Starting a used eyewear business in India.
In this article, we explore an innovative business idea in the eyewear industry. As part of our mission to bring you 500 unique business ideas, this is our fourth post in the series. Our ideas are designed to tackle real-life problems and cater to businesses of all sizes, from home-based businesses to SMEs.
Our focus is on bringing you fresh, original concepts that differ from the typical pet care, catering, or home cleaning type of businesses. All our ideas are backed by data and come with a well-defined problem statement.
If you’re an optician or have experience in the eyewear business, this idea is perfect for you. However, even if you don’t have such experience, but have a strong desire to become a business owner, we encourage you to give it a try.
Few things are key to success in business: having a strong sense of business acumen, including honesty, patience, and a customer-focused approach, and believing that money attracts more money.
Success potential of used eyewear selling business in India.
Is eyewear business profitable?
The eyewear business in India is a booming industry with a market size of approximately Rs 7,000 crore, projected to reach Rs 10,000 crore by 2025. The growth of this industry can be attributed to the increasing awareness of eye health and the rise of fashion-conscious consumers.
In India, there are various types of eyewear products available, including spectacles frames, contact lenses, and sunglasses, to cater to different needs and preferences. Consumers can choose from a wide range of brands, including both international players like Ray-Ban and Oakley, as well as local Indian brands like Titan Eye Plus and Vincent Chase, who offer quality products at competitive prices.
The rise of ecommerce platforms has made shopping for eyewear more convenient and accessible, as customers can now avail discounts of up to 50% and enjoy doorstep delivery services. This has made it easier for people living in remote areas to access premium brands without any geographical limitations.
The eyewear business in India offers immense potential due to its diverse range of products and the presence of both offline and online channels. This enables customers to make informed buying decisions based on their needs and budget limitations.
The problem statement for this business is the affordability of eyewear for a large portion of the Indian population. Approximately 29% of the Indian population wears spectacles, and over the course of their lifetime, they change 5-6 pairs due to power changes. Meanwhile, almost 6 crore Indians have vision problems but do not wear spectacles due to their low earnings and lack of awareness.
The unique eyewear business plan.
This business aims to provide affordable, refurbished spectacles within the range of Rs 200 to Rs 1000 for low and medium-income individuals. The business plan is as follows:
- Open an ecommerce site/application and physical shop in a city to list and display refurbished spectacles, along with all the amenities of a traditional eyewear business.
- On the ecommerce platform, buy used spectacles and powered glasses, and conduct campaigns in different residential areas to purchase used spectacles.
- Offer the option to donate spectacles or powered glasses and pick them up from the customer’s premises at the company’s cost.
- Take the collected spectacles to the physical shop, refurbish them, check their power, and categorize them.
- List the refurbished spectacles for sale at a price of Rs 600 to Rs 1000 for purchased ones, and for Rs 200 for donated ones (including only the delivery charge and service charge).
By offering affordable, refurbished spectacles, this eyewear business aims to make a positive impact on the lives of low and medium-income individuals in India.
Investment required.
Starting an application development project and creating a team along with a small showroom, back office, marketing, and working capital will require an investment of not less than 25 Lakhs. The cost of the application development itself is estimated to be around 1 Lakh.
To begin, it is recommended to allocate a budget of 5 Lakhs for a showroom of 200 square feet. This budget will also cover the cost of inventory, which is estimated to be 3 Lakhs. Additionally, 5 Lakhs should be allocated for working capital to cover the fixed costs of salary, rent, and office expenses for a period of six months.
One of the most important factors in running an optical shop is the ability to measure optical lens power. It is crucial to have the right equipment in place for this purpose, such as a lensometer and other necessary tools. Both manual and automatic lensometers are available in the market, and it is recommended to budget between 5 to 7 Lakhs to purchase them. For reference, you can check TradeIndia to get an idea of the cost.
It is also important to have a professional in place to supervise the optical power testing process. Other optical equipment, such as a trial box, slit-lamp, refractometer, projector, and others should also be available in the shop.
Challenges in used eyeglass businessess and how to overcome them.
There are several challenges in starting a used eyewear selling business in India, which include:
Quality control – Maintaining the quality of used eyewear can be a challenge, as some of the glasses may have scratches, cracks, or other defects. To overcome this, it’s important to have a thorough inspection process in place to ensure that only the best quality glasses are sold.
Competition – There is a lot of competition in the eyewear market, and it’s important to differentiate yourself from other sellers in order to stand out. This can be done by offering a wider variety of styles, providing excellent customer service, or selling at competitive prices.
Marketing and brand building – Building a brand for your business and attracting customers can be challenging, especially in a crowded market. A strong online presence, effective social media marketing, and word-of-mouth referrals can help overcome this.
Inventory management – Keeping track of inventory can be difficult, especially if you’re dealing with a large volume of glasses. Implementing an inventory management system can help you keep track of stock levels and ensure that you always have the glasses you need in stock.
Logistics and delivery – Shipping used eyewear can be a challenge, as the glasses must be packaged and shipped safely to avoid damage. Investing in good quality packaging materials and having a reliable shipping partner can help overcome this challenge.
By being aware of these challenges and taking proactive steps to overcome them, it’s possible to successfully start and run a used eyewear selling business in India.
Marketing plan for the used eyewear selling business in India.
Conduct Market Research: It is important to understand the target audience and their needs before creating a marketing plan. Research the competition and identify the gaps in the market to understand what sets your business apart.
Establish an Online Presence: In today’s digital age, it is important to have an online presence for your business. Create a website and optimize it for search engines to attract potential customers. Use social media platforms like Facebook, Instagram, and Twitter to reach out to a wider audience.
Create Engaging Content: Develop creative and engaging content to promote your brand and products. This can include product descriptions, blogs, infographics, and video content. Use keywords such as “used eyewear,” “secondhand eyeglasses,” “sustainable eyewear,” and “affordable eyeglasses” to attract potential customers.
Utilize Email Marketing: Build an email list of potential customers and send regular newsletters to keep them updated about new products, sales, and promotions.
Offer Promotions and Deals: Offer special promotions and discounts to attract customers and increase sales. This can include discounts on bulk purchases, seasonal sales, and special offers for first-time customers.
Collaborate with Local Optical Shops: Collaborate with local optical shops to promote your used eyewear products. Offer them a commission for every sale made through their shop.
Participate in Local Events: Participate in local events and exhibitions to reach out to potential customers and increase brand awareness. Offer product demonstrations and promotions at these events.
Provide Excellent Customer Service: Provide excellent customer service to retain customers and encourage positive word-of-mouth. Respond promptly to customer queries and feedback to build trust and credibility.
Measure and Analyze Results: Regularly measure and analyze the results of your marketing efforts to understand what is working and what needs improvement. Use data to make informed decisions and adjust your marketing plan accordingly.
By implementing this marketing plan and continuously refining it, you can effectively promote your used eyewear business in India and achieve success.
Other revenue lines for used eyewear business.
Selling sunglasses and other related wearable products can be a potential revenue line for this business. This could include products such as prescription glasses, safety glasses, sport glasses, reading glasses, and more. Additionally, you could also sell accessories such as frames, lens cleaners, cases, and other related items. By diversifying your product offerings, you can appeal to a wider customer base and potentially increase sales and revenue. Furthermore, it would also make your business a one-stop-shop for customers’ eyewear needs, increasing customer loyalty and repeat business.
Also, selling budget eyewear that are new and branded can be another revenue line for this business. This would allow the business to cater to a wider range of customers with different budgets and preferences. Budget eyewear could include popular, well-known brands and could be sold at a lower price point than higher-end eyewear. By offering both used and budget eyewear options, the business can potentially increase its customer base and generate more revenue.
There are several manufacturers of budget eyewear in India. Some of the well-known and reputable ones include Xstyl by Aryan, Coolwinks, Crizal, Vision Express, Titan Eyeplus, and Vincent Chase. It’s important to conduct thorough research and evaluate the quality of the products before partnering with a manufacturer to ensure the success of your business.
Procurement of budget eyewear for resale in India.
Research: Start by researching the market and the available manufacturers of budget eyewear in India. Look for reputed and reliable manufacturers with a good track record of producing high-quality eyewear at affordable prices.
Contact: Contact the manufacturers that you have shortlisted and request for their product catalogs, prices, and minimum order quantities (MOQs).
Negotiate: Negotiate the prices, MOQs, and delivery terms with the manufacturer. Make sure to clarify any doubts or questions you may have about their products and services.
Evaluate samples: Request for product samples to evaluate the quality and workmanship of the eyewear. Make sure to examine the samples thoroughly before placing your order.
Place the order: Place your order with the manufacturer after evaluating the samples and finalizing the terms and conditions.
Terms and conditions to be considered while procuring budget eyewear include:
Payment terms: Discuss and finalize the payment terms, including the mode of payment and payment schedule.
Delivery terms: Clarify the delivery terms, including the delivery date, shipping method, and any associated costs.
Warranty and returns policy: Make sure to understand the manufacturer’s warranty and returns policy for the eyewear.
Quality standards: Ensure that the manufacturer follows high quality standards and complies with industry regulations.
Intellectual property rights: Clarify any concerns regarding intellectual property rights and make sure that the manufacturer is not infringing on any third-party rights.
Expanding used eyewear business through franchise model in India.
Expanding your used eyewear business through the franchise model can be a good option for growth. Here’s a general overview of the process for establishing a franchise:
Develop a business plan: Create a comprehensive business plan that outlines the objectives, strategies, and expected outcomes of your franchise operation. This should include a detailed description of the services and products you offer, as well as your target market.
Establish your brand: Establish a strong brand image for your business, including a logo, slogan, and brand guidelines.
Legal compliance: Ensure that your business complies with all the relevant legal requirements, such as registering your business, obtaining any necessary licenses, and complying with the regulations related to franchising in India.
Franchise agreement: Create a detailed franchise agreement that outlines the rights, obligations, and responsibilities of both the franchisor and the franchisee. This agreement should be reviewed by a lawyer to ensure that it is legally binding and protects both parties.
Franchise manual: Develop a comprehensive franchise manual that provides detailed information on how to operate the business, including procedures, policies, and best practices.
Training and support: Provide training and support to your franchisees, including ongoing training and assistance with marketing, sales, and operations.
Franchise recruitment: Recruit franchisees through various channels, such as advertising, word-of-mouth, or trade shows. Screen potential franchisees carefully to ensure that they have the necessary skills and experience to successfully operate a franchise.
Ongoing communication: Maintain regular communication with your franchisees to ensure that they have the support they need to operate the business effectively.
In conclusion, starting a used eyewear business in India can be a profitable venture with a solid marketing plan, proper procurement, and adherence to quality standards. By offering budget-friendly and gently used eyewear, you can tap into a large customer base looking for affordable options. In addition, expanding the business through a franchise model can help you reach a wider audience.
Concluding the article on used eyewear business in India with dos and don'ts
As you venture into this business, it’s important to keep in mind a few dos and don’ts.
Dos:
- Offer a wide range of products, including new and branded budget eyewear
- Maintain high quality standards for your products
- Build a strong brand reputation through effective marketing
- Expand the business through a franchise model to reach a wider audience
Don’ts:
- Compromise on the quality of your products
- Neglect effective marketing and brand building
- Overlook the importance of good procurement and supply chain management
- Ignore customer feedback and demands
By following these tips and guidelines, you can build a successful and profitable used eyewear business in India.
Conclusion
In conclusion, I advise that quality should be a top priority while buying and selling, as this is the key to maintaining the trust and welfare of the business model. The information provided is just an idea and should be evaluated carefully before being adopted. I wish you all the best in your endeavors!
In summary, starting an eyewear business in India that focuses on selling refurbished spectacles and powered glasses to low and medium-income consumers can cost an estimated 25 Lacs. This cost includes application development, setting up a showroom, inventory, working capital, and purchasing optical testing equipment and tools. To ensure quality and build customer trust, it’s important to invest in quality control measures and hire professionals to supervise optical power testing. Before starting this business, it is recommended to consult with a professional business consultant and evaluate the potential risks and challenges involved.
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Really impressive , this can help a lot of underprivileged people get something basic that is required in day to day life . A sustainable innovative business idea that can bridge the economic disparity .