Are you viewing your retail optical’s performance through rose-colored glasses? Examine reality with a critical eye. If you measure and review these six optical store benchmarks on a monthly basis, you’ll be able to tell whether your retail optical store is doing everything it can to help your eye care practice’s bottom line.
Assess Your Practice Using Optical Store Benchmarks
Many optical retail store management and optical store point-of-sale tools calculate these optical store benchmarks for you, allowing you to evaluate your performance month after month, year after year, or within other time frames you specify.
1. Capture Rate is the first benchmark:-
Calculation Method: Divide the total number of prescriptions filled at your practice’s optical store by the number of new prescriptions issued by your practice. Divide by 100.
What’s Average: According to VisionWatch, the average capture rate for eyeglasses among eye care practices with private opticals is around 65 percent (64 percent for frames and 68 percent for lenses).
2. The ratio of Multiple Pairs:-
Calculation Method: Patients buying two or more pairs are divided by the number of patients buying eyewear from your optical store. Some optical store software systems make tracking second-pair sales difficult. If this is the case for your system, create a discount code that you only use for second pairs purchased at your optical store and track it monthly.
What’s Average: The majority of people wear only one pair of prescription glasses on a regular basis, but 30% wear two teams, and 6% wear three pairs. The older the client, the more likely it is that he or she has multiple pairs. Men are slightly more likely than women to own multiple teams.
3. Lens Antireflective Ratio:-
Calculation Method: To calculate, divide the total number of AR lenses sold by the total number of lenses sold.
What’s Average: According to AOA data, approximately 40% of lenses sold in the United States are anti-reflective. In contrast, 90 percent of anti-reflective lenses are sold in Europe and Asia, indicating that there is more consumer demand than you might think.
Using these benchmarks will assist you in increasing the bottom line of your eye care practice. Calculating your capture rate, multiple pair ratio, and antireflective lens ratio will help you determine where you should focus your efforts in order to help your optical store thrive!