Co-Founders: Peyush Bansal, Amit Chaudhary, Sumeet Kapahi (in 2010)
Industry: Prescription eyewear/Opticians
Type of Business: B2C
Description:
Lenskart is an e-commerce platform specialising in eyewear accessories and retail chains. It operates in both online and physical (offline) stores, allowing customers the choice to buy products through either its exclusive offline stores or its website. It offers products from big brands like RayBan and Oakley to the best in-house brands. It provides a wide range of frames and glasses and different kinds of high-quality lenses. Through a groundbreaking "Home eye checkup," the company is transforming the eyewear sector. Its offline stores are spread across metro and non-metro cities and operate through a Franchise model.
Product/Service Offering: Prescription glasses, Contact Lenses, Eyeglasses and Sunglasses.
It also has a Gold membership through which customers can avail of premium offers or discounts.
Revenue Streams:
Majority of Lenskart's revenue comes from its operations, which includes sales of eyewear products like spectacles, sunglasses and lenses (in both online and physical stores).
Lenskart uses Omni-Channel and Endless Aisle Strategy
Omni Channel Strategy:
Omnichannel is the unification of engagement and communication strategies across channels. It is a multichannel approach to sales that seeks to provide customers with a seamless shopping experience whether they are purchasing from online or brick-and-mortar stores. Lenskart bridges the gap between different touchpoints where a customer can order either from the offline store or from an online medium. They chose this strategy as they recognised that people in India prefer to touch and feel a product before purchasing a high-involvement product. They wanted to give their customers a purchasing experience that is customised to their preferences.
Endless aisle strategy:
Endless Aisle is a strategy that enables e-Commerce brands to seamlessly integrate offline and online retail. Let us say, you are looking out for a particular eyewear spectacle but you don't find it available online. You walk into the physical store and it's not available there either. So here's where the Endless aisle strategy comes in, it allows that particular store to place an order on your behalf on the store’s portal, and those particular spectacles will be delivered to your doorstep directly.
Target: Millennials (in urban & semi-urban markets).
Parent Company: Valyoo Technologies
Competitors: GKB, Specsmakers, Deals4opticals, Titan Eye Plus, Coolwinks.
Lenskart also faces competition from e-commerce giants such as Amazon, Flipkart, PayTM, etc. who also offer eyewear online.
Unique Features:
1. Wide range of products (as compared to other and local players)
2. Branded products at a low cost
3. Home delivery in 72 hours
4. Free/discount for frames
Trivia:
Lenskart is a unicorn company
Lenskart owns Vincent Chase and John Jacobs brands
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