According to data released by ASSOCHAM, the Indian eyewear market is estimated to touch Rs 43,000 crore by 2015, which is presently pegged at Rs 21,000 crore. With the escalating number of vision problems these numbers don’t come as a surprise. But the interesting fact is that eyewear is becoming more of a fashion accessory and lifestyle product. Tapping into this trend, Titan Eye Plus is widening its consumer base with affordable pricing strategy to target value conscious consumers, who seek stylish products at reasonable prices.
The eyewear segment functions in both the organised and the unorganised sector. Organised segment accounts for about 25 per cent of the overall domestic eyewear industry with a share of over Rs 5,200 crore. The unorganised segment has a huge base in tier II, tier III and rural markets. Also, many local optical traders in this industry too, have created a space in the market on the back of strong customer loyalty, affordability and easy reach as the key driving factors. However, there is no denying that the present set of consumers is constantly seeking trendy and branded options in this industry. Thus, Titan Eye Plus, which marked territory in the organised eyewear segment in 2007, has pegged its recent campaign on “affordability, accessibility and availability.”
“Our new campaign talks about our new offerings under the Trendz collection. The frames are available in the price band of Rs 995 to Rs 1,995 and our new range of lenses, which offer single vision lenses beginning at Rs 299, bifocals at Rs 850 and progressives at Rs 1,400. This wide offering is targeted at bringing stylish and affordable products to the value conscious customer across SEC A and B segments in the age group of 15 to 60,” says Vandana Bhalla, Head Marketing for Eyewear Division, Titan Industries.
The television commercial amplifying the campaign is being handled by Ogilvy and Mather, Bangalore. “Our new TVC is very entertaining while giving the right information and targets a wide segment of customers from youngsters who have a single vision requirement as well as people above the age of 40 who need progressives. We have demonstrated this by using the combination of a father-daughter duo in the storyline who have an interesting conversation by placing a bet on how affordable is Titan Eye Plus. The TVC cleverly positions Titan Eye Plus as an accessible store with offerings at affordable prices by showcasing a range of frames and hi-tech lenses. The campaign is true to the original brief to the agency,” details Bhalla.
However, Titan Eye Plus is weighing its concept in a milieu where the contact lenses market in India is estimated at about Rs 700 crore, and is growing at a compounded growth rate of about 25 per cent. It is therefore, clearly battling an existing and fast growing trend. The throwaway nature of contacts is contributing to the stunning escalation in its demand. Also, these adequately fulfill other pre requisites pertaining to using them as a non-prescribed and voluntary addition. Bhalla, on the other hand, feels that the contact lens market in India is still very small and the category is largely dominated by spectacles only.
But, is diving into the affordability pool going to give Titan a podium finish? It might have sound clarity on its target audience, but is it proving slight complacency while operating in a category space, which has numerous premium and regular players like Police, Carerra, Vintage, Ray-Ban and Givo, and many more? As Titan’s third main line in consumer business, Eye Plus could look at more exclusive ways of tapping the shoulders of its customers.