Tech is changing everything about how we shop and stay healthy. Take the health and wellness industry – it blew up to $4.7 trillion (that’s £3.7 trillion) in 2021, and experts say it’ll hit a mind-boggling $12.9 trillion (£10.2 trillion) by 2031.
Health and wellness startups spotted this opportunity early. Apps like Calm, Modern Health, and ClassPass jumped on this wave, making it super easy to meditate, talk to therapists, or join fitness classes right from your phone. The online eyewear business caught the same digital wave and ran with it.
Speaking of glasses the eyewear market size reached $183.36 billion (£145.11 billion) in 2023, and it’s growing fast at 8.3% yearly until 2030. Grand View Research points to new tech and better access to eye care as the big reasons behind this boom. Pretty impressive, right? Let’s dig into why everyone’s shopping for glasses online these days:
Growing accessibility
The rise of e-commerce platforms has increased eyewear distribution channels, allowing easy and convenient access to eye care products and services online. Take retailer Vision Direct, which offers a wide range of contact lenses online, including top brands such as Acuvue and Biofinity.
Purchasing from Vision Direct’s e-commerce platform guarantees free next-day delivery for orders over £59 ($74), and the online store also has a 365-day guarantee which allows buyers to return any lenses with a refund, making it a viable option for contact lens wearers who have no time to visit a physical brick-and-mortar store. By increasing access to valuable products and services online, eyewear retailers can attract more customers for greater market growth.
Interactive experiences
Innovative tools like augmented reality (AR) technology have revolutionized eyewear e-commerce. AR tech combines digital perceptual information with the physical world, paving the way for more engaging customer experiences. Today, eyewear e-commerce platforms like Sunglass Hut use the AR-powered virtual try-on feature that lets site visitors check if their preferred frames complement their facial features.
This interactive technology allows online shoppers to virtually fit a pair of Ray-Ban or Oakley eyewear from the comfort of their homes before purchasing, providing major convenience by eliminating the need to travel to a physical shop and making it easier for customers to make purchase decisions. Studies show that virtual try-on technology can boost sales by up to 30% and reduce return rates by 20%, making it a valuable feature for eyewear e-commerce success.
Discounts and promos
Eyewear e-commerce platforms are a viable choice for consumers because they offer various eye care solutions with discounts and promo prices. For instance, online retailer Glasses.com allows customers to pay for their purchases in installments and avail themselves of up to 50% discount on glasses by using promo deals exclusively found on the website.
Optical retailer FramesDirect also provides a price-match guarantee that matches the lowest price of identical frames found on another website, allowing online shoppers to access vision care without breaking the bank. Offering discounted items helps drive business success as 84% of UK consumers actively sought discounts last year, and three out of four US online shoppers consider discounts a major factor when purchasing.
Streamlined eyecare services
Eyewear e-commerce platforms are taking convenience to the next level by supplementing product offerings with medical services, allowing customers to connect with health experts and access offerings that meet their needs. For instance, Walmart Vision has a teleoptometry infrastructure that lets online shoppers message in-store opticians for inquiries, helping those living in areas with little to no ophthalmologists access optical services more efficiently.
LensCrafters has also integrated an online booking system for eye exams into their e-commerce website, helping site visitors schedule eye check-up appointments without traveling. Studies show that 52% of consumers say that convenience influences half or more of their purchases, making these streamlined services crucial in contributing to the thriving eyewear e-commerce market.
Innovative tech offerings
Tech advancements are a critical factor in the success of the eyewear industry, both in e-commerce and regular brick-and-mortar stores. E-commerce platforms increase access to tech-driven eyewear, such as the Ray-Ban Meta smart glasses, a groundbreaking wearable technology produced by renowned eyewear brand Ray-Ban and tech giant Meta, which can capture photos, record videos, and live stream to social media platforms like Instagram and Facebook. The smart glasses have enjoyed commercial success, with its newer version outselling the previous model Ray-Ban Stories. According to The Vision Council, more than a third of Americans intend to purchase smart eyewear, and making these smart glasses more accessible through online retail platforms can further boost the eyewear e-commerce market.
The growth of the eyewear e-commerce industry can be attributed to various tech-driven innovations, streamlined eye care services, and unique offerings that can attract more customers. With these innovations, the eyewear industry is poised to maintain its steady growth and strong performance in the years to come.
Conclusion
From technological advancements that enable virtual try-ons and personalized recommendations to the increasing demand for stylish and functional eyewear, the industry is poised for continued growth. As consumers become more discerning and tech-savvy, eyewear e-commerce businesses that prioritize customer experience, innovative marketing strategies, and a diverse product range will undoubtedly thrive in the years to come.
More must-read stories from Enterprise League:
- What it takes to start a wholesale business from scratch?
- The only list of novels for entrepreneurs that you will ever need.
- Getting your product in stores doesn’t have to be complicated.
- Implement a CRM strategy for your business using this guide.
- Innovative and profitable business ideas with no employees.
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