Talking approximately the mystical unicorns of India, there are a few who’ve revolutionized the enterprise they paintings in. One such modern unicorn is Lenskart, which has introduced approximately a few great adjustments withinside the eyewear enterprise.

Lenskart revolutionized the unorganized eyewear enterprise in India. Starting as a web portal for touch lenses, the organization moved directly to introduce prescription glasses and shades in its product variety as nicely.

With reducing aspect generation which offers three-D Try-on offerings and online eye check-up offerings, Lenskart has now made its presence withinside the offline marketplace as nicely and operates in greater than 550 shops throughout the USA now.

With the challenge to come to be the Maruti Suzuki of the Indian eyewear enterprise over the following ten years, Lenskart India continues bringing in new and revolutionary services and products in its variety. Today, a 3rd of India’s populace wishes for spectacles.

The term “need” applies to the humans who’ve been recognized with imaginative and prescient issues, however handiest approximately 1 / 4 of them in reality put on spectacles. When we sum up the variety of those who pick to put on glasses as a style accessory, the figures are staggering.

Customers in this organization are interested in having numerous pairs of eyeglasses to go together with several outfits. Every day in India, over a 1.5million (15 lacs) spectacles are sold. The enterprise is exceedingly divided, with mom-and-pop stores dominating. This eyewear enterprise has taken a brand-new flip on account that 2010 when Lenskart became born.

Lenskart is a Faridabad, India-primarily based optical prescription eyewear retail chain, which operates as an eCommerce market for prescription-strength glasses, BLU glasses, frames, and goggles. Furthermore, Lenskart additionally makes a specialty of brick-and-mortar shops. It has already controlled to set up over eighty bodily retail shops throughout India, as of December 2021. It’s Delhi production facility produces 300,000+ glasses each month.

Lenskart additionally has a manufacturing unit in Zhengzhou, China, that handles almost 20% of its manufacturing of frames. Hailed as the biggest eyewear emblem in India, the organization is likewise referred to as a unicorn prescription eyewear organization, which entered the coveted membership of Indian unicorns lower back in December 2019.

Lenskart India: How It All Began?

The employer turned into based via way of means of Peyush Bansal who began out Lenskart in 2010 together with Amit Chaudhary and Sumeet Kapahi 2010. Peyush, who used to paint at Microsoft, additionally based the employer Valyoo Technologies, which is the figure employer of Lenskart. At the time, there had been no essential gamers withinside the Indian marketplace for eyeglasses, only a few online alternatives for getting eyeglasses in India and they noticed a possibility to fill that void. The Indian marketers determined to alternate that, and Lenskart turned into born.

They pooled their sources collectively and began out Lenskart. In the early days, they bootstrapped the employer with their very own cash and grew it organically. They pooled their sources collectively and began out Lenskart. And what an adventure it has been! Over the beyond seven years, Lenskart has grown to be India’s main eyewear brand. Here is a have a take a observe how they did it.

While pursuing his post-commencement in Management at IIM B, he released Valyoo Technologies with SearchMyCampus because of the first commercial enterprise portal in 2007. The web page aimed to provide answers to extraordinary sorts of troubles confronted via way of means of the students. It presented accommodation, books, internships, carpool facilities, part-time jobs, etc.

While exploring this avenue, he located that the eyewear enterprise is one of the left out industries that had now no longer been tapped via way of means of e-trade giants which include Amazon and eBay yet. With this in mind, he released Flyrr.com withinside the US, and after receiving a tremendous reaction there, he determined to release the platform in India. Thus, Lenskart turned into released in India in 2010.

Lenskart – Startup Story

Around 1/3 of the populace wishes for glasses however, only a few of them controlled to get the right of entry. Besides, India is likewise famous because the blind capital of the world, which has finally recorded almost 15 million folks that are blind. This is the only motive why Peyush Bansal determined to found “VALYOO technologies“.

As a long way because the contemporary revelations through the Shark Tank Peyush Bansal pitch episode, we now realize that after he commenced with Lenskart lower back in 2010, he observed that around 50% of the loads require spectacles however most effective 1/4th of them honestly have to get right of entry to glasses. This is why Bansal sought to revolutionize imaginative and prescient correction and placed glasses on for 50% of the loads.

The Lenskart co-founder aimed to make his employer the “Maruti of eyewear“. With Valyoo, the crew sought to feature add ‘valyoo’ withinside the lives of its clients by reducing the retailers. In this manner, they are determined to install fantastic production gadgets and facilitate direct substances of merchandise to clients across the country. To make sure 100% precision and pinnacle best control, the employer similarly acknowledged in-residence robot lens production and meeting because of the high-satisfactory manner. When the employer commenced, Lenskart to begin with served 30 clients in a day, which quickly increased to turn out to be 3000.

Business Model of Lenskart

Lenskart India gives greater than 5,000 sorts of frames and forty-five one-of-a-kind styles of advanced nice lenses to its clients. The designs are in step with the modern-day tendencies in eyewear, courtesy of the in-residence group of designers, and stylists who preserve a tab of the modern-day tendencies. It follows an inventory-led commercial enterprise version in which it passes on those designs to its manufacturers. (Also, Read Lenskart Valuation)

This, and the delivery chain accompanied through Lenskart, allows them to preserve the value in their merchandise below control. While growing their product, a number of the matters that the agency continues in thought are the – advanced nice of the product, a selection for the purchasers, product innovativeness, remarkable advertising and marketing strategies, and offerings inclusive of a three-D trial facility. The emblem’s consciousness isn’t simply at the trendiness of the product but additionally at its sturdiness and niceness. It makes use of robot generation imported specifically from Germany, which permits Lenskart to be the simplest emblem in India that is capable of making eyewear with up to three decimals of accuracy.

Catering to the Indian sentiment of – ‘aur dikhao’, Lenskart India has over 5,000 sorts of frames and over forty-five styles of lenses. They don’t simply provide studying glasses however additionally provide a variety of modern-day fashion dressmaker sunglasses. Lenskart has additionally revolutionized the eyewear enterprise through the usage of reducing area generation. It gives offerings inclusive of 3-D trial centers as a way to make the manner smoother for its clients. It additionally follows a competitive advertising and marketing method in which it gives its first-time clients their first body freed from value.

Lenskart has modified its version over time and follows an Omni-channel retail version. In an Omni-channel retail version, the commercial enterprise gives offerings each online in addition to offline mode. Initially, it simply had a web presence, however quickly it made its mark withinside the offline global as well. It now has over 550 shops in 30+ towns throughout India. The foremost timetable of Lenskart India at the back of beginning up brick and mortar shops became that Indian purchasers have been a bit worried about buying eyewear online.

The clients needed to attempt the product out in a bodily presence, and contact and experience it as a way to be certain approximately it’s nice. Also, beginning up bodily shops helped the emblem develop its commercial enterprise quicker and benefit the agree with of its clients. They used the Omni-channel to transform their offline clients into online through presenting them with utility and portal centres. This additionally helped them in strengthening their ties with the clients.

Competition Analysis: What Makes Lenskart Stand Out?

Lenskart competes with online and offline players. Some of the main competitors are GKB Opticals, Coolwinks, Specsmakers, Deals4Opticals, Lensbazaar, Vision Express, and Titan Eyeplus. Lenskart also faces competition from e-commerce giants like Amazon, Flipkart, PayTM, etc.. who also offer glasses online. The eyewear industry is very disorganized. The organized part alone accounts for about 910% of the Rs 18,000-20,000 market. Although Lenskart has a market share of around 70% among organized suppliers, its main challenge is to drive customers away from the unorganized sector that offers counterfeit products. which are cheaply available. With an aggressive marketing strategy, different price points and unique and innovative products and services, Lenskart can convince its competitors.

Currently, the company has Bhuvan Bam as a brand ambassador. It also offers products at various price points, starting at Rs.345 and reaching up to 30,000 rupees, thus reaching customers from different segments. You must constantly come up with innovative plans to remain competitive and relevant over the long term. Some services like home eye exams are highly appreciated by customers.

Conclusion

Lenskart – Future Plans

Lenskart India’s Vision to India aims to reach the masses through the development of a cost-effective franchise model. Lenskart Lite is a model that will help them roll out the framework in Tier 3 and Tier 4 cities and expand their presence in Tier 2 cities. Regular contact lenses have also been introduced, which can be quickly disposed of.

Lenskart’s goal is to provide simple and affordable eyewear solutions through its Aqualens product. It would be extremely affordable for the everyday masses who want trends and costs for only 40 rupees per day. Lenskart India’s main goal is to bridge the gap between selected and unselected lenses and the company expects to open more than 500 stores in the next two years. Their goal is to open 2,000 stores by the end of the next five years.