All who wear contacts or glasses are quite well aware of the difficulties in personally shopping for them. Going through the difficult procedure of taking out time to meet the optician, choosing appropriate frames, checking out various styles, choosing the glasses, and then being compelled to wait a couple of days to receive our personalized glasses tests a lot of patience and time. We’ve all outgrown the days when we had the energy or time to go through this arduous process just to get our hands on some eyewear accessories.
Lenskart, India’s top eyewear company, arose as a remedy for these issues. This website has considerably transformed the chaotic eyeglasses business by streamlining the practice of purchasing eyewear.
This company started as an online platform selling contact lenses and eventually expanded to include prescription glasses and sunglasses in its inventory. Have you ever wondered about the journey that led to this platform’s current position?
Through this blog, you can have a look at Lenskart and know everything about it.
What is Lenskart?
United Arab Emirates
|Headquarters||Faridabad, Haryana, India|
|Revenue||INR 1,503 crores|
|Net worth||$5 Billion|
|Monthly Visits||6.0 M|
|Company Type||Multinational Optical Prescription eyewear retail chain|
|No of branches||1100+|
|Company Class||9, 35, 44|
|Available as||Website, Android, and iOS|
Lenskart is an Indian online eyewear portal launched in November 2010 in Delhi by Peyush Bansal. The company’s product portfolio includes prescription glasses, contact lenses, and sunglasses. Its business model distinguishes it from competitors since it bridges the gap between various touchpoints, i.e. it provides the customer with an Omni Channel Experience in which the client can order either from the shop or through an online medium.
It is an online shopping company with both offline and online distribution channels. Customers can order their items either online or in its distinctively designed offline store. Through the first-of-its-kind “Home eye checkup,” the business is transforming the eyewear industry. In 2019, they also became a unicorn company.
It is India’s fastest-growing retail business, with 500+ successful locations in 120+ cities and 50 million satisfied consumers. It is under the parent company Valyoo Technologies. Lenskart is the most popular eyewear shopping app where you can try glasses at home and it has the largest selection of the following:
- Contact lenses
- Reading glasses
- Computer glasses
- Prescription sunglasses
- Eye accessories.
Lenskart – History
Peyush Bansal is the founder and CEO of Valyoo Technologies (the parent company of Lenskart). In 2006, he earned a Bachelor of Science in Electrical Engineering – IT, Control & Automation from McGill University in Canada. Peyush worked as a Program Manager for Microsoft for a year before returning to India to pursue a PG in Management at IIM, Bangalore.
Peyush founded Valyoo Technologies in 2007 with SearchMyCampus as the initial business portal. It was a classified service for students that offered possibilities for housing, books, part-time jobs, carpooling, and internships. Peyush decided to explore the world of e-commerce after that became a major hit. While researching opportunities, he noticed the eyewear market and was motivated to create his own.
This resulted in the launch of Flyrr.com, a site focusing on the US eyeglasses industry. Flyrr gained popularity, prompting him to test the waters in Indian markets and created it in November 2010. They began by selling only contact lenses, then started adding eyeglasses a few months later, followed by sunglasses.
Key People Peyush Bansal ( Chairman, MD, and CEO )
Revenue Rs 963 crore ( FY 2020 )
Lenskart – Business Model
It has over 5000 frames and spectacles, as well as over 45 different types of high-quality lenses. The company operates on an inventory-led business model, with equal sourcing from India and China. It has its own design and styling team that keeps up with the newest trends in the eyewear industry; the designs created by the team are then handed down to the producers.
To reach the public, they have also expanded into offline businesses using the franchise concept. It presently operates 500 outlets in over 66 cities, including tier II and tier III cities such as Agartala, Tirupati, Siliguri, Raipur, Haridwar, and Varanasi.
They have balanced their reach by spreading out throughout urban and non-metro locales, and they are already serving over 4000 individuals every day, with plans to scale up to 200,000 in the next years.
In this industry, four success variables exist product quality, product portfolio, delivery time, and finally sales service. They have a great value proposition because it offers high-quality items at a low price. They also have a team of 1000+ workers who work in production, eye technicians, bespoke service, technology, and logistics, which will continue to develop as demand increases.
Lenskart – Omnichannel Method
They began as an internet business, so when they realized that Indian buyers wanted to feel and touch the product before purchasing a high-involvement product, they switched to the Omni Strategy. Because it was critical for them to use tech to actively involve their clients and react to shifting consumer expectations.
The company’s approach is on delivering the proper product, at the correct time, and in the right place. Customer involvement is crucial to them since it allows them to provide their consumers with a purchasing experience that is customized to their preferences. They attempt to stay connected to their clients and build trust by offering a value proposition.
They are notable for providing bundled offers such as buying two for the price of one or cross offers such as providing the first frame as free, real-time offers, personalized suggestions, email coupons, and so on. They have extended to 80 cities using a franchise business strategy wherein 35% of all revenue is split with the franchisee and also an annual fee of 200,000 lakhs is charged.
Lenskart’s Growth Drivers
- “The first frame is free” 👓promotion, in which clients pay just for the lens on their initial purchase. This is a terrific tactic for attracting first-time buyers.
- “Try at home” – where clients can select up to five frames and try them on before finalizing their purchase. Customers have sampled more as a result of this.
- Optometrists are now performing home eye exams in cities around the country.
- They have been performing 1500 checkups every day and have a 50% conversion rate.
- Technology innovation – created a 3D facial visualizer so buyers could see how the frames would look on them.
Lenskart – Features
- Choose a frame that complements your personality.
- The most recent collection with stylish trends.
- 3D Modeling.
- Replace your old glasses.
- Schedule an eye checkup at your convenience.
- Choose from a variety of 100% genuine brands.
- Place the order and pay cash at the time of delivery.
- Use the camera to scan product barcodes.
- Live chat with a member of the customer service staff.
Their rivals include both offline and online businesses. They compete with traditional merchants who specialize in eyewear. Players in this market include GKB, Lawrence and Mayo, Titan Eye Plus, Bausch and Lomb, Vision Express, Specsmakers, Coolwinks, and Deals4Opticals. Some brands, such as Ray-Ban and Essilor, have their own internet stores.
They compete with e-commerce marketplaces such as Amazon, Flipkart, Paytm Mall, and Snapdeal, which sell eyewear and have a direct impact on their company. Organized players contribute only 9-10% of the sector, with a size of the market of Rs. 18000-20000 crore. The companies compete with a wide range of low-cost products available both offline and online, so the difficulty is to keep clients loyal while steering them away from local opticians.
They have surmounted a slew of hurdles since its inception, using a combination of consumer enthusiasm, a proper work culture, and the setting of accurate criteria as their weapon. With its long-term plans in the process, the platform has a great deal of potential for growth and dominance in the foreseeable future.
Is Lenskart’s 1st order free?
In fact, if you buy the appropriate combination of eyeglass frames at Lenskart, you will receive the first pair for free. You can also test it on the face before purchasing.
Is Lenskart an Indian Company?
Established in 2010, Lenskart is the country’s fastest-growing eyewear business today, founded by an ex-Microsoft ‘techie’ with little money but a boatload of unwavering enthusiasm to make a difference in the world.
Does Lenskart charge for a home trial?
There will be a Rs 100 appointment fee. Only cash is accepted.
Are Lenskart frames expensive?
Lenskart’s glasses range in price from the most affordable to the most costly. However, this does not imply that the quality of any low-cost model falls. It all relies on what you require and what is best for you. When it comes to whether it is worth the money, the answer is unequivocal YES.