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Visit: Spextacular

Who are their main competitors?

The market value for spectacles in 2003 was £1,450 million. By 2015, there are expected to be 28.1 million people in the UK over the age of 45 (the age at which most people need glasses). 11.3 million people need new glasses each year. Source: Keynote

All these statistics show that the market for glasses is huge. However, it is also very competitive with a number of very large companies dominating the market including Boots and Specsavers. Supermarkets and other retailers such as Next are also entering the market. However, one of the benefits of starting an online business is that you can compete with large companies by keeping your costs low. Chris also believes that by building a relationship with her customers and exceeding their expectations at every stage of the buying and manufacturing process she will encourage repeat purchases and word of mouth recommendations.

Image: One of Spextacular's competitors on the high street is Boots.

Her online competitors include Glasses Direct and Perfectspecs. Since the entry barriers are quite low, new online glasses retailers are springing up quickly and Chris will have to work hard to build up her customer base and to get her unique selling point across to prospective customers.

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