Raj Pyla, Chairman and Managing Director, EyeGear Optics India highlights that the ideal strategic collaboration brand partner for eye hospital doctors and owners, is one that brings holistic solutions that deliver to all stakeholders involved
The Indian eyewear industry is evaluated at around USD 5 billion+ and expected to grow at 7.7 per cent CAGR as per certain reports. Unfortunately only 19 per cent of the market is in organised retail (which consists of High Street and Hospital based retailers).
Hospital based retail stores are either run by the hospitals themselves or by an outsourced retail partner. The complexities of running a successful hospital based retail store are many – from limited space, limited doctors’ time to manage and oversee the retail section, high CapEx investment, high operating costs, lack of retail experience, limited inventory, staffing challenges, limited marketing support and missing integration of the retail store with the rest of the operations.
These challenges can sometimes get further multiplied when the hospital based retail store is externally managed by small eyewear retailers. Poor product quality, poor customer service, inadequate staffing, untrained or limited expertise of staff, limited payment options, limited warranty, limited customisation options, limited availability of products, no return policy are just a few examples of challenges they face.
Solving these problems for eye hospitals and doctors is not straight forward; it requires doctors to relook at either their involvement in the retail store operations or the existing partner relationship, and opt for a more strategic collaboration with the right eyewear retailer brand. The right optician partner will not only bridge the gaps but more important let the eye doctor focus on their core competency – while ensuring that a consistent quality of service and high-quality product is delivered. Additionally, the strategic partner will also ensure that the retail store remains profitable.
To solve these gaps, an eyewear brand has to address each of the following areas that impact business success.
Optimisation of space: Ensuring that the space however small, not only integrates with the hospital but provides a unique eyewear retail experience.
Store layout and fit out: Modern store layouts that are customized to suit the hospital’s and its customers’ needs. The eyewear brand guides store design, layout, and fit-out, which can significantly improve the overall look and feel of the store, leading to increased customer engagement and satisfaction.
Staff training: Effective and efficient retail staff require knowledge; knowledge of their products, sales skills, service skill, and retail management.
Consistent quality: Providing a consistent supply of high-quality products backed by stringent quality control measures ensures that all stakeholders are satisfied.
Delivering delight: Offering high quality products, customization options, extensive range that delivers to the needs and preferences all stakeholders.
Payment and financing options: Offering a variety of payment options to make the sale process quicker, easier and more accessible.
Robust warranties and return policies: The success in eye hospital retail requires building trust and confidence which improves preference and loyalty.
Success via partnership: Building long lasting partnerships requires reinforcing trust and transparency. Open communication between hospitals and retail partners ensures that everyone is on the same page and working towards common goals.
Technology infusion: Leveraging technology to improve business efficiencies, customer experience and integrating into the overall eye hospital system. Capturing and sharing insights, feedback, wants and preferences of patients improves the overall eye hospital experience.
Market trends: Market trends, AI and data, enable both the doctors and the hospital retail stores understand and adapt to the changes in preference and consumption. This can dramatically improve overall experience, satisfaction, operations and revenue.
The ideal strategic collaboration brand partner for eye hospital doctors and owners, is one that brings holistic solutions that deliver to all stakeholders involved. One that has extensive experience in making hospital eyewear retail successful and sustainable. One that offers an extensive range of high-quality, fashionable eyewear products that is affordably priced. Eyewear retailers that also offers point-of-sale (POS) that improve the overall customer experience, analytics, and Enterprise Resource Planning (ERP) solutions, which can significantly improve the overall efficiency of hospital operations and provides valuable insights into customer behavior and preferences. By partnering with organised eyewear retailers, eye hospitals and doctors can benefit from these solutions that are designed to fulfil all stakeholder’s needs.
Strategic collaborations between eye hospitals and eyewear retailers can lead to improved patient care, better retail experiences, and a boost in business for both parties involved. By addressing the issues faced by eye hospitals and leveraging the strengths of eyewear retail brands, the industry can continue to grow and evolve in a positive direction.