Our Strategy – Synsam Group

Success factors for Synsam’s growth strategy

Synsam’s growth strategy is based on underlying market growth, growth in existing stores and through the addition of new stores, and a transition from being a traditional retailer of products and services to being a leading customer-focused lifestyle company in the optical retail sector. This provides Synsam with a strong platform for continued growth.

Synsam and the omnichannel strategy

Synsam has an omnichannel strategy that aims to seamlessly meet customer preferences across different sales and service channels throughout the customer journey. Synsam’s digital channels on its own and third-party platforms such as Facebook and Google interact seamlessly with the store network that forms the physical base of the business. At the heart of the omnichannel strategy is a focus on the customer. This means that customers can interact with Synsam not only in physical stores, but also via their mobile phone, tablet or computer at home. The aim is to create a fully integrated experience and a harmonised price picture wherever, however and whenever the customer encounters Synsam. When used correctly, the omnichannel strategy constantly creates new opportunities for innovative and customer-orientated meetings and contributes to the creation of new meeting places and touchpoints. This, in turn, generates increased interest, attracting new and existing customers to stores, e-commerce and eye examinations. Synsam’s knowledge of the customer journey and innovative thinking in marketing and communications are critical success factors.Creating greater awareness and attention for the Synsam brand, as well as for its own Nordic brands, is a high-priority aspect of the strategy. Continued growth for the Group is expected to come from a combination of Lifestyle subscriptions, e-commerce, House Brands and contact lens subscriptions.

The lifestyle subscription service

A market study has shown that up to 60 percent of customers who have not yet taken out subscription service for spectacles may be interested in such a service. To reach these potential subscribers, Synsam focuses on identifying the needs of its existing customers and proposes solutions for them. At the same time, there is a strong focus on attracting new customers, partly by continuously developing and communicating the benefits of the service.

Contact lenses

Synsam’s contact lens strategy is aimed at creating a more long-term relationship with customers who are currently one-off purchasers of contact lenses, but also to increase additional sales of spectacles and sunglasses as the majority of customers with contact lens subscriptions also buy such products.

Synsam Sports

Synsam is leveraging its position by building a unique niche in sports eyewear, which is increasing the breadth of Synsam’s total product offering. The current range of spectacles covers about 30 of the most common sports activities under the categories of Active, Outdoor, Snow, Street and Water. In 2024, Synsam launched ski goggles under its own brands Fellepini and Oscar Eide. With the growing interest in winter sports and skiing in the Nordic region, Synsam has chosen to develop its own collections of ski goggles to meet customer needs for goggles that combine modern technology and top-class lenses.

House Brands

House Brands are a key factor for Synsam’s ability to meet the needs of all customers across different price segments through a broader product range. The establishment of a production and innovation centre has also enabled the company to clearly differentiate itself from its competitors by allowing Synsam to offer a product range tailored to a Nordic customer base.

Expansion of the store network

The launch of new stores and concepts forms the basis of Synsam’s growth strategy. Synsam has built up extensive experience in opening new stores in the countries where the Group operates and currently has almost 600 stores in the Nordic region. An analysis of the market has identified over 200 potential locations for new stores and a target of opening 90 new stores has been set for the period 2024–2026.

Corporate customers

An attractive offering of computer glasses, eye examinations and other services aimed at corporate customers increases traffic to our stores and thereby also the number of private customers. The market for corporate customers is stable, and Synsam is well positioned to successfully enter into various procurement arrangements.

Synsam Hearing

Synsam has evaluated various market segments related to eye health that may offer new opportunities for further expansion. The first step in this is the start of Synsam Hearing, a business offering hearing tests and hearing aids in selected stores. The combination of hearing and optical retail is well established in Europe and North America, for example, but is still undeveloped in the Nordic region.

Other strategic initiatives

Synsam has identified a number of additional initiatives that are expected to help promote growth and efficiency over time. E-commerce is a potential growth area. The production of frames at Synsam’s production and innovation centre creates an opportunity for exports to non-Nordic markets. In the long term, it is possible that Synsam could expand in Europe by establishing one of its own concepts or by acquiring one or several mediumsized optical retail chains.