Join us here for a deep dive into the trends that will impact your business over the coming months.
RIGHT OUT OF THE GATE, 2022 IS ALREADY OFF TO A CHALLENGING START.
Labor shortages, supply chain issues, skyrocketing inflation, and Covid concerns top the list of formidable factors.
But, despite challenges aplenty, there is good news: Consumers are spending again.
According to Deloitte, spending in 2021 grew a healthy 8.1%. That follows on the heels of a 3.8% decline in 2020.
It’s against this backdrop that EB presents our annual Mega Market Trends Report, where we pinpoint 10 ultimate trends that will shape what’s to come in 2022. Utilize this key intel to secure a plan for your practice and to help you successfully navigate the year ahead.
Who shared their insights with us? More than 7 out of 10 respondents (72%) are O.D.s, 19% are opticians, and 81% of those respondents are owners.
TREND #1: REDUCING INVENTORY.
While consumers are finally loosening their purse strings, wary ECPs continued to limit product purchases in all areas through 2021. Many expect this focus to continue into 2022.
TREND #2: RETHINKING VENDOR SELECTION.
Scaling back the number of vendors they work with has been seen as a safe strategy by many practices. While 37% said they had plans to reduce their overall number of suppliers in 2021, 62% of practices reported they’d already lowered the number of frame suppliers they do business with over the last two years. ECPs said that trend will continue in 2022 and beyond.
TREND #3: UNCERTAIN JOB SECURITY.
The personnel picture hasn’t been rosy, and employees told EB they don’t feel confident when it comes to job security. The irony? With employers still short-staffed, retention has never been so important. That being said, half of practices either laid off or terminated staff members last year. Staff training and retention will be key strategies for practices in 2022.
TREND #4: APPOINTMENTS GET SHORTER.
Many practices adjusted their scheduling during the pandemic. Among the changes, some ECPs revised appointment scheduling over the course of 2021 to spend less time with each patient. What’s your practice strategy? Food for thought: A patient-centric experience will be a winning strategy in 2022.
TREND #5: NEW SERVICES + OPTIONS ADDED.
As in-office visits became less viable over the course of 2021, ECPs got resourceful and added a variety of delivery systems for both services and product. Several of them have been permanently added into offerings by practices—a convenience factor that patients will continue to crave in 2022.
TREND #6: MIDRANGE PRODUCT RULES.
Product that falls into the midrange of pricing has continued to be the most popular during the pandemic. In fact, in 2021, ECPs reported that fully half of their inventory is in midrange product, while one-quarter (27%) is in the high end, and just under a quarter (23%) is in value eyewear product. That being said, value product is gradually garnering more space on the frame board—a direction that will have staying power.
TREND #7: FRAME STYLING + CONSTRUCTION.
Comparing 2021 with 2019 frame and sunwear selection criteria, ECPs reported that styling and price have become more important to them. While still topping the list, construction features were voted No. 1 by substantially fewer people in 2021 and styling as No. 2 by many more. This shift is indicative of the pandemic-fueled practice dispensary sea change in product priorities that will continue into 2022.
TOP 2019 FEATURES | TOP 2021 FEATURES |
---|---|
1. Construction (77%) | 1. Construction (69%) |
2. Styling (55%) | 2. Styling (66%) |
3. Performance (44%) | 3. Lens technology (51%) |
4. Return Policy (42%) | 4. Performance (47%) |
5. Price (34%) | 5. Return Policy (46%) |
6. Price (43%) |
TREND #8: TECHNOLOGY SHUFFLES THE DECK.
With new technologies being introduced at seemingly lightning speed, a product that is hot today may be lukewarm in a relatively short time. Plus, what one ECP sees as hot may be viewed by another as just lukewarm. However, most ECPs are on board with progressives, as more than three-quarters plan to increase purchasing for the category over the next two years. Most importantly, tech-driven purchasing decisions will continue to permeate in 2022.
On the Upswing(% who plan to increase purchasing) | On the Downturn (% who plan to decrease purchasing) |
---|---|
1. Progressives (76%) | 1. Bifocals and trifocals (65%) |
2. Computer/digital (73%) | 2. Single-vision lenses (12%) |
3. Blue-light-filtering (69%) | 3. Readers (4%) |
4. Freeform/digital (50%) | 4. Blue-light-filtering (4%) |
5. Sun lenses (46%) |
TREND #9: THE ONLINE ROLLER COASTER.
Selling online has been on-again, off-again for eyecare professionals, with more than a quarter of practices (28%) doing so back in 2016, compared with 17% in 2021. More than 8 out of 10 ECPs surveyed (84%) said that will change over the next two years. Here’s how ECPs are competing with online for now.
TREND #10: SOCIAL TAKES CENTER STAGE.
If not selling online, ECPs are definitely upping their social media presence there. Though Facebook gets the lion’s share of the attention, ECPs are branching out into other social channels as well. They’re also spending more time online, with nearly half of practices devoting between one and two hours a day to posting. Look for social media to become even more critical for practices to connect with patients and community in 2022.
While practices are currently coming out of the Covid cocoon, as witnessed in part by solid attendance numbers at Vision Expo West in September, the pandemic has come at a big cost to small businesses everywhere. ECPs have, however, definitely demonstrated both resilience and determination. Both will put them in good stead for whatever lies ahead in 2022.