- The Direct-to-Consumer (“DTC”) market is thriving as part of an eCommerce market that reached $3.53 trillion in 2019
- InnerScope Hearing Technologies has removed cost barriers for the 70 million North Americans with impaired hearing with its DTC model providing cutting-edge hearing aids at a price point far below the average
- InnerScope sells its products through its own eCommerce site, strategic partners, and now on a newly launched HearingAssist website, complete with payment options and free consultations with licensed professionals
Historically, brands have relied on a middleman to get their products into the hands of consumers. Companies having their own brand and retail location was about as close as a manufacturer came to selling direct to consumer (“DTC”). The ubiquity of the internet and mobile devices in the 2000s has changed everything, driving successes with the D2C model in essentially every vertical. Leveraging leading-edge tech and a growing online presence, InnerScope Hearing Technologies (OTC: INND), is emerging as a leader in DTC hearing products, allowing those with hearing deficits to test online and get products shipped right to their door.
Although e-commerce remains a negligible amount of overall global retail sales, it is steadily gaining share, including reaching $3.53 trillion in 2019.
There is no shortfall of potential INND customers considering about 70 million people in North America, or about 20% of all Americans and Canadians combined, suffer from hearing-related issues. InnerScope is a manufacturer, distributor, and retailer of FDA-Registered DTC self-adjusting, Bluetooth app-controlled hearing aids and personal sound amplifiers products, doctor-formulated dietary hearing and tinnitus supplements, and assorted ear and hearing health-related products.
The company has developed a simple user interface for its app that uses Bluetooth technology to allow its customers to personalize InnerScope hearing devices to their specific needs in less than 10 minutes via an onboard, in-ear custom fit self-testing feature.
The products are available through InnerScope’s MyHearIQ.com eCommerce site and through partner sites. In August 2021, InnerScope struck strategic deals to sell its hearing aids on FSAstore.com, HSAstore.com, and WellDeservedHealth.com sites catering to consumers enrolled in flexible spending accounts (“FSA”), health saving accounts (“HSA”), and employers’ health incentive programs.
Branded “Nexus HD App-Controlled Hearing Aid Set,” the InnerScope products are front and center when searching for “hearing aids” on these sites. The price of $1,500 for the complete set comes with free shipping and handily undercut the typical average price of $5,000 for same type of hearing aids. At this price point, InnerScope breaks down price barriers that wend way to just 14% of Americans with hearing loss currently using hearing aids.
This month, InnerScope launched a new eCommerce website for its wholly-owned subsidiary, HearingAssist (https://hearingassist.com/). HearingAssist has been an established leader in the DTC hearing aid market since 2008 and is Walmart’s largest hearing aid supplier with product displays in 757 Walmart stores and over 500,000 hearing aids sold to date. If you’ve ever seen the commercial where the dad and son are working on some chairs in a shop and the son becomes flustered his dad can’t hear him saying “I love you, Dad,” then you’ve heard of HearingAssist whether you realized it or not. (HearingAssist Commercial)
The new website showcases all HearingAssist’s hearing aids with sleek designs and leading digital technology. The site was designed with mobile in mind for a premium customer experience, a streamlined product search capability including live inventory and pricing search features, 24/7 product purchases with an easier check-out process, and an option for low monthly payments.
The site also features a live connection with a hearing product specialist and an opportunity for a free hearing consultation with a licensed hearing healthcare professional. Furthermore, the website was constructed with scale in mind and a backend that allows the InnerScope team to manage content, launch marketing campaigns, maintain product data and add features from one location.
Opining on all the thought and time that went into the design of the new site, InnerScope President and CEO Matthew Moore commented, “We designed this new website to provide hundreds of thousands of HearingAssist’s current customers and potentially millions more, a robust, user-friendly experience where they have 24/7 access to the HearingAssist affordable hearing aids and related accessories as well as a free consultation with one of our licensed Hearing Healthcare Professionals.”
For more information, visit the company’s website at www.INND.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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