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Marketplace Tech

The beauty industry generates a lot of waste. Technology can help.

Marketplace Tech

Marketplace

News, Technology

4.51.3K Ratings

🗓️ 4 October 2023

⏱️ 6 minutes

🧾️ Download transcript

Summary

The beauty industry is getting bigger and more lucrative, but beauty brand Olay says that with about 80% of beauty products going unused, there’s an ugly side to that growth. Startups in Sweden and Finland hope technology can reduce cosmetic waste by changing the way we shop.

Transcript

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0:00.0

Did you know you are physically adapting to all your swiping, scrolling, and tapping?

0:05.6

We're changing our bodies and what they're able to do through our habits.

0:11.1

NPR's Body Electric, a special interactive series investigating how to fix the relationship

0:17.2

between our tech and our health. Listen in the Ted Radio Hour feed wherever you get your podcasts.

0:23.2

The beauty market is generating a lot of money, but also a lot of waste, and it isn't pretty.

0:32.7

From American Public Media, this is Marketplace Tech. I'm Lily Dremale.

0:46.5

Beauty products generated about $430 billion in revenue last year,

0:51.7

and according to an analysis from McKinsey, it's projected to grow by another 6% annually

0:57.4

over the next four years. But there's an ugly side to all of that growth.

1:02.1

Even as bottles of shampoo, moisturizer, lipstick, and perfume fly off store shelves,

1:08.0

it turns out we're buying a lot more products than we're actually using.

1:12.4

The beauty brand Ole has estimated the amount of purchase beauty products that aren't

1:17.0

actively used stands at around 80%. In Sweden and Finland, all that waste is the target of a

1:23.4

growing number of tech startups. They're trying to get us to waste less by having us shop differently.

1:29.8

The BBC's Maddie Savage has been speaking to some of them and reports the feedback on these efforts

1:35.6

is mixed. I'm on campus at Sweden's biggest technical university KTH, which is home to one

1:41.9

tech startup trying to cut beauty waste. It's founded by a former student, Celilie.

1:47.4

Elora is the world's first manufacturing as a service platform for beauty products.

1:52.0

We produce stuff on the market, so what sorts of things do you produce?

1:56.0

Now we have commercially available, well, with our clients, perfume, and soon-to-be nail polish,

2:02.5

and we have lipsticks on the market. Elora uses robotic technology, AI and 3D printing,

2:10.4

so customers can design their own products and they're made within minutes.

...

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