LOS ANGELES, July 28, 2023 /PRNewswire/ -- COSRX, a skincare brand favored by dermatologists, has recently revealed an impressive year-on-year growth of 138% in the first half of 2023. This remarkable achievement signifies an anticipated two-fold increase by the end of 2023, further reinforcing its position as a growing powerhouse in the skincare industry.
COSRX Sales Growth
The success of COSRX in the first half of 2023 is attributed to four key strategies:
The Brand Hashtag, #COSRX Growth in TikTok
#COSRX Surpasses 2.1 Billion Cumulative Views On TikTok, Leading Global Beauty Trends:
Since early 2022, COSRX has actively run a series of global marketing campaigns centered around TikTok. In efforts to target Millennials and Gen Z, the brand orchestrated seasonal TikTok challenges that led to an exponential growth of the brand hashtag #COSRX. In just 18 months, the accumulated views skyrocketed from around 200 million in January 2022 to over 2.1 billion in June 2023, showcasing an unprecedented growth rate of 749%.
COSRX recognized the potential of TikTok as a platform to engage and educate users about skincare. So, in efforts to harness this power, COSRX launched a series of TikTok challenges featuring the Advanced Snail 96 Mucin Power Essence that offered a unique combination of fun, interactive and informational. In doing so, COSRX was successful in catapulting the product into stardom, making it a global, viral sensation with a cult following.
Season 1 & 2 of the Snail Challenges, #SlapSnail and #SnailDanceChallenge, witnessed an overwhelming global response, attracting renowned influencers such as Dr. Shah, Hyram, Lexi Rivera, Andrew Davila, Ben Azelart, and K-Pop star Somi Jun. The challenges contributed to the essence's widespread popularity, resulting in sold-out stocks across stores worldwide.
In Season 3, the #SnailDuoShot challenge took the TikTok by storm, amassing over 100 million views within a month, further solidifying the essence's viral status. Additionally, the brand's main hashtag, #COSRX, experienced an exponential growth, reaching an impressive 1.3 billion views on TikTok, showcasing the brand's immense growth and engagement on the platform.
Moreover, the #LayerYourSPF challenge also played a significant role in driving hashtag growth. With the consistent efforts and enthusiastic participation of Gen-Z TikTokers in all these challenges, #COSRX surpassed a remarkable milestone of 2.1 billion views on TikTok, alongside global beauty giants like 'L'Oreal' and 'Glossier.'
Since achieving 1.3 billion views, COSRX's popularity has continued to soar, and as of June 2023, it has now crossed the 2.1 billion mark. The brand's consistent engagement with its audience and strategic campaign efforts have undoubtedly contributed to its continued success on TikTok and its ever-growing global influence.
"By leveraging TikTok's vast user base and engaging content creation capabilities, we have successfully captured the attention of global consumers. The achievement is a testament to our rising influence and resonance with its audience. We believe this significant achievement solidifies the brand's position in the skincare industry," COSRX representative said. "Not surprisingly, the #SnailDanceChallenge has been featured on TikTok's official site as a successful global campaign with over 5.3 million views and more than 360K likes worldwide," she added.
Building and Investing in B2C Processes with Amazon, Shopee, and Qoo10 Japan:
COSRX strategically developed its business diversification focusing on the B2C business model. In particular, the sustained growth in key markets such as North America and Southeast Asia have been achieved through such strategies. Notably, 'Amazon' and 'Shopee' have been major players in driving the success in these markets.
By optimizing Amazon Ad campaigns, COSRX secured top positions in the beauty category - both Advanced Snail 96 Mucin Power Essence and Advanced Snail 92 All In One Cream have been ranked the #1 best seller position in Amazon's Beauty & Personal Care category - resulting in a remarkable 163% YoY growth in Amazon sales. Moreover, the Acne Pimple Master Patch (Master Patch Original Fit) continues to hold strong as a powerhouse product, earning COSRX the 'Amazon Champion Seller' title.
During the first half of the year, COSRX achieved remarkable success in Shopee's biggest promotion, the June Double Digit Day, where the brand secured the top spot in the Philippines and Singapore. Notably, COSRX products also claimed the first position in the skincare category following the Double Digit Day promotions held in April and May in the Philippines. Demonstrating continuous growth, COSRX recently earned the prestigious title of 'Top Beauty Seller' in TikTok Shop Malaysia, further validating the brand's value and expanding reach through its live commerce initiatives.
There is more, the Japanese market stands out with a notable sales growth in their new derm line. Particularly, the Vitamin C 23 Serum has firmly established itself as a hero product within the Japanese market, experiencing successful sales growth. During the first half of 2023, the serum sold over 270,000 units, achieving a historic sales record at the Qoo10 Mega Discount (MEGAWARI) promotion. The rapid success of the Vitamin C 23 Serum within the Japanese skincare market is attributed to its trend-setting nature, as the brand was quick to recognize and preemptively target the growing demand for Vitamin C-based skincare solutions.
Expanding Customer Touchpoints through Global Retailers like Ulta and Watsons:
To ensure that their products are accessible to consumers worldwide, COSRX focused on expanding their presence in offline retail outlets. Currently, their products are available at retail giants like Ulta, Watsons, Sociolla, and various drug stores. They have also expanded into European and Southeast Asian offline markets, achieving remarkable success in these regions.
COSRX's TOP 5 Million Sellers
Diversifying Product Portfolio and Boosting Sales of Million Seller Products:
During the first half of 2023, COSRX achieved million seller status with five products: the Acne Pimple Master Patch (Master Patch Original Fit), Advanced Snail 96 Mucin Power Essence, Low-pH Good Morning Gel Cleanser, Advanced Snail 92 All-in-One Cream, and Aloe Soothing Sun Cream SPF 50+/PA+++. To further grow this portfolio, COSRX employed a product diversification strategy through the launch of its derm line - called The RX – and in doing so, aimed to reduce reliance on its hero products. The strategy successfully contributed to the company's overall performance and with its launch the brand expects to increase the number of million seller products to 10 by the end of this year.
COSRX's impressive performance in the first half of 2023 has led to a positive outlook for the company. As part of its strategic growth plan, the brand aims to bolster its success by launching and promoting five additional million seller products alongside five half-million seller products. This expansion reflects COSRX's commitment to meeting the diverse needs of its customers while ensuring a steady stream of innovative and high-quality offerings. The brand's commitment to satisfying customers worldwide remains steadfast as it endeavors to create opportunities for global consumers to experience their products.
As of now, COSRX operates in 146 countries worldwide, and consumers can check the availability of COSRX products through their official global websites and social media channels.
*Note: The information and figures mentioned in this press release are based on data as of June 30, 2023. The numbers are subject to change as the year progresses.
