After steep decline in 2020 due to the pandemic, 2021 was a year of transformations for global eyewear players. In the post-COVID-19 era, embracing digitalisation is crucial for all categories. Companies that stand out with strongly positioned brands and a digital strategy, eg EssilorLuxottica, prove resilient. With eyewear still reliant on store-based channels for their in-store expert service, players will increasingly invest in omnichannel strategies to future-proof their revenue streams.
The COVID-19 pandemic brought challenges and uncertainties for the eyewear industry after a severe decline in 2020 due to COVID-19. Nevertheless, the industry is on the road to recovery, with expectations of reaching pre-COVID-19 sales levels by the end of 2024, as demand for essential corrective products remains strong. Optical players are moving out of survival mode, as they embrace new trends, such as digitalisation.
Already in motion, e-commerce skyrocketed during the 2020 crisis as consumers began shopping more online than ever before. Forced closures and social distancing measures have changed shopping habits worldwide, which means that an e-commerce presence is a must for optical businesses to compete in an increasingly busy marketplace. Increasingly, eyewear players will be expected to deploy digital services technology to replicate their in-store offer virtually.
Despite these e-commerce investments, store-based retailing remained the leading sales channel for eyewear in 2021, representing 87% of total sales globally. Practices are now looking towards an omnichannel future as the best way to address these changing consumer habits to assist the patient at all touchpoints, ensuring that the online and in-store experiences complement each other to deliver a more engaging and interactive customer service.
COVID-19 was a wake-up call about inequality and inclusion issues across the globe. Consumers will seek out brands that align with their ethics. In that context, eyewear players will be expected to increasingly support social initiatives and local communities, as well as increase their commitments to combat climate change, in order to gain consumers’ favour.
Consumers are now driving the Metaverse Movement: the burgeoning development of a future rendition of the internet, bringing together virtual reality headsets and other social platforms. Smart glasses will no doubt play into this movement in the long term. Nevertheless, the widespread adoption of smart glasses is still 5-10 years away.
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