Here's How EssilorLuxottica is Transforming Customer Experience Through Its Digital Technology
Customer experience (CX) is a key battleground for the modern retail business. As the gaps between price and product close, only brands that can offer a superior experience will be able to stand out from the crowd.
84% of companies that work to improve their customer experience report an increase in revenue and 73% of consumers say a good experience is key in influencing their brand loyalties. In fact, customers have consistently reported that they are willing to pay more for a product or service if the brand they are buying it from can provide them with superior customer experience.
Naturally, in 2020, digital technology is playing a significant role in customer experience. As a leading provider of vision correction and protection, EssilorLuxottica understands this better than most and reckons its own innovative technology makes it a clear winner.
EssilorLuxottica has innovation baked into its DNA and boasts one of the best performing research and development teams in the entire industry. Employing over 900 researchers, engineers, and designers across the globe, EssilorLuxottica produces over 2,000 new products each year and serves over 9,000 retail stores.
"The continuous improvement in our performance validates our growth strategy as well as our investments in product innovation, digitalization, fast-growing markets, and talent. This acceleration further demonstrates our ability to execute the business plan and deliver sales and cost synergies", said Luxottica CEO Francesco Milleri and Essilor COO Laurent Vacherot. "On this basis we will confirm our efforts to transform the industry and eliminate poor vision throughout the world."
EssilorLuxottica achieves this through what it calls its 5+1 pillars of innovation and believes that each one has a significant impact on the experience it provides its customers:
#1 Providing vision solutions that harmonize branded frames and lenses
This pillar seeks to combine both frame and lens design to create a complete, end-to-end system that considers the needs, environment, and lifestyles of individuals from the very beginning of the customer experience process. Not only this, but EssilorLuxottica is also dedicated to developing new technology to tackle myopia, which is predicted to affect five billion people by 2050.
#2 Accelerating the worldwide growth in sun lenses through Sun 2.0
Providing customers with next-generation sun protection is another core goal of EssilorLuxottica. This is a section of the eyewear market which is ripe for disruption and EssilorLuxottica wants to be in the vanguard of innovation in this category.
Developing specific lens treatments and technologies which can reduce glare and protect the eye from both natural and manmade elements is helping bring next-generation sensibilities to both prescription and non-prescription sunglasses and improving the lives of people the world over.
#3 Developing new digital products, including Smart eyewear
Since Google abandoned its Google Glass project some years ago, the desire for connected eyewear has increased significantly. Connected products are now a staple of our world with everything from coffee machines to doorbells possessing online functionality. And now EssilorLuxottica is keen to embrace the technology for itself.
"For example, we developed a proprietary electrochromic technology that will manage ten to more than 90 percent of light transmission within seconds, covering class one to class four optical eyewear, regardless of temperature," said the company. "This helps us offer a real solution in providing premium vision and comfort under diverse lighting and temperature conditions and makes us ready for many new applications of transmission management in the future."
#4 Investing in a common process and product platform
One of the advantages of being comprised of two industry-leading companies is that each arm can learn from the other and benefit from sharing expertise and technology. EssilorLuxottica's combined tech portfolio helps the group achieve new levels of productivity, quality, and product performance.
#5 Creating a new, fun and unique optical journey for kids and youth
The business of having eyes tested and choosing and being fitted for eyewear can be tough on children and EssilorLuxottica wants to ensure that it makes the process as enjoyable as it possibly can be.
"Today, the youth segment remains either partially or completely underserved in rural markets, and in more developed markets, there is often a compromise that has to be made between lens and frame needs by consumers. Our goal at EssilorLuxottica is to change this by creating a unique and fun consumer experience for children while adapting to their changing lifestyles, habits and design expectations."
+1 Searching for low impact materials, processes, and technologies, putting sustainability in action
Climate change is making headlines the world over, and the onus is on industry leaders such as EssilorLuxottica to develop new ways of doing business that will minimize the impact they have on our precious planet.
Everything from sourcing materials and supply chains, to lean processes and renewable energy is on the table and it's only by leveraging these technologies that we can make sure our planet is still around for generations to come.
With its 5+1 pillars of innovation, EssilorLuxottica is creating a symbiotic relationship between technology and customer experience. One which will continue to help the business grow and thrive through 2020 and beyond.
You can hear Luxottica's Digital Experience Director, Irv Cassio, speak at Future Stores West 2020, taking place in June at The Sheraton Seattle.
Download the agenda today for more information and insights.