Warby Parker can afford to have low product price by limiting their operating costs and having
WARBY PARKER 22 the majority of their transaction occur online through websites. Warby Parker does not experience high overhead or licensing cost for its product. Pricing Strategy Warby Parker has a pricing strategy that can be described as high-quality-low-price strategy. Warby Parker’s main focus is to provide the maximum value to their consumers at a fair price. The company prides itself in designing their own eyewear and their refusal to charge outrageous prices for their eyewear. Place As stated previously, Warby Parker is still considered a new company in the eyewear industry. Warby Parker distributes its product mostly through its online channel with their home try one marketing program, and in their 13 showrooms, which they have located across eight different states. Although Warby Parker means of distribution is limited, this is how the company can afford to offer their products at a reduced rate. Product The main component of Warby Parker products’ characteristics is the designs. The classic vintage-inspired shapes and colors is what all their frames are based off of. Warby Parker eyewear products are made from cellulose acetate, ion-plated titanium and offer 100% ultra violet protection. Warby Parker optical lenses come standard with the polycarbonate lenses, anti- reflective coating and an anti-scratch coating. The polycarbonate lenses are coated twice with one of the best anti-reflective coatings and are then coated with anti-scratch coating to provide
WARBY PARKER 23 their consumers with the best product quality. The company has a straight forward product packaging policy. The packaging simply includes the company name (Warby Parker eyewear). Promotion Warby Parker generally promotes its products through mouth, buzz marketing, social media websites such as Facebook. Nowadays Warby Parker uses partnership with other companies as way to promote their products. In the U.S market Warby Parker has teamed up with The Standard hotel chain to promote the brand. This partnership has enabled Warby Parker to open pop-up boutiques in The Standards. Warby Parker also promotes its brand, by teaming up to do photo contest and social events. Another way Warby Parker Promotes its product is by keeping up with music festivals and sponsoring them. STRATEGIC RECOMMENDATIONS EXPAND INTO THE PROGRESSIVE AND BIFOCAL LENS MARKET If Warby Parker is capable of expanding into the progressive and bifocal lens market, this will give the company access to an additional 40% - 50% of the entire eyewear market. Warby Parker’s exposure to the progressive and bifocal lens market has the potential of creating huge growth for the company. Compared to normal lenses, progressive/bifocal lenses have a higher profit margin. Since older people are less likely to use contact lenses or get Lasik eye surgery; this will create a stable target segment for Warby Parker.
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