Lenskart Business Strategy

In this article you will learn about the following things:

• Origin of lenskart  
• Business model of lenskart 
• What challenges did lenskart face and how it overcome? 
• Lenskart marking strategy 
• How lenskart face competition? 
• Key factors to success of lenskart 
• As an entrepreneur what can we learn from lenskart business case study? 
• Conclusion 

    Lenskart is an Indian eyewear retail company that was founded in 2010 by Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi. The company is headquartered in Delhi and has quickly become one of the most popular eyewear retailers in India, with a presence in over 500 cities and towns across the country. In this article, we will take a closer look at the business of Lenskart and examine how the company got its idea, its business model, the challenges it has faced and overcome, its marketing strategy, how it competes in the market, and the key factors that have contributed to its success.

Origin of lenskart:

    The idea for Lenskart came to Peyush Bansal when he was working as a management consultant in the United States. Bansal had been wearing glasses for several years and was frustrated with the high prices and lack of options available for eyewear in India. He saw an opportunity to create a business that would provide affordable eyewear to Indians, and decided to quit his job and return to India to start a company.

Business Model of Lenskart:

    Lenskart's business model is based on the concept of providing affordable eyewear to Indians. The company's main focus is on providing prescription glasses and contact lenses, but it also sells a wide range of sunglasses, reading glasses, and other eyewear accessories. To keep costs low, Lenskart operates on a direct-to-consumer business model, cutting out intermediaries such as wholesalers and retailers. This allows the company to offer its products at significantly lower prices than its competitors.

fig. Lenskart 

What Challenges Did Lenskart Face and How It Overcame?

    One of the main challenges that Lenskart faced was convincing Indians to buy eyewear online. At the time, online shopping was still in its infancy in India, and many people were skeptical about buying something as personal as eyewear online. To overcome this challenge, Lenskart adopted a number of strategies, such as offering a try-on service where customers could try on glasses before buying them, and providing detailed information about the products on its website.

    Another challenge that Lenskart faced was dealing with the high cost of logistics in India. The country's poor infrastructure and lack of reliable delivery services made it difficult for the company to deliver products to customers in a timely and cost-effective manner. To overcome this challenge, Lenskart invested in its own logistics and delivery infrastructure, which allowed it to deliver products to customers quickly and at a low cost.

Marketing Strategy of Lenskart:

    Lenskart's marketing strategy is focused on building brand awareness and driving sales. The company uses a variety of channels to reach its target customers, including online advertising, social media marketing, email marketing, and offline promotions. Lenskart also partners with other businesses and organizations to reach new customers and increase brand awareness.

One interesting story:

    One interesting story about the company is that in its early days, Peyush Bansal and his team struggled to generate sales and gain traction with customers. To overcome this, they came up with an innovative marketing strategy: they set up a "try-on" booth in a busy market in New Delhi, where people could try on glasses and place orders for them online. The booth was a huge success, and it helped Lenskart establish a strong customer base and gain visibility. The company's success soon led to a rapid expansion, and it is now one of the leading eyewear companies in India.

How Lenskart Faces Competition?

    Lenskart faces competition from a number of other eyewear retailers in India, including traditional brick-and-mortar stores and other online retailers. To compete in the market, Lenskart focuses on providing high-quality products at affordable prices, and on offering a superior customer experience. The company also invests heavily in its marketing and logistics infrastructure to increase brand awareness and drive sales.

Key Factors to the Success of Lenskart:

    The key factors that have contributed to the success of Lenskart include its affordable pricing, high-quality products, and superior customer experience. The company's direct-to-consumer business model has also helped it to keep costs low and offer its products at lower prices than its competitors. Additionally, Lenskart's investment in its own logistics and delivery infrastructure has allowed it to deliver products quickly and at a low cost, which has helped it to attract and retain customers. The company's focus on building brand awareness and driving sales through a variety of marketing channels has also played a key role in its success.

Innovation is key to survival, especially in a highly competitive market

As an Entrepreneur, What Can We Learn from Lenskart Business Case Study?

    Lenskart's business case study provides valuable insights for entrepreneurs looking to start a business in the retail industry. One key lesson is the importance of identifying a gap in the market and finding a unique solution to fill it. Lenskart saw an opportunity to provide affordable eyewear to Indians, and used its direct-to-consumer business model to achieve this goal.

    Another key lesson is the importance of investing in logistics and delivery infrastructure to improve the customer experience. Lenskart's investment in its own logistics and delivery infrastructure has allowed it to deliver products quickly and at a low cost, which has helped it to attract and retain customers.

    Finally, Lenskart's success also highlights the importance of building brand awareness and driving sales through a variety of marketing channels. By using a mix of online and offline marketing strategies, Lenskart was able to reach a wide range of customers and increase brand awareness.

Conclusion

    Lenskart is an Indian eyewear retail company that has quickly become one of the most popular eyewear retailers in India. The company's success can be attributed to a number of factors, including its affordable pricing, high-quality products, superior customer experience, and effective marketing and logistics strategies. Entrepreneurs looking to start a business in the retail industry can learn valuable lessons from Lenskart's business case study, including the importance of identifying a gap in the market, investing in logistics and delivery infrastructure, and building brand awareness and driving sales through a variety of marketing channels.