Water is a great solvent. It’s neutral and doesn’t provide any strong positive or negative effects. It just helps components to mix better and to transport active components.
Gluconolactone belongs to poly hydroxy acids (PHA). It’s very similar to AHAs chemically, that’s why it is usually presented as a «Next Generation AHA». It has all the benefits of AHA but it doesn’t irritate the skin. It’s a strong natural antioxidant which is as strong as Tocopherol or Ascorbic Acid.
Butylene Glycol is a very popular synthetic alcohol. It helps the product to absorb deeper and faster. It is also a solvent for other ingredients. As for the skin benefits, it helps to attract water and helps to make the skin softer.
Unlike many other “Glycols”, it is not harmful and that's why it is used in many products. It was approved by US FDA and US EPA for usage.
Glyceryl Stearate SE is a nice moisturizing ingredient. It hydrates the upper layers of the skin and fills small wrinkles. In haircare products, it's used for making hair softer.