RANCHO CORDOVA, Calif.—VSP Global is intensifying efforts to develop futuristic products and services by transforming its innovation arm into a new business unit with a redefined mission. The new unit, the VSP Global Innovation Center, is both a physical space and corporate division. Formerly known as The Shop, it focuses on “creating innovative products, services, and experiences that respond global market shifts and advance the eyecare and eyewear industries,” VSP Global said in a statement. “The Global Innovation Center is all about harnessing VSP Global’s expertise and combining it with new technology and external partnerships to bring transformative products and services to our clients, members, and network doctors,” said VSP Global chief operating officer Earnie Franklin. “Innovation is an important part of our 65-year history, and we look forward to using the invaluable insights we’ve gained in that time to ensure that VSP remains at the forefront of an ever-changing industry.”
The Global Innovation Center is focused on exploring and developing projects within four principal areas:
- Digital Supply Chain: Applying digital solutions to improve supply chain speed and fulfillment of products and services.
- Health Focused: Exploring new care models to meet patient access needs and optimize customer experience.
- Personalized Vision: Enabling data-driven products, services, and experiences to maximize value of eyecare and eyewear.
- Smart Glasses: Leveraging VSP’s unique strengths to help grow the smart glasses category.
Additionally, the Global Innovation Center today released a ‘Futurist Report’ which spotlights consumer trends and predictions in health and wellness experiences. Created in partnership with international research and data company CB Insights (www.cbinsights.com), the report analyzes the technologies, partnerships, and startups shaping the future of the health and wellness ecosystem, while also detailing emerging trends in consumer habits, perspectives, and spending.
The Future of Experience in Health & Wellness Report can be accessed. The report’s top findings, which are illustrated in the accompanying graphic, include:
- Hyper-personalization leads to shopper confidence: The use of consumer data to customize promotions, assortments, and even advertising images will require new tactics to maintain relevance with individual consumers.
- Virtual wellness advisors on demand: The rise in 24/7 access to digital experts will transform consumer expectations for on-demand service and advice.
- Experiences deepen connections to consumers: Retailers, products, and services are differentiating by integrating experiences, which will elevate consumer expectations for cultural sensitivity, product customization and brand promises.
- Leveled-up at-home wellness experiences: Stay-at-home orders coupled with connected devices are bringing more health and wellness experiences into consumers’ homes, which could permanently draw their attention and spending away from some in-person services.
- Dynamic fulfillment empowers wellness: Demands for faster fulfillment of online orders are just the beginning—consumers now want delivery options that are tailored to product needs, occasions, and frequency. Soon those expectations will also include the power to predict their next order.
“Innovation for innovation’s sake is meaningless. At the VSP Global Innovation Center, we’re working to solve real industry challenges, and that includes identifying needs that may not even exist yet,” said Ruth Yomtoubian, senior director of the VSP Global Innovation Center. “The Futurist Report provides our team with a comprehensive look at the consumer trends influencing and impacting our industry today and into the future.”
The Global Innovation Center’s physical location will be based at The Cannery, a historical Sacramento office park. The space will more than triple the size of the organization’s previous innovation facility, and the team is expected to move into the new location in 2021.
VSP Global said the Global Innovation Center is actively looking to partner with organizations to develop and deliver life-improving products, experiences, and services for the company’s clients, members and network doctors. Anyone actively working on solutions that impact the future of the eyecare and eyewear industry can contact globalinnovationcenter@vsp.com.