The exponential growth of the digital age has revolutionized many industries, and the beauty sector is no exception; the advent of online makeup stores being a testament to this transformation. Despite their popularity and the conveniences they offer, there abound numerous misconceptions about these virtual beauty platforms. It is essential to demystify these fallacies to foster a better understanding of their functionalities, thus empowering consumers in their digital beauty shopping experiences.

The first misconception is that online makeup stores lack variety compared to brick-and-mortar stores. This assertion could not be further from the truth. Online makeup stores offer a comprehensive range of products from numerous brands worldwide, far exceeding the selection available in physical stores. This extensive array of products is possible due to the virtual nature of these stores, allowing them to bypass the spatial limitations of physical outlets.

The second myth to address is the perceived lack of authenticity of products sold online. This concern stems from the existence of counterfeit products in the online marketplace. However, this issue is not exclusive to online platforms but also permeates physical retail spaces. To mitigate this, online makeup stores implement robust verification processes to ensure the authenticity of their products. Some even collaborate with brands directly, further legitimizing their product offerings.

The third misconception revolves around the inability to try products before purchasing. Indeed, the tactile experience of testing cosmetics on one's skin is absent in the online shopping experience. However, advancements in augmented reality (AR) technology have enabled virtual try-on experiences allowing consumers to visualize how products will look on them. This application of AR in the beauty industry, also known as 'beauty tech,' is a prime example of the Von Neumann–Morgenstern utility theorem in action, where consumers can maximize their utility by making informed decisions, thus increasing their satisfaction level.

The fourth myth is that online makeup stores are more expensive. A common economic theory, the law of one price (LOOP), states that in the absence of trade frictions and under conditions of free competition and price flexibility, identical goods sold in different locations must sell for the same price. However, LOOP often fails due to various market imperfections, and this is where online makeup stores capitalize. They often have lower overhead costs compared to physical stores, allowing them to offer competitive prices.

The fifth myth to debunk is the perceived difficulty in returning products purchased online. This misconception is arguably a remnant of the early days of e-commerce when return policies were less consumer-friendly. Today, most online makeup stores have straightforward return policies, some even offering free return shipping.

Myth number six pertains to the assumption that online makeup stores do not offer professional consultations, a service often available in physical shops. This is not entirely true as many online makeup retailers now provide virtual consultations with beauty experts.

The seventh myth is the concern over the long delivery times of online makeup stores. While this might have been an accurate picture in the nascent stages of e-commerce, advances in supply chain management and logistics have significantly reduced delivery times.

Myth number eight revolves around the belief that online makeup stores lack exclusive deals or loyalty programs. However, most of these platforms have robust loyalty programs and regularly offer exclusive discounts and promotions.

The ninth myth is that online makeup shopping does not provide the same fulfilling experience as in-store shopping. This could be attributed to the Theory of Reasoned Action (TRA), which postulates that individuals' behaviors are driven by their intentions, which in turn, are shaped by their attitudes and subjective norms. However, the beauty industry has taken significant strides in enhancing the online shopping experience, with interactive websites and personalized recommendations.

Finally, the tenth myth to address is the supposed vulnerability of personal data when shopping online. Cybersecurity is a valid concern in the digital age. However, reputable online makeup stores employ stringent security measures, ensuring customer data safety.

In conclusion, it is clear that the myths surround online makeup stores are largely unfounded. It is essential to look past these misconceptions and appreciate the innovation and convenience that these platforms bring to the beauty industry. The rapid advancement of technology, coupled with sophisticated AI, AR, and data protection measures, ensures that online makeup shopping is not only a viable option but an increasingly preferred one.