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Business Model of Lenskart

Lenskart India offers more than 5,000 styles of frames and 45 different types of superior quality lenses to its customers. The designs are in line with the latest trends in eyewear, courtesy of the in-house team of designers, and stylists who keep a tab of the latest trends.

It follows an inventory-led business model where it passes on these designs to its manufacturers. This, and the supply chain followed by Lenskart, helps them to keep the cost of their products under control.

While developing their product, some of the things that the company keeps in mind are the - superior quality of the product, a variety for the consumers, product innovativeness, excellent marketing strategies, and services such as a 3-D trial facility.

The brand's focus is not just on the trendiness of the product but also on its durability and quality. It uses robotic technology imported specially from Germany, which allows Lenskart to be the only brand in India which is able to make eyewear with up to 3 decimals of accuracy.

Catering to the Indian sentiment of - 'aur dikhao', Lenskart India has over 5,000 styles of frames and over 45 types of lenses. They don't just offer reading glasses but also offer a range of the latest designer sunglasses.

Lenskart has also revolutionized the eyewear industry by using cutting edge technology. It offers services such as 3-D trial facilities in order to make the process smoother for its customers. It also follows an aggressive marketing strategy where it offers its first-time customers their first frame free of cost.

Lenskart has changed its model over the years and follows an Omni-channel retail model. In an Omni-channel retail model, the business offers services both online as well as offline mode. Initially, it just had an online presence, but soon it made its mark in the offline world as well. It now has over 550 stores in 30+ cities across India.

The main agenda of Lenskart India behind opening up brick and mortar stores was that Indian consumers were a little apprehensive of purchasing eyewear online. The customers wished to try the product out in a physical presence, and touch and feel it in order to be absolutely sure about its quality.

Also, opening up physical stores helped the brand grow its business faster and gain the trust of its customers. They used the Omni-channel to convert their offline customers to online by offering them application and portal facilities. This also helped them in strengthening their ties with the customers.

The Road Ahead

With its vision - 'Vision to India', Lenskart India seeks to reach the masses by coming up with a low-cost franchise model. This model, Lenskart Lite, would help them launch the system in Tier 3 and 4 cities and also increase their reach in Tier 2 cities.

It also launched daily contact lenses which can be disposed of easily. With the help of their product Aqualens, Lenskart's aim is to provide affordable and less complicated eyewear solutions. At just Rs.40 a day, it would be extremely affordable to the regular masses who want both trend and cost.

Lenskart India's main goal is to narrow the gap between selected and not selected and plans on opening up more than 500 stores in the next two years. It plans to reach a total of 2,000 stores by the end of 5 years.