Gone are the times when spectacles and eyeglasses were just regarded as objects for visual corrections. Today, eyewear designs are no longer judged primarily on function, but in terms of fashion too. With a new wave of eyewear startups introducing a range of revolutionary products, what was once a nondescript sector is now being transformed into a hotbed of innovation and competition, thanks to the ever-changing consumer preferences globally.
From advanced eye glasses to groundbreaking varieties of contact lenses, top eyewear brands have come up with a surge of innovative products to satisfy the mounting demands of consumers. Technavio has scoped out this market rush and quantified the same, trends- insights- challenges and all, as part of its comprehensive market research report.
Eyeglasses as a fashion accessory is good news
Though it might seem logical to point out the ever-increasing smartphone and computer usage induced strain or the weakening eyesight of the baby boomer population, the recent statistics on consumer behavior does not show an increase in the number of consumers who need a prescription. What it has shown however, is the massive improvement in the number of people who use glasses just to look stylish and fashionable.
In recent times, the young and baby boomer population has caught on to the new trend of wearing colored and fashionable contact lenses and glasses. Consequently, a few years down the line, it will come as no surprise that a massive number of people will wear eyeglasses purely as an ornament and without any medical reasons driving their usage.
Currently, there are more globally visible eyewear brands than ever before. Popular designers who sport a personal accessory collection, will more than likely also retail optical frames and sunglasses, to wide consumer demand. Powerhouse brands like LUXOTTICA GROUP, Essilor, Safilo Group, and Novartis all invest enormously in their eyewear collections and promote new styles, innovative materials and other factors that will offer their business an edge over the competition.
Digital personalization encourages brand loyalty and sales
In the era of dynamic customer demand, market players offering a unique and innovative set of eyewear products with advanced technologies will definitely attract the most attention. Nevertheless, product innovation alone cannot win it big for eyewear brands. Unique products must be accompanied by on-point and personalized customer support. In this regard, companies are turning to digital personalization to help them understand the specific requirements of their customers, build an interactive relationship with them and encourage repeat business for the company.
A digital online catalog and try-on-tools have been deployed by several brands, to help customers in their decision-making process. The maturation of digital commerce has allowed these companies to not only target specific niche groups of consumers and initiate relationships around these verticals, but also evade brick-and-mortar gatekeepers and connect with customers directly through digital storefronts. Cutting out the middleman is surely the way to go.
Market insights helps vendors focus on the bigger picture
The global eyewear market is a dynamic platform that is growing fast and mutating faster. Understanding this vertical will help vendors strategize and execute their marketing plans better, whilst suffering limited lags and wasting little time on understanding their target audience.
