The idea for Warby Parker came from Neil Blumenthal and his three best friends while they were studying at business school in 2008. After one of them lost their glasses on a hiking trip and couldn’t afford to replace them the four friends came up with the idea for an online retailer that sells prescription glasses that are affordable and stylish. Their goal was to break into a market that had been dominated by a single company to provide a more affordable alternative to people who use glasses launching their online retailer in 2010. Their business model has been very successful as the company reported 245 million dollars in revenue and was valued at $3 billion. To reach this level of success the four friends had to overcome people’s hesitancy over buying prescription glasses online without trying them on themselves. To overcome this they had the idea to ship customers a trial box with five different pairs of glasses for them to choose from before buying the pair they like best. This solution to the problem showed how the founders of Warby Parker were able to pivot and solve a problem with their original idea in order to allow their business to succeed. They also continue to grow their already successful business by expanding into selling contacts and opening brick and mortar retail stores across the country as well as partnering with Nordstrom to put their companies glasses in their stores. Warby Parker demonstrates how young entrepreneurs can use the power of the internet to turn an idea into a business.
That is absolutely amazing how the four friends revolutionized buying glasses. I mean this is the type of product you would think one would would have to be in person to buy. I checked out their website, they start prices around $95 for glasses; which is a great deal considering their in-person competitors sell at a much higher rate.
I personally think they could increase profits by focusing on advertisement & awareness. Before I read this post I had no idea it existed, despite their great product & prices.
This is very interesting because I have noticed that prescription glasses can be very expensive and since then there is a new company that competes with the prescription glasses. This one hits home to me because I am always losing my glasses so I am never spending a lot of money on them. Great post!