleading their customers, and investigations for corruption for persons in charge of guaranteeing the products sold in health and beauty specialist retailers.

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