Online retailers will expand their software that enables consumers to virtually try on products
New York, NY (PRWEB) March 16, 2015
Since 2003, the Online Eyeglasses and Contact Lens Sales industry has benefited from the Fairness to Contact Lens Consumers Act, which has enabled consumers to receive contact lens prescriptions without having to purchase industry products from a particular seller. For example, prescribers that provide eye prescriptions cannot require patients to purchase contact lens, glasses or other industry products at the end of the fitting, allowing online retailers to provide eye products directly to consumers. IBISWorld Economic Analyst Sarah Turk says in the updated report “furthermore, the burgeoning elderly population has provided a boon to the industry, as an estimated 4.2 million adults aged 40 and older had a vision impairment, according to the National Eye Institute.” As a result, many elderly individuals have purchased industry products to amend low vision, myopia and hyperopia, stimulating industry revenue growth.
Nevertheless, the industry has grappled with many brick-and-mortar retailers and optometrists, either refusing to provide measurements or charging consumers for pupillary distance (PD) measurements, which has made it slightly arduous for consumers to purchase industry products from online retailers. For example, according to the American Optometric Association, merely five states require optometrists to provide their patients with free PD measurements. However, industry revenue is expected to skyrocket over the five years to 2015. “Overall, many brick-and-mortar optical retailers have developed a strong online presence, appealing to consumers with 24/7 accessibility,” Turk says in the updated report. Further exacerbating this trend, e-commerce retailers that solely operate online have also inundated the industry.
Over the next five years, industry revenue is forecast to grow. To attract consumers, many online retailers will expand their software that enables consumers to virtually try on products, or try on frames at home. Furthermore, some online retailers will invest in software that allows consumers to obtain their PD measurements online, rather than have to visit an optometrist, driving demand for online purchases of eyeglasses and contact lens.
For more information, visit IBISWorld’s Online Eyeglasses & Contact Lens Sales in the US industry report page.
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IBISWorld industry Report Key Topics
This industry sells optical and eyewear goods over the internet. Merchandise is generally purchased from domestic (in some cases international) manufacturers and wholesalers, and it is then sold to the public.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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