DEFINING A NEW MARKET FOR GROWTH: Eyewear Will Never Be the Same!
Shopping for glasses and contact lenses should be easy, convenient, and affordable. There should be no limits to the selection available, and the customers should always be treated with the utmost respect.
Yet, unfortunately that’s not always the case, particularly in the conventional eye care experience, where it’s a hassle to get exactly what you’re looking for – if that’s even possible – and the prices are outrageous.
One up-and-coming company is changing all of that. The company is called Kits.com (TSX: KITS), and with its market timing, Kits.com’s e-commerce platform is enabling transformation across the $35 billion American eyewear category.
Kits.com operates in one of the last multibillion-dollar categories dominated by a shrinking number of small independent shops – a market segment that’s ripe for technological disruption.
Kits.com should be positioned to lead the transition into online sales with the company’s branded and KITS-label offerings, which focus on delivering what customers want at affordable values.
This strategy has led to a marked and consistent increase in revenues by cohort year, as seen in the chart above. Kits.com customers acquired in more recent periods have been spending more over time than customers acquired in older periods, so the company is on the right track!
To give you an example, for the 2019 cohort, from their first purchase through their third quarter as customers, they purchased 10% more than the average of the 2015-2019 cohorts for the same period. Moreover, the 2020 customer cohort purchased 42% more than the average of the 2015-2019 cohorts for the same period!
How is all of this possible? It’s all about the process and the product: Kits’ platform offers a major customer experience advantage with a full contact lens and glasses selection at industry-leading values, along with 1- to 2-day production and shipping times for glasses (versus an average of two weeks for traditional retailers)!
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As a result of Kits.com’s superior customer experience and outstanding product selection, there were multiple unique and significant milestones marked for the company during 2020’s fourth quarter, including some broken records:
- Record revenue of $75,217,000, representing organic growth of 51% compared to revenue of $49,946,000 in fiscal year 2019
- Record active customer growth to over 700,000 active customers, up over 200,000 from a year ago
- Revenue from recurring customers was 65%
- Shipped over 39,000 KITS and designer eyeglasses, compounding at more than 100% quarter-over-quarter in 2020
Throughout 2020, Kits.com continued to invest in its business to build the one of the most capital efficient direct-to-consumer company in eyecare. A key development in 2020 was the establishment of Kits.com’s own design, distribution, and manufacturing lab designed to improve speed and quality of service for their customers.
On top of that, Kits.com is continuing to expand its optical lab and product offerings, including recently added progressive eyeglasses. All in all, it’s more than fair to say that Kits.com’s business has been substantially boosted by the success of the company’s eyeglasses and auto-ship subscription businesses.
The timing is right for a business to change the public’s perception of what’s possible in the eye care market today – and make no mistake about it, Kits.com is that company.
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On January/19/2021, in connection with our agreement with KITS EYECARE LTD., we received USD $350,000, from KITS EYECARE LTD. On January/19/2021, in connection with our agreement with KITS EYECARE LTD. we received CAD $350,000, from KITS EYECARE LTD. On (January/19/2021) we purchased 41,000 Common Stock Shares (or CAD$350,000) of KITS EYECARE LTD. through a private placement.