Case Study of Lenskart

Case Study of Lenskart

Type ~ Private

Industry ~ Prescription eyewear Opticians

Founded ~ 2010; 12 years ago

Headquarters ~ New Delhi, India

CEO ~ Peyush Bansal

Subsidiaries ~ Neso Brands

Website ~ lenskart.com

Beginning to shop for glasses physically becomes difficult for some people. A trip to the ophthalmologist takes a lot of time and patience. After examining your eyes, you should choose an appropriate frame for the glasses. Then, wait a long time to get the eyeglasses you choose. To summarise, eyewear has become a necessity and a fashion statement for some. In light of this, eyeglass sales have surged in recent years. In the Indian market, almost 15 lac pairs of eyeglasses are sold daily.

Lenskart is a Faridabad-based optical prescription eyeglasses store business. Peyush Bansal founded the company in 2010. It transformed India's disorganised eyeglasses sector. The founders highlight the three primary issues that the Indian eyeglasses sector has always faced:

• Eyewear was seen as medical equipment. Thus the consumer did not feel comfortable wearing it.

• The cost of branded eyeglasses began at 1500 rupees.

• People in India have extremely little access to opticals.

The company provides the largest selection of eyewear goods, including contact lenses, prescribed eyewear, sunglasses, anti-glare lenses, try-at-home lenses, and various other preferences. 500+ kiosks throughout different Indian states are how it has established its offline presence. Being the "Maruti Suzuki" of the Indian eyeglasses market is Lenskart's goal. The business has become one of the top ones in the e-commerce industry. It has physical and online distribution channels. At the end of 2019, Lenskart achieved "Unicorn Status."

The first and only brand in India to deliver ratings with an accuracy of three decimal places is Lenskart. The business also provides extra services like home eye tests and 3D try-on. Rajasthan has Lenskart's production facility.

Business & marketing strategy of Lenskart:

• Assets revenue model: Customers can choose from 45+ various high-quality lens options and 5,000+ frame styles at Lenskart. The business provides its makers with the designs. High performance, stability, diversity, innovation, and services like a 3D test centre are all concerns for the company while creating new items. As a result of automation systems imported from Germany, Lenskart is the only Indian company capable of manufacturing eyeglasses with a precision of up to three decimals.

• Google Advertisement: The most effective business tactic in the current digital era are Google AdWords. This strategy is employed by Lenskart, which also finances Google-sponsored advertising. Popular search terms include eyeglasses, sunglasses, frames, and computer glasses. Additionally, it advertises its goods through expensive Google Shopping advertisements that allow viewers to take action. Through display, video ads, app download ads, and other channels, Lenskart use Google ads.

• Social Media Campaign: They market their items on Facebook and Instagram. Lenskart also uses traditional advertising methods such as newspaper commercials, television ads, email marketing, and others. Due to all these efforts, the brand has become well-known for eyeglasses in India.

• The retail business concept using multichannel: The business studied Indian mentalities and discovered that customers are wary of internet eyeglasses purchases. As a result, it concentrated on opening physical and mortar businesses in India. The company provides services both online and offline. Today, it operates 500+ outlets in more than 120+ locations.

• SEO: The user-friendliness of the Lenskart website is excellent. With 1.8 million monthly visits, the website has great SEO.

• Focus on cost and efficiency: Lenskart realised the issues impacting the Indian market. It concentrated on introducing new, inexpensive items without sacrificing their quality. One of their cutting-edge products, "Lenskart Blu," shields the eyes from damaging UV radiation. The company also sells a variety of "Airflex" frames that are indestructible, incredibly light, and highly flexible.

• Brand awareness: Lenskart products are not a solution for poor vision. But also provide the user with a style statement. The brand supports well-known individuals to appeal to the bulk of young people. Following Katrina Kaif, Bhuvan Bam served as Lenskart's first brand ambassador. Popular high-end companies like John Jacobs, Ray-Ban, and Vogue are just a few that are connected to this company. Customers may now obtain various high-end goods under one roof thanks to this.

• Franchising for brick-and-mortar stores: To promote its products in 2014, Lenskart entered the offline retail market. To service people across India, it utilised the franchise concept. It already operates 720+ outlets across India and has more aspirations to grow. The franchise business strategy increased Lenskart's web visibility with little expenditure. The COVID-19 epidemic prompted most businesses to go online and close their doors. But by expanding more than 300 locations, or 1,000 in all, Lenskart showed courage. Lenskart's offline areas are used to reach out to more customers.

• VR technology: Through its app, Lenskart provides customers with a real-time experience using virtual reality technology. In partnership with the Californian startup Ditto, the company debuted a 3D try-on function for the first time. Customers may test any frame in virtual reality thanks to the capability. Using this feature as a marketing tactic, Peyush Bansal found it quite successful. As a result, the Lenskart platform saw an increase of almost 15,000 consumers daily.

• The B2C model is an online sales approach that goes away with go-betweens. Lenskart uses this strategy to market its goods through its online stores and mobile applications. The brand's items are now more reasonably priced, thanks to the B2C business strategy. To learn how they market, it gathers customer feedback. Lenskart has partnered with various logistics firms to provide speedy delivery services, including BlueDart, Delhivery, etc. It guarantees that its items will reach customers promptly and safely.

• Modern eye checkups: Customers of Lenskart can receive in-person and at-home eye exams using cutting-edge technology. More effective than India's standard tools and equipment, eye testing equipment is imported from the United States. A customer who wants to get their eyes tested must schedule an appointment, and an appropriate optometrist will come to the customer's home to do the exam.

• Attractive discounts: Lenskart has examined Indian mentalities and has concluded that our local customers are drawn in by deals. Thus, the company provides exciting discount offers and programmes. Free eye exams are one of the savings they provide, along with giving new customers their first frame for free. The possibility of testing at home is an appealing one. The eyewear expert travels with 100 of the most well-liked structures so consumers can try them at home. These deals and discounts have proven to be one of the most successful marketing strategies and have attracted plenty of users to the platform.

Competition analysis of Lenskart:

Popular companies including GKB, Lawrence and Mayo, Titan Eye Plus, Bausch + Lomb, Specsmakers, and Coolwinks are among Lenskart's offline competitors. Flipkart, Amazon, and Snapdeal are among its online competitors. In addition, some companies like Ray-Ban and Essilor are well-known online and offline. Lenskart uses unique marketing strategies. Varying price points and cutting-edge technology strongly influence the eyeglass business. Targeting clients from various market sectors, Lenskart's goods are cost-effective and durable. The price range of the goods ranges from Rs. 345 to Rs. 30,000. The variety of goods and services Lenskart provides:

• Offer: "Buy 1 Get 1 Free" Lenskart allows clients to pay just for the lens on their purchase price. Get the second frame for free.

• Home eye examination service: The group made home eye examinations available to its consumers. An optometrist would do the testing in the clients' homes.

• Before deciding to buy, a consumer at Lenskart can select up to five frames to try on at home.

• Lenskart Blur: Eyewear that blocks damaging blue light rays. What appears on displays of smartphones and computers. Its goal is to protect the eyes from severe damage caused by such radiation.

• Lenskart introduced a 3D facial visualiser in India. Through this, a consumer may preview how the frame will seem on him before deciding to buy it.

• A wide selection of items is available at Lenskart. Like sunglasses, high-end eyeglasses, various-shaped glasses (Wayfarer, oval, rounders, cat eye, etc.), branded lenses (Ray-Ban, Johnson & Johnson), contact lenses, and others.

• Provides customers with the option to switch their old frames for new ones.

• 24/7 customer service support.

Conclusion

Based on its unique marketing, Lenskart has become one of the top startups in India and was included in Forbes' list "Lenskart.com Has Set Sights on $10 Bn Market." The business has won over a million hearts by offering individuals the most excellent eyewear options. With a dash of the newest technology, it combines traditional and contemporary ways. As a result, the company's objectives completely transformed India's eyeglass market. In addition, the corporation's production and retail operations have created many jobs for the country.