INDIA SPECTACLES MARKET challenges and opportunities

One of the key challenges facing India spectacles market is the high cost of branded eyewear. While there is growing awareness about eye care and a rising number of people requiring vision correction, the premium pricing of many international and domestic brands means that spectacles remain unaffordable for a large segment of the population. The average Indian consumer is very price sensitive and prefers value for money over brands. However, the margins that branded retailers need to maintain, combined with high real estate rental costs and import duties, make spectacles from top labels out of reach for most people. This discourages people from regularly updating their eyewear or forcing them to unreliable cheap alternatives that may not offer proper vision correction. For the market to achieve its full potential, eyewear needs to be made more affordable so that it does not remain as luxury product but rather seen as essential healthcare item by masses.

Market Opportunity - Expansion of e-commerce platforms for eyewear

The growth of e-commerce platforms in India presents a major opportunity to drive increased access and affordability of eyewear. Online retailers are able to cut down on significant overhead costs compared to physical stores, allowing them to pass on savings to customers in the form of lower prices. This makes a wider range of branded and designer spectacles within the budget of average Indian users who can now shop from the comfort of their homes. E-commerce also makes it convenient to try out multiple brands and designs virtually through virtual try-on features before purchasing. Companies are innovating with technologies like artificial intelligence and augmented reality to improve the online shopping experience of eyewear. If major e-retailers aggressively promote and market their eyewear portfolio, it can help transform the distribution landscape and bring more users under the ambit of regular vision correction.