The Indian markets account for about 1% of the world’sconsumption of optical products. In India, there are millions of people suffering fromeye disorders and vision impairment and needtreatment. The country also has the highest number of cataractpatients. There are many children suffering fromblindness and all that they need is eye care.
There has been a noticeable shift in consumerpurchases for eyewear from form and function to formand fashion. Focus of Domestic Manufacturers is to producesophisticated, high quality & elegant eyewear bymaking use of hi-tech materials combined withaesthetic designs and master craftsmanship.
Spectacle Lenses &FramesContact LensesSunglassesLensCleaningSolutionsTypes of Optical Products
Branded showroom:There are various speciality stores owned by variousbrands like: Titan Eye Plus+, Prada , Armani , etc. These branded stores are generally found in urbanareas and metro cities. Other than these branded stores there are varioussmall retailers available in urban as well as rural areas. There are various eyewear brands who sell thereproducts in malls and other optical stores.
Online Formats:There are many online stores available where we canfind eyewearsEg: LensKart.com , smartbuyglasses.com ,fashionnyou.com , etc.
ABC analysis helps to exercise selective control whenconfronted with large number of items it rationalizesthe number of orders, items and reduce the inventory.It classifies products in three groups:A item : High cost and/or complex parts- requires mostmanagement attention.B item: Medium cost and/or medium complexity-requires more management attention.C item : Low cost low complexity- requires leastmanagement attention.
Graphical representationPercentageofSalesDollars10 20 30 40 50 60 70 80 90 100Percentage of ItemsNo Sales1009080706050403020100C10%B20%A70%A B C D5% 10% 65% 20%Sales
ABC analysis in optical industry using different kinds oflensesItem Name MonthlyDemandUnitPrice (₹)MonthlyRevenue(₹)MonthlyRevenue(₹)PercentageMonthlyRevenue(₹)Cumulative %CategoryTransitionlens07 3000 21000 18.51 18.51 AUVprotection11 1800 19800 17.45 35.96 AHi-index 10 1750 17500 15.42 51.42 AScratchresistant20 850 17000 14.98 66.36 APolarized 20 800 16000 14.10 80.46 BAntireflectivelens08 1600 12800 11.28 91.74 BAspheric lens 08 1050 7350 06.47 98.24 CPhotochromic05 400 2000 01.76 100 C
Bausch and Lomb uses a variety of method forpromotion. Commercial ads are extensively used for thepromotional activities. Extensive use of social media which include you tube,Twitter and Flickr. Idea is to increase the customer base and enhancecustomer loyalty.
To ignite the blogosphere buzz, Bausch and Lombmulti focal brand ambassador started conversation onmore than 500 blogs. It successfully utilized Twitter to drive the traffic toBausch and Lomb multi-focalwebsite(www.goodbyereaders.com). It also aggressively promoted educational videos onthe you tube and promoted three lenses onSquidoo.com.
Acuvue wink campaign programme was a majorsuccess in raising the awareness level among thecustomer. Insight for the execution was that the inferior lens cancause unintentional winking. However, with the Acuvue 1 day moist contact lens,one can intentionally wink at whatever one like. ‘Acuvue wink’ was the first branded Facebookapplication to be launched from Australia.
The campaign performed extremely well. At the heightof the campaign nearly 10,000 campaign were winkingon a daily basis. The volume sale of Acuvue 1 day moist contact lensesincreased by a massive 17% and value sales by 18% overthe previous quarter. The online only campaign also enabled the brand toreach its highest awareness levels ever.
Indian eyewear market is growing with a CAGR of30%. It is likely to reach Rs.43,000 crores by the end of2015. Global eyewear industry is growing at a CAGR of20%. Currently it is poised at Rs. 4.5 lakh crores with anestimate to reach Rs. 7.5 lakh crores by the end of 2015.
The contact lenses market in India is growing at CAGR ofabout 25 per cent. As per an industry estimate, sales of disposable contacts isrising at about 30 per cent. In the sunglasses market, premium sunglasses sales aregrowing at 40% and account for 30% of the overall sunglassesmarket.
Ever changing consumer preferences. Rising per-capita income. Growing awareness amid consumers. Eyewear becoming more of a fashion accessory and a lifestyleproduct. Long working hours.
“They hardly spend Rs. 800-900 while purchasingprescription spectacles,” said Alexander. “But things are fastchanging and we plan to reach 300 million middle class Indiansin the next three-five years.” “Prices are still high as far as global brands are concerned. Weneed domestic brands to come in, which may result in bringingprices down,” Arvind Singhal, chairman of retail consultancyTechnopak Advisors said.
Dr. Brien Holden, CEO of Brien Holden Vision Institute,Australia, has now set his sight on helping millions of Indianswho suffer from eye ailments and conditions which can becorrected. He has joined hands with L V Prasad Eye Institute andopened Indian Vision Institute at Hyderabad.
There is huge scope for growth and development of eyewearindustry as about 30 per cent of India’s population is sufferingfrom one or the other eye ailments reflecting to the largeuntapped potential in Indian eyewear market.It is anticipated that the impact of the WTO regime will resultin the flow of a larger variety of brands through formal channelsin the near future. It is also expected that duties will get lower over the next fewyears facilitating entry and variety.