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We often talk about how artificial intelligence (AI) and augmented medical intelligence (AMI) will change clinical care delivery. However, maybe the greatest initial impact will be on the retail side of eye care. I believe that in the not-so-distant future, not only will AI enhance the personalization of retail eyewear sales, it will also dramatically increase purchasing efficiency and completely transform the entire customer experience across all parts of the industry. Let me take you on a little tour.
Now, imagine a completely personalized shopping experience, where AI-driven recommendation engines, such as those already being used by Amazon or Netflix, will suggest products based on our previous purchase experiences or maybe even what I call our “dream” searches. For example, if I’m a golfer and I recently purchased a new putter, maybe my AI-driven personal health shopper, my PHS, will recommend the newest in polarized eyewear to help me read the green better in flat light. My PHS will educate me about the benefits of certain color lenses. It will then show me examples of the proposed eyewear complete with a heads-up display, a range finder, and a complete history of how the ball breaks based on where that ball currently lies. Then I would know exactly how far I have to putt, as well as the slope of the green at a certain distance on a certain course at a certain dewpoint. Now, if I take that one step further where my PHS will search for what retailers around the world are offering the best value for such a personalized and unique product that conforms with my individual tastes, I think I might just be sold.
This same PHS will act as a virtual stylist and select products based on my individual tastes. I believe we will soon enter a world where optical retailers are not competing with the practice down the street but on the global market; a world where pricing will be completely dynamic based on the needs of the consumers searching for a given product worldwide at any given time.
Now think about a shopping experience where our PHS provides 24/7 support in any language to answer my questions and guide me through the entire purchasing process, all with simple voice commands, similar to me asking Alexa to cue up my favorite song list. Within a few years we might be able to see exactly how we look in these purchases with a 3D virtual heads-up display in my current eyewear. How will this change how customers engage with retailers? How might it change how our industry works?
I also believe we will see AI used to create an automated checkout experience. I can’t even remember the last time that I went to a live person to check out at the grocery store, and have you been at the self-service kiosk at the airport? Why would I go see another human?
Everything I have covered so far is the consumer-facing side of AI. However, subtly working behind the scenes is AI-embedded business tools that will proactively interact with our consumers. AI is already being used by companies such as Walmart to improve operational efficiency by predicting demand, optimizing stock levels, and reducing overstock situations. Many retailers around the world are also exploring this technology. How long will it be before these technologies are present on a smaller scale, like in my optical? I don’t think it will be long.
The eye care industry is actively looking for ways to optimize their supply chain to improve logistics, minimize delivery times, and reduce costs by analyzing and predicting supply chain bottlenecks. This AI technology already exists for companies such as FedEx and UPS. Do we really think that vision care behemoths such as Luxottica and Marchon are not far behind? Now, they also will have to adopt and adapt, or they will get bumped out of their own markets by larger and more sophisticated wholesalers who are better equipped to manage the inventory of smaller vendors. Amazon has done this to every industry on the planet, is the eye care world next? Possibly so.
Now imagine how AI might impact decision-making from an industry standpoint. Companies that adopt AI will have data where they can predict customer behavior and then customize their market strategies in a way never before possible to stay one step ahead of their customers’ needs and preferences. This allows them to target the right customers, with the right content, at the right price, in real time across any channel the customer is currently using.
Now imagine if, as a retailer, you had insights into trends months before your competitors. AI-embedded business operational tools will be able to analyze huge datasets of what is selling, where it’s selling, what the consumer demographic is that’s moving the needle in that specific area. Now, think about what kind of competitive advantage would that be?
AI will also allow for dynamic pricing where prices will be adjusted in real-time based on demand, competition, and other factors that maximize our profitability. I am pretty sure the airlines might already be doing this because every time I try to book a flight, leave the site, and then come back, the fare jumps $50 in five minutes.
OK, so maybe these scenarios seem a little far off, but everything I mentioned already exists in other industries, and candidly, the first few eye care companies that figure this out will have a significant competitive advantage. Simply put, retailers that embrace AI will simply replace those that don’t. Sounds similar to our comment that AI won’t replace doctors, but doctors who use AI will replace those who choose not to. Granted, there are challenges such as data privacy concerns, high implementation costs, and adoption challenges, but this AI-integrated retail world is already here. By making shopping smarter, faster, and more enjoyable, AI has the potential to significantly reshape the retail landscape, benefiting both consumers and businesses alike. That sounds like a win-win proposition to me.
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