As inflation hits consumers’ purchasing power, modern eyewear shoppers have increasingly demanding expectations of the products they buy. Players in the industry will have to adapt their retail strategies to remain competitive. Eyewear sales via e-commerce are likely to continue to grow post-pandemic, as consumers look for convenience and ways to control their spending. Retailers will respond by continuing to invest in technology, such as try-ons, and in developing an omnichannel presence.
This report comes in PPT.
Despite encouraging signs of a recovery from the impact of the COVID-19 pandemic, consumers will become even more cautious than before in terms of spending, saving more if they can as they prepare for recession and continued rising costs. Retailers will have to adapt their strategies to remain competitive.
Despite the rise of e-commerce, the vast majority of retail sales (86%) still occur offline. The focus is, however, changing. Disruptive technologies and innovation will emerge to help retailers to enhance their engagement both in store and online. The industry has already begun to use digital tools, and more technological developments are expected in 2023.
E-commerce accounted for 14% of global retail value in 2022. Growth has been driven by the evolution of consumers’ habits following the COVID-19 pandemic, combined with growing demand for convenience and value for money, as many consumers’ financial stability is more vulnerable than ever before.
With the rising prices of energy, commodities and end products, private label and lower cost alternatives in the eyewear industry are likely to benefit in 2023, at the expense of established brands.
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.See All of Our Definitions
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