What else is trending?

Read on to bolster your business in the new year with essential intel.

TREND #1:
THE 2020 DIGOUT BEGINS

Covid-19 had a major impact on practice revenue in 2020, with over 60% of survey respondents reporting a notable decline of 15% to 35+%. Still, almost 10% said their business was not impacted adversely.

When asked to pinpoint which categories are being affected the most, survey respondents place exam revenue at the top.

In order, the other areas most impacted are frame sales, diagnostic tests, lens sales, and contact lens sales, followed by lens processing/lab work.

THE GOOD NEWS: Projections for 2021 are well above what many ECPs experienced last year. Despite unprecedented challenges, ECPs are relatively optimistic about business volumes in 2021. In fact, nearly 4 out of 10 (37%) expect revenues to be up over 2020.

TREND #2:
NEW PRECAUTIONS, HERE TO STAY

All survey participants say they are taking extra safety + sanitizing precautions due to the coronavirus pandemic. For most (67%), the first step is upping communications with patients about the new office protocols and practices.

Here are the top in-office precautions being taken by practices across the country—ECPs say these are new normals that are here to stay.

TREND #3:
COMMUNICATION IS MORE CRITICAL THAN EVER

While many ECPs lacked patient communication skills at the pandemic’s onset, most are now messaging patients about the important Covid safety steps they are taking.

Nearly 7 out of 10 (67%) are communicating about new office protocols and practices, while 44% also share information about how patients can keep themselves safe and healthy.

Still, a full quarter of ECPs surveyed say they have not sent out Covid-19 messaging to their patient base or community to date—clearly a missed opportunity.

TREND #4:
ENTRY-LEVEL PRICING GETS FOCUS

With the pandemic forcing so many people out of work—and causing scores to lose health insurance—last year, ECPs are rightfully reviewing their frame pricing strategies. One thing is clear—opening price point eyewear is seeing an increased demand.

Here’s how EB’s ECP survey participants say they’re managing pricing this year.

TREND #5:
PRODUCT PURCHASING IS UNDER SCRUTINY

Uncertainty about business in 2021 is also creating unprecedented challenges in other product areas.

Looking at 2021 in its entirety, 32% of respondents report they will cut back on their volume of purchasing, while 27% say they won’t. Additionally, 4 out of 10 ECPs surveyed say they just don’t know yet.

So, what about specific product categories? Here’s a look at four critical categories.

TREND #6:
THE VENDOR ASSESSMENT IS REAL

Going into 2021, many ECPs say they’re taking a fresh look at both the number of vendors they will work with and which ones they want to retain.

Still, more than 6 out of 10 ECPs don’t plan to reduce the number of vendors they buy from.

However, nearly a quarter (24%) of those surveyed will do so, and here are their main reasons why:

TREND #7:
THE REP VISIT: ECPs ARE NOT AFRAID

Surprisingly, when asked how they want to view and purchase products while the Covid-19 crisis continues, 7 out of 10 ECPs still prefer in-person visits, as long as safety protocols are followed.

Still, new and innovative ways to view and purchase products are being utilized.

TREND #8:
THE SHOW MUST GO ON, BUT HOW?

With the pandemic continuing to rage across the country, most respondents (61%) say that in 2021 they would prefer a virtual trade show or event over an in-person one as a way to see and learn about product.

Still, a full 42% say they will again travel to shows when a vaccine is available and proved effective.

As for timing, opinions vary. Four percent say they will be comfortable traveling to industry events and meetings this winter, 12% eye the spring, 13% opt for summer, and 11% anticipate fall 2021.

TREND #9:
CHALLENGES WILL CONTINUE—THE TOP 10

“Which areas of business need the most attention right now?”

EB’s survey respondents clearly defined the order of their top 10 issues for 2021—with staff training and patient communication ranking as most critical. Interestingly, managed care, which all other years has been near the top of everyone’s list, actually fell to the bottom of top concerns for 2021.

2021’s TOP 10 CHALLENGES

1. Staff training (38%)
2. Patient communication (36%)
3. Covid survival strategies (32%)
4. Covid safety protocols (31%)
5. Retail/dispensary (31%)
6. PPE (29%)
7. Social media (27%)
8. Website (25%)
9. Practice management (21%)
10. Customer service (21%)

TREND #10:
THE BOTTOM LINE: THE PRACTICE IS CHANGING

As 2021 kicks off, many ECPs are still reeling from closing, reopening, and constantly rejiggering in 2020. But one thing is certain: Change is here to stay, and the face of vision care is transitioning before our eyes.

One big question on the minds of eyecare professionals for the future? The viability of telemedicine as a permanent addition to their practice toolbox.

What does the future hold for your eyecare business?