1 Introduction - Specsavers UK Limited
Retailing is defined as selling products and services to end consumers for personal or household use (Berman & Evans, 2013). Specsavers is a company based in United Kingdom (UK), created by Doug and Mary Perkins that aimed to provide quality yet value for money eyewear product (Euromonitor International, 2017b). Currently, Specsavers retails many spectacles, contact lenses as well as providing optician services. In addition, they branched out to provide care for hearing loss as well (Specsavers, 2018c). As of 2016, Specsavers have 709 retail stores in the United Kingdom.
2 Eyewear Industry Review
2.1 Consumer Spending in the Industry
The sales for retail eyewear combined amounted to £4,413.8 million and
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£1,859 million were from sales of spectacles. Contact lenses sold the most out of the eyewear range at 589,068 thousand units however the sales were lower compared to sunglasses at £954.6 thousand.
2.2 Profitability of the Industry
The report on eyewear industry for 5 years, starting from the year 2013 until the year 2017, shows increasing profitability. Each year, the volume and value of eyewear increased without any sign of slowing down (Euromonitor International, 2017c). Sales exponentially increased by 227.9 million. Euromonitor (2017c) would expect a 4.3% growth in eyewear value for 2018.
2.3 Major Competitors in the Industry
There are a few major competitors when it comes to the eyewear sector. The most notable brands in United Kingdom for framed eyewear are Specsavers, Essilor and Luxottica Group. Specsavers is the market leader, holding 15.6% of the eyewear market while Essilor now holds 10.4% of the spectacle market while Luxottica Group held on with 10.2% of the market share (Euromonitor International, 2017d). Meanwhile in the contact lens section, there are also three companies that hold the largest market shares; Vistakon UK Ltd as the market leader with 27.5%, Ciba Vision UK Ltd behind Vistakon with 14.2% and CooperVision UK Ltd with 11.6% (Euromonitor International,
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Multichannel retailing is when a retail store chooses to use more than one channel to market their products (Krafft & Mantrala, 2010). Using both physical stores as well as Internet retailing provides benefits such as the ability to reach out to new markets and create better inventory turnover by selling low-on-demand products (Ingene, 2014).
It happens that presently, Internet retailing is becoming an attractive platform for customers to purchase their eyewear. It is an especially convenient way to purchase when customers have already identified their eyewear prescription. Not to mention, website purchases provides various options with a competitive pricing compared to a physical store (Euromonitor International, 2017c). A recent study found that 70% of people above 50 years old would use the Internet to search for the best sales (Euromonitor International, 2016).
In 2016, the value of Internet retailing improved to 84% (Euromonitor International, 2016). Thus, online marketing became vital to businesses to promote their products. In respond to that, market players continuously promote their products through social media such as Facebook and Instagram. Businesses improve their customer relationship management as these platforms provide a swift and convenient 2-way interaction (Euromonitor International,
2. In determining 1-year value of disposable contact lens users to Vistakon, revenue from sales to ECPs, costs in manufacturing lenses and
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