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With a rapidly growing business reaching out to over 100,000 customers a month via a unique combination of a strong online business at www.lenskart.com, uniquely designed 1400+ stores, and a first-of-its-kind 'Home Eye Check-up' service, Lenskart is revolutionizing the eyewear industry in India.
Lenskart is an Indian multinational eyewear company, based in Gurugram. As a vertically integrated company, it designs, manufactures, distributes, and retails prescription and regular eyewear. [5] . It sells its products through website, mobile app and 2,000+ physical stores.
Founded in 2010, By an ex-Microsoft 'techie' with no money but truckloads of relentless passion to make a difference in this world, Lenskart is one of the fastest growing eyewear business today. Peyush along with his two co-founders Amit Chaudhary and Sumeet Kapahi founded 'VALYOO technologies'.
A One-Stop Online Solution For Purchasing Eyewear And Its Accessories, Lenskart Delivers Them Right At Your Doorstep With Convenient Methods Of Payment. Sunglasses as well as Eyeglasses Are Available For Men And Women In A Diverse Array Of Styles And Trendy Colours.
- About Lenskart
- Lenskart Business Model
- How Lenskart Makes Money?
- USP of Lenskart
- Lenskart SWOT Analysis
- The Omni Channel Method
- Growth Drivers For Lenskart
- Features of Lenskart
- Competitive Analysis of Lenskart
- Conclusion
The founder and CEO of Valyoo Technologies (the parent company of Lenskart) is Peyush Bansal. He pursued his Bachelor in Electrical Engineering - IT, Control & Automation from McGill University, Canada in 2006. Before he returned to India to pursue a PG in Management from IIM, Bangalore, Peyush worked as a Program Manager with Microsoft for a year....
Lenskart has partnered with some major names in the eyewear business. Working with manufacturers, it has sourced reasonably priced, high-quality frames and lenses. The business has also collaborated with lens makers to create its lenses, which it markets under its label. Lenskart has also collaborated with digital companies to make online buying ea...
The revenue model of Lenskart encompasses multiple revenue streams to earn revenue. The sale of eyewear products, such as frames, lenses, sunglasses, and contact lenses, constitutes the company's principal source of revenue. The company offers a diverse selection of items, making it suitable for customers of varying ages and requirements. Glasses a...
Suitability: Lenskart provides its clients with a shopping experience that is both convenient and easy. In addition to in-store and online shopping, customers can use the company's website to schedule in-home eye exams. Customers may easily get the glasses they need without leaving the comfort of their homes. CustomizationLenskart provides its cons...
Lenskart Strengths
1. With its integrated model, Lenskart manages every step of its supply chain, from raw materials to finished products. Because of this, they can manage their inventory more efficiently, ensure faster delivery, and monitor quality. 2. Lenskart uses a hybrid retail strategy combining online and offline stores to serve a diverse consumer base. Physical stores provide instant service, credibility, and the ability to touch and feel products, while online platforms offer convenience. 3. In terms o...
Lenskart Weakness
1. Although it has many advantages, the hybrid model of brick-and-mortar and Internet shops can create certain operational challenges. It can be difficult to manage logistics, and inventory, and maintain a consistent brand experience on both platforms. 2. Like many eCommerce platforms, Lenskart frequently uses sales and promotions to entice customers. This may lead to a decline in profit margins and establish a discount-focused expectation among customers. 3. Eyewear is a highly competitive i...
Lenskart Opportunities
1. The rising purchasing power of middle-class consumers and the general public's focus on eye health point to a promising future for the eyewear industry in countries like India. 2. With the continued growth of internet access, particularly in emerging nations, the pool of potential customers for online eyeglass purchases is growing. 3. Expanding into adjacent product categories, such as high-end eyewear, specialized sports eyewear, or smart eyewear, could open up fresh avenues for expansion...
Lenskart started as an online business, but when they understood that Indian customers prefer to touch and feel the product before buying a high-involvement product, this is when they shifted to the Omni Strategy. It was important for them to leverage technology to actively engage their customers and adapt to the ever-changing consumer expectations...
“The first frame is free”offer - Where the customers will pay for only the lens on their first purchase. A good strategy to attract first-time buyers.“Try at home” –Where the customers can choose a maximum of 5 frames and try them at home before making a final purchase. This has led to more sampling by customers.Eye checkups by optometrists at home across cities have been introduced.Innovative use of technology– Developed a 3D facial visualizer where customers can see how the frames will look on them.The main features of Lenskart making it a popular eyewear brand are: 1. Infinite variations and models of Eyewear 2. Find a frame that suits your style 3. Latest collection with fashionable trends 4. 3D Try On 5. Replace Old Eyeglasses 6. Book an Eye checkup at your own home 7. Shop from a range of 100% authentic brands 8. Order online and pay cash...
Lenskart's competitors include both online and offline players. Even traditional retailers who specialize in eyewear are the competitors of Lenskart. Competition is heating up in this space with players like GKB, Lawrence and Mayo, Titan Eye Plus, Bausch and Lomb, Vision Express, Specsmakers, Coolwinks, Deals4Opticals. Some manufacturers like Ray-B...
Lenskart, whose slogan is "Our mission is to give India a Vision," is among India's most successful unicorn corporations. In the years to come, the eyewear brand plans to offer the greatest eye care solutions and use its low-cost franchise model to reach a variety of people. For aspiring entrepreneurs looking to make an impact in the eyewear sector...
May 21, 2020 · Lenskart is an Indian eyewear online portal founded by Peyush Bansal in November 2010 in Delhi. Co-founders Amit Chaudhary and Sumeet Kapahi joined Peyush at a later date. The company’s portfolio of products ranges from prescription glasses, contact lenses to sunglasses. HISTORY.
Feb 3, 2024 · Explore the remarkable success story of Lenskart, India's leading eyewear company. Discover about Lenskart founders, funding, revenue, business model, and more.
