Over-the-Counter (OTC) Hearing Devices

Business Overview:

A SellerForce® offering, this eCommerce shop operates in the lucrative Medical Devices vertical, which has grown rapidly as this online store markets high-demand Over-the-Counter Hearing Devices. In just a few years, the company has developed a reputation for providing high-quality hearing aids at discounted prices, making affordable devices accessible to everyone. The company offers a wide range of hearing aids and accessories from the nation’s top manufacturers, so consumers can find ones that fit both their needs and their budget.

The company’s profits have shot up since the U.S. Food & Drug Administration finalized a new category of over-the-counter hearing aids that consumers could purchase directly, without a prescription. That included online sales, and the result is that demand for hearing aids soared as prices became considerably more affordable. With its easy-to-navigate website and emphasis on fast shipping and superior customer service, this eCommerce company has been able to appeal to a wide customer base.

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Property Features and Assets:

Operating on their Shopify website, the company has an Average Order Value of $200, an appealing price for consumers considering that hearing aids used to average $3,000 for prescription devices. Customers like what they are getting, and the company maintains a 4.5 average seller rating.

Now in its second year of operations, this has become a highly automated business. The current owner works less than 5 hours per week running the company, mainly focusing on customer service issues. The company has one employee, a receptionist who covers daily tasks, from taking phone sales and speaking to customers to handling returns.

Market Competition and Expansion:

There are plenty of growth opportunities with this business. A new owner could expand sales channels to include popular eCommerce sites such as Amazon and Walmart and launch an extensive social media marketing campaign that would include video marketing on YouTube and TikTok. Another option is effectively using keywords in product descriptions to boost the website’s ranking in search engines. The company could also benefit from an influencer campaign on its social media channels.

Contact SellerForce today to learn more about this medical devices company that is ready to scale very quickly.

 

Listing ID: SF289

Additional Details:

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