I wanted to do something B2C and experience suggested that industries with a couple of large, offline players dominating the market potentially provided a good opportunity. This is because margins are likely to be higher, and customers are more likely to be keen to try out a new, interesting and innovative company.
Eyewear fits this perfectly. OPSM and Specsavers have well over half the market between them and currently only operate offline here. Michael, Mike and Jodie had spotted the opportunity on a previous buying trip to China, realising that the margins being charged by these giants must be significant, given manufacturing costs. Together we developed a more detailed plan, and became convinced that there was an opportunity to retail cool and distinctive eyewear at prices that allow people to own a collection to match every outfit and mood, not just a single expensive pair they own for years.
The name Sneaking Duck came from an evening with pizza and wine and the Igor naming guide - we wanted something cool and memorable, that would conjure up a fun and cheeky image in peoples’ minds. We steered away from ‘functional’ names, instead looking for something interesting that we could build our brand around.
In a few weeks we’ll be launching a well-edited range of frames to the Australian market - sign up for updates at www.sneakingduck.com or like us on Facebook. Every frame in our range has been carefully selected so that people can build up a ‘frames wardrobe’. Customers will browse and choose online before entering the technical details of their prescription. A few days later the frames arrive. As we tested the idea with friends, the most most common challenge raised was ensuring fit. It’s for this reason we’re creating a fun online retail experience where you can see yourself in frames before buying, as well as offering a very generous returns policy.
Price will be competitive and simple - every frame at $180, including prescription lenses coated against reflection and scratches. Buying multiple pairs is what we’re all about, so every additional pair on each order comes at half the price, again, including lenses. This puts our prices well below comparable offline products. The only ‘extra’ we’ll be charging for is ultra-thin lenses, but certainly not hundreds of dollars extra like on the high street. This simple approach is in marked contrast to the more common approach of a seemingly competitive advertised price to draw in customers, that then gets inflated by numerous lens, coating and multiple pairs options.
What are your thoughts on our pricing point and strategy?