Why is Your Optical Company Revenue Significantly Dropping? Find Easy Ways to Boost it

If you are noticing a significant drop in your optical company revenue, there might be some key factors that you are neglecting. The worldwide eyeglasses sector has been battling its way back to growth since 2020 when COVID-19’s effects caused sales to plunge by 14%.

This recovery has been fueled by consumers’ resumption of travel and socializing. The newest data from Euromonitor International predicts that eyeglass sales will reach USD142 billion globally in 2022, up 20% from 2020, and grow at a 5.9% CAGR from 2022 to 2027, returning to pre-pandemic levels by the end of 2022.

So, profitability in the optical industry requires you to be ready on your feet.

We’ve analyzed some reasons for your declining optical company revenue and suggested ways for you to fix them

1) Not Paying Attention to the Optical Capture Rate:

The percentage of patients who obtained their prescription during their appointment and actually filled it, is known as the optical capture rate. High optical capture rates are crucial since they boost your optical company revenue and provide your patients with a satisfying shopping experience.

Patients trust and rely on doctors for all their eye care requirements, and you can use this factor to boost your optical store returns. You might not have a consistent doctor-to-optical hand-off after the doctor completes the patient exam, which drives success and boosts capture rates.

You must take strategic measures to ensure consistency of high capture rates. When the patient is still in the examination chair, you can have the doctor suggest and prescribe the necessary eyewear for the patient.

Then the doctor can welcome the patient and show them how to navigate the optical section while describing the layout of the eyewear. Additionally, the doctor can suggest optical-specific remedies for the patient’s prescription to the optician or optical assistant.

2) Not Analyzing the Actual Reports:

You spend a lot of your time monitoring and keeping an eye on how your optical shop is doing. It is natural for you to make assumptions about the causes of your declining revenue. However, you must examine actual data and examine reports to identify potential loopholes causing the decline in profits.

You may pinpoint the true causes of the weak sales by meticulously examining previous data and reports on your business. It might be poor inventory control, accounting problems, fewer repeat purchases, poor employee performance, etc. You may build tactics to effectively increase profit and client retention by conducting in-depth analysis.

You can get powerful reports by using advanced optical POS. The software can cover every aspect of your business. This guarantees that you get all the information you need at once. Using the analytical dashboard, you can compare the performance of all the stores across different periods.

To take prompt action and create plans to keep your business competitive in the market, you must always be aware of how your optical business is performing with data and analysis. Ari optical POS generates reports covering the most crucial aspects of your business, from sales, taxes, and the expiration dates of lens solutions to inventories. Analyzing powerful reports is proven to give you better optical company revenue.

3) Poorly Trained Staff:

To increase optical sales, educating your whole workforce is crucial. Being proactive is key and teaching your staff about all the vital business procedures is what will finally lead to an enormous boost in the sales of your optical store.

The practice will project confidence by using a “whole team” strategy that includes physicians, office managers, technicians, opticians, and front desk employees. This method will also provide better outcomes and financial success. Customers anticipate that eye care professionals will set the bar for the best available prices.

Eye care providers must be confident and aware of various alternatives on the market before recommending products to a patient. You can update our staff on the most recent advancements in the optical industry at your weekly leadership meetings. For instance, you may regularly update internal documents to keep everyone up to speed.

Because of the staff’s increased knowledge, the optical store has less downtime. Training also boosts shop productivity and cuts down on long-term expenses. With a versatile and knowledgeable team, optical company revenue is certain to rise. Teamwork can improve interactions with patients as well. Before assigning each employee to the required job, you should first evaluate their strengths and weaknesses.

4) Bland In-Store Experience:

Everyone loves a pleasurable shopping experience. If your shop does not give a wonderful in-store experience, the negative image may cost you a lot of money. As the consumer has the capacity to bring you sales not only from themselves but also from their family and acquaintances. One of the biggest causes for your decreased revenue might be poor shop experience.

What customers feel when they walk into your optical store may significantly influence their purchase decisions. Your store must be physically appealing, clean, and have friendly employees. To top it off, if you want to persuade visitors to buy your frames, try running promotions throughout busy seasons of the year (such as the summer, Black Friday, etc.).

To improve optical company revenue, make customer service development a daily activity at your business. To give exceptional service to your clientele, each member of your optical firm must constantly improve. Always reflect upon what makes clients happy and unhappy when they visit your shop.

You may display your whole line of frames, sunglasses, contact lenses, and brochures with Optical software. This allows you to improve in-store customer happiness and increase sales. The Substitute tool lets you offer other options for a frame or pair of sunglasses. The “Link Item” function may also be used to present and sell combination offers and upsell with extra features such as blue light coating, anti-glare, and so on.

Using Ari optical POS, you can even offer your customers the option for partial payment because customers find it easy and convenient to pay little by little. The POS lets you track the paid and balance amount in the dashboard through a unique customer ID. The balance amount appears in red color to give a pending alert.

5) Lack of Appealing Options:

Customers like to try on diverse colors and sizes from different brands, classic models, or more unusual designs, and if your optical store’s selection does not appeal to them, they are likely to prefer your competitors. If you do not stay up with the newest brands and fashion trends in the optical sector, your rivals will profit handsomely.

Most consumers like branded products and are usually willing to spend more on brands they perceive as trustworthy. Many consumers are influenced by the latest trends and might want to be a part of those by buying specific designs, shapes, or colors. Follow the latest trends in frame and lens fashion. To satisfy the demands of a wider range of clients, provide a wide variety of branded and unbranded frames and lenses.

You can use this strategy to increase your optical company revenue tremendously. You can be proactive on social media to highlight your trendy collections. So, inventory management that is efficient and automated is crucial for optical businesses.

An optical POS system helps you to simplify optical inventory management. Ari optical POS has the “Product Characteristics” function that may be used by the optical business manager to generate distinctive attributes. They may classify eyeglasses and contact lenses by shape, brand, color, size, design, gender, and other attributes. Additionally, the “Promotion Grouping” feature allows you to give unique offers on a specific brand or design and color code them.

Conclusion:

In this blog post, we explored some of the major factors that might be causing your store’s decrease in optical company revenue. We investigated these difficulties and proposed simple solutions for optical business owners to adopt in their operations.

Furthermore, we highly advised them to use Ari optical POS to assist them in improving the dropping revenue. We are confident that your optical store’s sales will skyrocket by implementing the suggestions.

Using Ari POS, you can customize features to meet the demands of your optical businesses.