India vision A socio Economic Scenario

1. India loses $37bn because of poor eye

vision:
2. India loses $37 billion (about Rs 203,500 crore)
in annual productivity on account of poor eye
vision among its people.
3. There are 550 million people in India - about half
its population -- who require vision correction but
are not adopting means to correct it.
4. In India, 41% of children (under 18 years) are
estimated to need visual correction but are not
corrected.
5. About 42% of workers, 42% of drivers and 45%
of elderly people are similarly placed
6. "Some 60% of road accidents around the world
happens because of poor vision of the driver,"
7. Vision correction led to an over 30% increase in
their incomes and a 25% increase in productivity
8. WHO estimates that globally poor vision results
in an economic productivity loss of $275 billion,
with China accounting for the biggest chunk of that
at $65 billion.
9. There's just 1 eyeglass store for 70,000 people
now, against the required ratio of 1 to 10,000.
10. "India needs over 100,000 new stores," for
eyewears.

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EYE WEAR MARKETING IN INDIA:
The current size of optical retailing in India is estimated at Rs
2,700-3,000 crore, and is projected to grow over Rs 6,000 crore
over the next five years.
The major national players in the market are GKB opticals,
Lawrence & Mayo, Titan Eye +, Vision Express-a joint venture
between Reliance Retail and Pearle Europe
Basic requirement : The basic requirement for any store
depends on many factors like location, store size, business targets
etc. On an average for a store size of 500-600sq feet would
require a minimum investment of 20-25 lakh and with few extra
services, an extra amount of 5 lakh can be added.
On the part of store design, in-store should be adopted seriously
by the optical retailer to help the customers to browse the latest
merchandise.
other services also which are attracting and boosting the sales of
the business. Retailers should enhance their stores with eye
testing facilities from trained optometrists and lens consultants
Preference for brands & International brands
Sunglasses are now being looked at as a fashion device rather
than a protective device with the entry of international brands like
Ray Ban, Benetton, Gucci, Police, Elle, Vogue, Versace, Dior,
Steppers, Hugo Boss, Armani, Levis, Esprit, Oxydo, Tommy
Hilfiger, Dolce & Gabbana, Calvin Klein, Silhouette, Swarovski,
Dunhill and Mont Blanc etc.
Response in tier II & II cities
Consumers in metros like Delhi, Mumbai, Bangalore and other tier
I cities experiment with designs

Tier II Customer needs quality and look for more formal and
classic designs.
Challenges & Growth prospects
The spectacle market remains highly unbranded only 20 per
cent of the market is branded
One-fourth of the sales for spectacles are through
opticians/doctors
The key challenges identified in this industry are
lack of penetration in rural areas
high import duty
price gap between branded & unbranded frames.