Hello to our amazing investors and fans, thanks so much for continuing to follow our journey to upgrade the world’s eyewear. Today we’ll be discussing some background info on our product category, and how we will be marketing the Lucyd® Lyte™ frame.
We have been faced with many challenges in our quest to build the perfect smart frame, and chief among them is the fact that perhaps 99% of people have never worn a tech-enhanced pair of glasses, even in a demo scenario. So not only have we been presented with the difficulty of creating an ergonomic and user-friendly frame, but also have had to create the market need in the minds of the consumers. People won’t buy a product they aren’t aware of or don’t immediately see the value in. So from the very beginning, we have been addressing the question of why you should upgrade your eyewear with Lucyd frames. And the answer is becoming quite clear with our new frame: you lose nothing compared to regular glasses, but gain a whole lot more in terms of functionality, without compromising on price. Take a look at this chart to see how Lucyd Lyte stacks against regular old glasses.
You can see by the above chart that we are developing a truly disruptive product in the eyewear space. None of the previous products in the smart frame category have this feature set, which all but eliminates any opportunity cost against upgrading your eyewear with Lucyd. Furthermore, in each lens type category, Lucyd is a price leader with the exception of single prescriptions purchased online. When it comes to a single prescription, it is only an additional $60 to get the Lucyd option vs. a non-tech Warby Parker frame. For our closest smart frame competitor, Bose, they charge $306 for a single prescription frame compared to $154 for Lucyd—$150 more! And when compared to a physical optical store like Lenscrafters, where single Rx eyeglasses can cost $200, we are considerably more affordable in every prescription category. In Progressive lenses (unlined bifocal), we absolutely decimate the competition both on and offline. This is possible because of our partnership with a Boston-based lens lab that has been in business for 40 years, which offers us industry-leading lens pricing.
To ensure mass market adoption of our product, we are faced with a dual challenge—removing any reason to prefer regular glasses over ours, and informing the customer of the benefits of switching to Lucyd. We believe that simple comparisons such as the chart above will enable a smooth customer acquisition process when advertising to the traditional eyewear market.
Finally, a consistent issue we have faced in the marketing of our smart frames is the product category labelling. They’re not regular glasses, nor are they headphones. They aren’t a pure tech wearable as they also correct vision. The term “smartglasses” is close, but evokes headgear with an AR display. “Music Glasses” and “Bluetooth Glasses” are both descriptive but don’t capture the full feature set. After much deliberation, we have settled on a new term for our product category: e-glasses. This follows the naming trend of “email”, “ebooks” and “ecommerce”, and implies a new, electronic upgrade to an existing product category. We believe this novel term will help new customers quickly identify what it is about Lucyd frames that makes them special, and bring them to a buying decision faster. Plus, it sounds pretty cool!
Thanks for reading this update, and thanks again to all who have contributed to our crowdfund. We look forward to upgrading your eyewear.