Warby Parker is an eyewear company headquartered in New York City in the United States (U.S) . Established in 2010 , the company's primary products are eyeglasses and sunglasses. The firm ’s strategy comprises several innovative components which revolve around the needs of clients . Firstly, the company capitalizes on online s ales and marketing, which hugely benefits its target demographic given its increased use of the internet . Secondly, t he company is present in 30 physical locations in the U.S and Canada and sells its products at relatively lower price s compared to the existing eyewear retail market prices . Further, the firm uses an advanced application that allow s its clients to virtually try and select the frame s that best suit s their preferred looks. Also , the company offers its customers five sample frames free of charge for five days in which case the customers can have a physical feel of the products before making any purchase . This program is referred to as ‘Home-Try-On.’ ( Pearson Education Inc , 201 2 ) . This approach helps prospective buyers to take time in choosing their desired product. These elements appeal to a wide range of clients which presents an opportunity for the company to increase its customer base. However, the biggest external threat is that of the big eyewear companies that have not only the financial muscle but also a wider reach.
The company’s mission is to provide eyewear at affordable prices while encouraging social consciousness in business pursuits. In this regard, it has incorporated the ‘buy one, give one’ approach into its overall strategy. In this case, for every pair sold, the firm uses the proceeds in producing another pair for donation. This donation is given to VisionSpring, a non-profit that is aimed at promoting access to affordable eyewear globally. This social enterprise angle allows the company to meet its vision of ensuring that anyone in need of eyewear has access to an affordable pair irrespective of location.
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Currently, Warby Parker targets young people, but the company hopes to diversify to anyone who wears glasses in the future. The advantages of targeting this market are its dynamic and adaptable nature. Also, the young demographic is more likely to be drawn to designer eyewear. Moreover, the price offered is an incentive for this target group. For instance, t he average cost of a Warby Parker frame is about $ 95. The disadvantages of this target market are concerned with developing an inventory and obtaining the right workforce that fits into the company culture and adequately caters for the target market. The latter is of importance given the fact that the firm boasts a small team whose fit is vital for productivity ( Pearson Education Inc , 201 2 ) .
Warby Parker circumvents traditional channels, engaging clients directly, and offering high -quality and better-looking eyewear at lower price s . Despite the challenges encountered , the employed strategy gives the company an edge over its competitors .
References
Pearson Education Inc ( 201 2 ) . Warby Parker: New Venture/Entrepreneurial Strategy. Retrieved from http://media.pearsoncmg.com/ph/streaming/bp/2013/MGMT/Strat/Strat2012_Warby_Venture.html
