What are Product Businesses?
Product businesses sell goods to their consumers to generate income. If you were familiar with any company, product businesses would probably be one of them. To list a few of the many categories of products that sell.
- Shopping products: Easy and quick purchases
- Convenience products: Less casual but fairly common
- Specialty products: Occasional and large purchases
Product businesses do not need to be brick and mortar, nor do they need their own store to sell their products. We will discuss Loreal and how they sell their products at various stores, including Target and Ulta Beauty.
Loreal is a cosmetic company with hair color, skincare, sun protection, makeup, perfume, and hair care products. They sell their products at various stores such as Walmart and Target.
While Loreal is one of the largest cosmetic stores in the world, they had accomplished that by only selling at other retail companies until recently when they opened their own branded stores.
They have even been developing VR beauty, where customers can test local products on their faces through VR technology, allowing customers to try makeup without taking one step into their stores.