GrandVision is a global optical retail leader active in more than 40 countries across multiple continents. That's why we understand the importance of aligning our business model and strategy with global market and megatrends, as well as with major social and environmental agendas.
In 2020, at least 2.2 billion people worldwide experienced a vision impairment or blindness. This makes up nearly one-third of the global population. And approximately one billion of these vision impairments could have been prevented or have yet to be addressed, reports the WHO.
Meanwhile, the global eyewear market has grown steadily by 4% per year since 2010. However, due to significant macroeconomic events in 2020, growth expectations for the next five years have slowed to 1.5% annually, according to Euromonitor. This growth is underpinned by changing global market trends, such as developing consumer megatrends, evolving market structure, and technology and category growth.
- Changing customer retail expectations: We must adapt to changing consumer habits and their retail experience expectations. This means keeping up with global competition trends and new shopping experience formats, as well as fashion trends and technological developments as consumers also look for personalized, inclusive products that are an extension of their unique self expression.
- Growing digital maturity and digitalization: Across all age groups, we see an increasing demand for, and comfort with, digital channels. This leads to an openness to seek eyecare and eyewear solutions on these digital channels.
- Expecting more convenience: We see the appeal of Internet retail and subscription formats at the expense of traditional retail channels. We also note consumer demand for flexible delivery and self-service options.
- Accelerating concerns for personal safety: Due to the COVID-19 pandemic, we see a growing shift away from physical store visits. Social distancing has become commonplace and footfall has temporarily been decreasing. Consumers expect safer shopping environments now more than ever.
- Increasing value for money sensitivity: Consumers look for the best value for price of their prescription glasses and all eyecare products and services.
- Searching for authenticity: Consumers prefer to purchase products from companies with clear and consistently-applied values and commitment through their network and supply chains.
Additionally, our Eye Care Council, a source of expertise for GrandVision, has translated these consumer megatrends into five consumer focus points to guide our optical retail excellence. Learn more about these in the related case study 'GrandVision's Eye Care Council reinforces our industry leadership.'
See below to learn how we tailor our business to respond to these global trends. In the section, 'How we create long-term value for our stakeholders,' we take our analysis further to show how we align our business model and strategy with the UN Sustainable Development Goals' agenda.
Related consumer megatrends
How we respond to these trends
Our portfolio is positioned in some of the world's most active structural markets, and our growth across each eyewear category is primarily driven by consolidating our positions in our core markets. By strengthening our market positions, we also increase access to affordable high-quality eyecare, and contribute to underprivileged communities through our charitable activities.
We focus on key capabilities and operational excellence to drive economies of scale in category management, procurement, production, omnichannel and digital capabilities. We promote safe and sustainable production and operations, and support a diverse and inclusive global workforce with fair and equal working conditions for all.
We are enhancing our operating model and digitally-influenced business to create a leading omnichannel customer journey experience. This allows consumers to easily purchase our products and seek eyecare services online and instore. While our e-commerce offerings are expanding, we maintain a retail model where physical stores remain as activation points for our core value activities. These include accurate eye tests and complex product advice supported by our extension selection of products and services.
We also educate our customers about responsible consumption patterns and offer opportunities to recycle or extend the lifecycle of the products they purchase from us.