Online optical retailer GlassesOnline is set to benefit from the tightening economy as consumers seek out value for money purchases, particularly on essentials.
With the average pair of prescription glasses now costing over $300, GlassesOnline provide the same glasses, complete with the same frames and lenses for as little as $65. And for the 11 million Australians who spend over $1bn on their glasses annually, the savings are huge.
Kevin Reece, Managing Director of GlassesOnline, says the large price differential is also having a big impact on the buying behaviour of glasses wearers.
“The high price of glasses in retail stores acts as a disincentive to purchase, discouraging the buying of multiple pairs and the timely updating of glasses when prescriptions change. By using the internet to remove the cost barriers, people are now able to buy glasses when they need them and can pick up spare pairs, different pairs for different occasions and prescription sunnies without having to worry about the cost.”
GlassesOnline’s innovative business model has been featured in the media including Today Tonight, A Current Affair, Australian Financial Review, BRW and MyBusiness magazine. And the next step for GlassesOnline is raising investment capital to grow the business and reach more customers.
“We’ve grown predominantly through word of mouth and have done relatively little marketing to date. It’s an exciting time as we now have a great opportunity to take our model to a larger audience, increase our product range and scale the business. We’re probably in the minority of businesses that will benefit from the economic slowdown.” says Reece.
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