Last updated on July 7th, 2020 at 12:40 pm
Have you seen the ads of Bhuvan Bam HalkaRakhYaar on YouTube or TV? at least one tome you have seen those ads. I have been wearing glasses since the age of 9.
Someday ago I was looking to change my glasses and suddenly I saw Lenskart’s funny ads HalkaRakhYaar while I was watching YouTube.
Then I visited the Lenskart website and I was amazed to see some innovative features and excellent marketing strategies including in the Lenskart Business Model.
After deep researching, I have written an in-depth case study of Lenskart in a simple and understanding way.
What Is Lenskart?
Lenskart is a private Indian optical eyewear chain founded by Peyush Bansal, a former employee of Microsoft and passed out from IIM Bangalore. Peyush Bansal founded Lenskart along with Amit Chaudhary and Sumeet Kapahi in 2010.
How Lenskart Started?
When Peyush Bansal was working in Microsoft then he thought why shouldn’t I start my own venture. He was an IIM postgraduate and one worm to start his own business in every IIM graduate.
Then he started a search my campus named online portal, where a student can search for the best university and colleges. After starting this he thought why should not we sell online glasses, it can be a good business.
Then Peyush Bansal started this business in the US but this idea was not successful in the US and he came back to India and started Lenskart here.
Now, you can see how big is Lenskart and India’s fastest-growing optical eyewear chain. This is possible by the effective business model of Lenskart and Lenskart marketing strategies.
Indian Eyewear Market
Do you know? more than 15 million Indian people are blind and that is 50% of blind people in the world. 1/3 Indian population need spectacles.
If we talk about the number of optometrists then our country needs more than 40,000 optometrists and currently, we have less than 10,000 optometrists.
The eyewear market in India is growing by 30% on a yearly basis and currently, it a $ 10 billion market.
So the eyewear market in India is very potential for starting your business with proper market research and an effective business plan.
Lenskart Business Model
Lenskart offers more than 5000 styles of frames that is 5 times more than any other retailer in India.
They offer 45 different types of high-quality lenses to their customers. Lenskart has an in-house team for designing and to keep the latest trends according to their target audience and age group.
After finalising new design sends to manufacturer and manufacturer makes that by keeping cost under control. Today India has more than 500 stores in 70 cities in India that work on the franchisee model.
Lenskart Business Model works on omnichannel retail. Omnichannel retail means a business that is offering its services with the help of online and offline.
It means you can buy Lenskart products online as well as offline. One question you have on your mind is why did Lenskart open its outlet while it has an online e-commerce portal like other e-commerce companies.
Even there are so many expenses to open an outlet such as rent, outlet Interior cost, stock maintenance, employee salaries, taxes etc.
So, the answer is here, there are many benefits of omnichannel retailing to grow your business faster and gain customer trust.
The same thing included in Lenskart Business Model, offline outlet helps Lenskart to make touchpoints and make good customer relationships.
As we know in India many people believe in buying goods and services offline because of quality, return policy and many other factors so Lenskart is solving all this problem by its omnichannel in a faster way.
Offline Lenskart also helps to convert their offline customers into online by offering them Lenskart application and portal.
Lenskart Business Model Innovative Features
The Business Model Of Lenskart Included some innovative features or Marketing strategies to the expansion of their business across the country. Let’s take a more deep dive in Lenskart Case Study to know its marketing strategies and its innovative services:-
Quality Is A King
When you buy something, the first thing you check is the quality of the product.
Quality of product is a prime factor in the success of Lenskart Business Model.
Lenskart is India’s first and the only eyewear brand to use robotic techniques to make eyewear that delivers glasses with the accuracy of 3 decimal places.
The robotic machine used by Lenskart imported from Germany, ensuring perfection in every geometric angle and the automated robotic system allows to inspect lenses and many more.
According to Lenskart, they have zero tolerance to make an error and their call centre always gives their best to solve every customer problem and concentrate on customer feedback.
Lenskart’s Eyewear Variety
There was a time when people used eyeglasses even after breaking of eyeglasses temple, notepad, bridge by finding different types of Jugaad for instance after breaking temple of a glasses people used thread etc.
Today is an era of fashion and people want different varieties. Business Model Of Lenskart introduced this variety concept according to time changing and today they are offering more than 5,000 different varieties of frames and more than 45 types of lenses.
Lenskart offers a wide range of eyewear from sunglasses to reading glasses and also they are offering contact lenses that help their customers to see this beautiful planet with more and better quality.
They always update styles and keeps up with the new fashion trend by taking inspiration from around the globe.
Lenskart Offer First Frame Free
If you are going to buy the desired eyeglass from Lenskart. Then Lenskart will give you the desired set of eyeglasses frames free of cost. Even you can try your desired eyeglass on your face before purchase. This is the best strategy to connect your target audience by giving exciting offers to them.
3D Try-On Face
Lenskart offers its customer online 3D trial facility before purchasing frames to compare with other frames. Even you can send your trial image with your friends and family for feedback.
As we know the customer is a king for every business. Lenskart customer relationship is absolutely amazing.
1. Don’t Like Then Refund: If you have bought eyeglasses or any other product from Lenskart so you can return in 14 days refund policy with a ‘no question ask’.
2. Warranty: All Lenskart products come with a 1-year warranty that helps Business Model Of Lenskart unique in the eyewear industry.
3. Authenticity Card: As we discussed above, quality is a king of every marketplace, by keeping this Lenskart provides an authenticity card to its customer as a proof of quality on every frame or contact lenses.
You have seen ads of Bollywood actress Katrina Kaif for trying different glasses on her face with the help of 3D virtual trial technology.
Lenskart Business Model based on B2C, that helps to lower the price of its product. They sell its product from the manufacturer to the customer without paying the extra cost to the middle man.
Price Range Of Lenskart
Lenskart offers a wide range of glasses with suitable prices for all the customer. Their product cost range from Rs.345 to Rs.30,000 and as we discussed above Lenskart offer first frame free of cost to its new customer. The price strategy is very effective for making Lenskart revenue model strong.
Home Eye Check-up
As we discuss above Lenskart business model is based on omnichannel means they are operating online as well as offline with the help of franchisee outlet.
Apart from this, Lenskart offers doorstep home eye check-up facility with international quality, computerized equipment and certified ruefractionists.
Lenskart At Your Home
If you don’t want to go Leskart outlet and want to try physically. So, Leskart offers you 100 bestselling frames trial at your home. You can try your desired frame with your family feedback and order on Lenskart or via Lenskart trial executive.
Mission Of Lenskart
Lenskart began with a goal to provide high-quality glasses according to fashion trends at minimum cost. They focus on providing adopting different business strategies to fulfil the need of its customer.
Funding Raised By Lenskart
Lenskart raised total funding amount $459.6 Million in over 9 funding rounds.
If we talk about the recent fundraised by the Lenskart so that is raised from a series G-round on December 20, 2019, of $275 Million from SoftBank Vision Fund.
Lenskart is funded by 12 investors that include PremjiInvest, Kedaara Capital, Chiratae Ventures, TPG Growth, Ratan Tata of Tata Sons, Rajeev Chitrabhanu, Adveq, Eqip Capital, IFC Venture Capital Group etc.
The Lenskart had a valuation of $1.5 Billion by December 2019 after fundraised by Lenskart in a series of G-round.
Lenskart also opens its own factory in China that manufactures about 50% of the product.
They also launched a brand with the name of John Jacobs in 2017 and aims to touch the revenue of Rs.500 crore in two years.
But they have generated total revenue of Rs.486.26 crore in 2019.
Brand Ambassador Of Lenskart
Katrina Kaif is the first brand ambassador of Lenscart from October 2017 and if we talk about the male brand ambassador then in march 2019 Lenskart roped India’s second top YouTuber Bhuvan Bam as a brand ambassador of Lenskart.
Some Fact And Figures Of Lenskart
Type Of Industry: E-commerce, Delivery, Eyewear, Health Care, Shopping, Internet.
Headquarter Regions: Asia-Pacific
Lenskart’s Headquarters Location: Pocket B Vatika Mindscapes, 7th Floor, Mathura Rd, Sector 27, Faridabad, Haryana 121003.
Founded In: 2010
Founders: Peyush Bansal
Number Of Employees: Around 400-500
Also Known As Dealskart Online Services Private Limited
Legal Name: Lenskart Solution Private Limited.
Hub Tags: Unicorn
IPO Status: Private
SOCIAL LINKS OF LENSKART
LinkedIn: View on LinkedIn
Twitter: View on Twitter
Contact Email: [email protected]