Lenskart is an online eyewear retailer founded in 2010 in India. It offers over 10,000 styles of glasses and sunglasses from brands like Rayban and Oakley. Lenskart uses innovative features like virtual try-on and at-home eye exams. It has expanded to over 100 stores across India and delivers to over 100 cities. Lenskart's business model focuses on discounts, fashion eyewear, franchising stores, and partnerships for last-mile delivery across India.
The Coffee Bean & Tea Leaf(CBTL), Business strategy case study
How Lenskart Achieved Success Through Innovative Business Model
1. Business Model of Lenskart
Present By :
Vijay Mirgule 62
Sagar Nagrani 68
Mayuri Prabhulkar 86
“Log on, Play on”!
2. Introduction
Lenskart is the online shopping portals for eyewear
Founded in 2010
Founder of Lenskart - Peyush Bansal
Other Co-Founders include: Amit Chaudhary And Sumeet Kapahi
Headquarter - Delhi
Product ranges includes regular eye wear, sunglasses, power
sunglasses, sport wear trendy eye wear and contact lens
Company has also introduced franchise model
3. Lenskart today offers more than 10,000 different styles of eyewear to
fit all pocket sizes
Use of ‘robotic technique’ to make the product with 0.00 degree
power error
Lenskart uses 100 latest machines imported from a US
They hold products from some of the best makers in the world,
including – Rayban, Johnson & Johnson, Sprint, Fastrack, Oakley, Vintage,
Ciba Vision, and Cooper Vision etc.
4. History
Peyush, engineer plus IIM graduate, setup his first company called
‘VALYOO TECHNOLOGIES’ in 2008
Under Valyoo, launch of first business portal –
‘SEARCHMYCAMPUS.COM’
US based shopping portal for eyewear ‘FLYRR.COM’
Launch of Lenskart.com for Indian market
5. Business Model of Lenskart
Innovative Features include –
First frame free
Exchange old frame for new
Virtual try-on
Try-at-home
Doctor locator
Home Eye-check up
Franchise model for optometrists
Buying guide
6. Multi-brand eyewear seller has also expanded its reach via the offline
medium
Today, has over 100 stores across more than 66 cities in the country
with delivery in over 100 cities, including tier 2 and tier 3 cities
Uniqueness of Lenskart – No segmentation i.e. it does not target any
market segment or age group in specific
Lenskart has partnered with a range of third party logistics partners to
deliver in various cities across India
8. Giving freebies to attract customers.
Product: Good blend of frames & glasses.
Service: Provide home eye check-up.
Diversity of products and services.
Social Media interactions and 24X7 helpline service.
Effective delivery mechanism.
Convenient payment options.
Business Model characteristics
9. Business Strategies And Models
Discounting strategy
Fashion-driven model
Inventory based model
Franchise model
11. Marketing Strategies
Online campaigns – To create a branding of Lenskart
Lenskart revamp hashtag
Email marketing campaign - to increase engagement with its
customers and to gain their trust and confidence
Television advertisements - To promote their brand to a wider audience
12. Growth profits and ROI
Starting with selling 10-20 spectacles a day, today the company has grown
to make a sale of more than 5000 spectacles daily.
The company receives about 45,000+ visitors every day
Average spending is about Rs.1000
Achieved massive growth by more than 200 percent
Company is now valued more than $100 million
13. company has completed three rounds of funding which include – $22
million in January 2015.
$10 million in February 2013 and $4 million in October 2011
Investors including – IDG Ventures, Ronnie Screwvala -led Unilazer
Ventures and TPG Growth & TR Capital.
14. Recent News
Facility to book eye specialists for home visits for app users.
Real time orders can be tracked
Development of own eye testing equipment which is unbreakable, water
proof case that allows the Lenskart optician to travel whatever be the
weather conditions
Lenskart is ramping up its Faridabad manufacturing unit by getting robots
to do the job.
15. Lenskart Initiative – One For One
Unique programme initiated by Lenskart where for every pair of eyeglass sell,
company provide a pair to someone in need.