In November 2010 in Delhi, an Indian online eyewear brand named Lenskart was introduced by Peyush Bansal and later two more co-founders joined with him named Sumeet Kapahi and Amit Chaudhary. The company’s main products start from contact lenses, glasses to sunglasses. Lenskart has come up with a unique kind of business model in which the brand is different from other brands, it creates a connection between the gap of different touchpoints. Mainly it provides a medium where a customer has an option to order from an online portal as well as from the store it allows an omnichannel experience to the customers.
Lenskart works as both an offline and online distribution channel and is one of the e-commerce brands. Lenskart productions can be ordered by the customers through Lenskart’s creatively designed physical offline stores. The brand is brought up a revolution for the e-commerce eyewear industry by providing the facility of eye checkups at home. In the year 2019 Lenskart becomes the unicorn company.
Lenskart has a widespread and fastest-growing business chain all over India, associated with above 120 cities, above 500 profitable stores and also more than 50 lakh happy and satisfied customers. It is registered under a parent company named Valyoo Technologies. Lenskart app comprises the widest college of eyewear and its app is in the number one position for online eyewear shopping. The collection includes computer glasses, reading glasses, contact lenses, anti-glare, goggles, specs, and also gives the facility to try out the eyewear at home followed by eye accessories and prescription glasses.
The CEO and founder of Valyoo Technologies which is Lenskarts parent company is Peyush Bansal. In 2006 he pursued his degree in bachelor of electrical engineering that is control and automation, IT from McGill University in Canada. He worked with Microsoft as a program manager for a year and then he moved to India, did his post-graduation from IIM Bangalore.
In 2007 Peyush Bansal launched his first business portal associated with SearchMyCampus as a company named Valyoo Technologies. It was a site made for students which consisted of various options such as books, accommodation, internship opportunities, part-time jobs and carpool facilities as well. Peyush Bansal didn’t stop here he wanted to explore the world of e-commerce after the huge success of his last company. After a lot of research and exploration, he came up with the thought of an e-commerce business of eyewear segment and went on to start a business of his own related to eyewear.
The idea of the business was a reason for the introduction of Flyrr.com, a website based in the US completely inclined to the eyewear market. The company did well and gained success, this is where it pushed him and he took the risk to launch an eyewear e-commerce business in the Indian market also in November in the year 2010. Firstly Lenskart started its business by selling eyeglasses and contact lenses, after a few months in march 2011 it started selling its new products like sunglasses which were in the accessory segment of eyewear fashion and so on.
Growth and Features:
Lenskart follows some unique ways for the growth of the e-commerce business. For attracting new customers it provides an offer of the first frame as free where the buyers will have to pay only for the lens and not for the frame on their first purchase. They offer a facility to try frames at home that is the customers can select up to 5 frames and call them to try the frames at home before the final decision of purchasing the frame. They have also introduced an eye check-up facility for the customers at their homes by a professional optometrist. They almost do more than 1500 check-ups per day for the customers. They also come with the creative and innovative idea of 3D face visuals that is when the customer is buying the eyewear only they would be able to see themselves like how the frames are looking on them and these make the customers easy to select what they like.
The business model:
Lenskart proposes over 45 different variations of high-quality lenses of the glasses and also more than 5000 glasses and frames of different shapes as per the latest fashion and top quality. The company sticks to an inventory business model where equal acquiring is done from China and India. Lenskart is always up with the latest trending design in the eyewear segment and it has made its group of members stylists and designers that keep up with the latest updated fashion and trends. After completion of design and styling by the team members of Lenskart, it is given to the manufacturer for the manufacturing of the product.
To cope up with the demand of the customers for trending and quality eyewear, they have started their venture in offline physical stores as well by using the franchise model. Lenkskart has spread its business to over 66 cities and has successfully opened more than 500 stores including in tier III and tier-II locations such as Varanasi, Haridwar, Raipur, Siliguri, Tirupati and Agartala. They have possibly reached metropolitan as well as non-metropolitan cities and also currently serve over 4000 people per day and are expected to scale more than 200,000 customers in upcoming years.
Lenskart follows four factors for the eyewear industry to reach its assigned goals, firstly the product portfolio, quality of the product, delivery time and most importantly the sales services. Lenskart provides quality eyewear products at a reasonable and affordable price because of its good value propositions. Lenskart comprises a team of more than 1000 employees who work as eye technicians, manufacturers, logistics, technology and customer service which are subject to change depending upon the demand of the customers.
Lenskart in the coming years would serve more customers and aspire to become a global company keeping the main focus of manufacturing in India so that in India Lenskart can generate a lot of employment opportunities. Though Lenskart has already provided a lot of employment opportunities for the country people both in terms of retails and manufacturing. Lenskart is planning to start eye technology in the next few years and is willing to invest more than $2 million. One of its technology projects includes providing the classes to the customers instantly on spot rather than wasting time waiting for the eye checkup and delivery.