The average serum lists thirty ingredients and the percentage of none of them. Balmwick lists nine and the percentage of all nine, which sounds like a small change and is in fact the entire product.
Short-formula barrier care, fragrance-free at the base, every active named and quantified on the front of the carton rather than the back. The trade-off is admitted instead of hidden: a fragrance-free short formula does not smell like anything, and a meaningful number of people buy skincare partly because it smells like something.
They lose those customers on purpose. What is left is a range small enough to memorise and a label you can actually check a claim against.