Lenskart stands as a premier online eyewear emporium, boasting an extensive array of eyewear products within its virtual aisles. The store’s repertoire encompasses a diverse assemblage of eyewear brands, underpinned by a robust marketing framework. In this blog, we will delve into an exhaustive case study of the brand, dissecting its website, product spectrum, and intricate marketing strategy.
The entrance of Lenskart onto the Indian optical industry stage marked a seismic shift in conventional business paradigms. Traditionally, brick-and-mortar establishments reigned supreme in India’s optical sector. Procuring glasses, lenses, contact lenses, or sunglasses necessitated in-person visits to optical or retail outlets. Such establishments often extended eye check services, a strategy to magnetize new clientele. Concurrently, e-commerce burgeoned, yet it predominantly gravitated toward categories like household goods, edibles, attire, and electronics, leaving eyewear largely untouched.
About Lenskart
A visionary entrepreneur, the founder of Lenskart paved new avenues for consumer choice. This approach instilled trust in the brand’s credibility, facilitating online eyewear transactions. Similar to a pioneering sales technique, they primed consumers with novel concepts, subsequently inducing them to embrace online eyewear shopping.
The modus operandi spans both online and offline realms, positioning Lenskart as a preeminent force in India’s rapidly expanding business landscape. With a footprint gracing over 120 cities, 500 profitable stores, and a contented customer base exceeding 50 million, Lenskart is a flourishing network under the aegis of Valyoo Technologies, its parent company. Their app houses an extensive eyewear collection, reigning as the apex of online shopping apps, with offerings spanning computer glasses, reading glasses, contact lenses, anti-glare goggles, and spectacles.
The Architects Behind Lenskart
Peyush Bansal, born on April 26, 1985, and a graduate of Electrical Engineering from McGill University, Canada, laid the foundation. After securing a PGD in Entrepreneurship from the Indian Institute of Management, Bengaluru, he embarked on an entrepreneurial journey. Prior to Lenskart’s inception, he had birthed five other ventures, notably including Valyoo Technologies. This company, conceived during his IIM tenure, achieved remarkable success, amassing a staggering 2.5 million users. Recognizing the nascent eyewear market, he launched Flyrr.com in 2009, a US-focused online store retailing contact lenses and sunglasses. Transposing this model to India, Lenskart debuted in 2010.
Neha Bansal, a co-founder, transitioned from her role as a partner at Vinod Kumar and Associates. Collaborator Amit Choudhary, a Kolkata native and computer science engineer from BITs Mesra, brings a tech-savvy perspective. Additionally, Sumeet Kapahi, formerly associated with Luxottica India Eyewear Rayban, joined as a co-founder.
Lenskart’s SWOT Analysis
Strengths
– Dominance in the market, with few formidable competitors
– Ingenious utilization of advanced, patented technology
– Solid foothold within the e-commerce realm
– Robust brand portfolio and identity
– Trend-setting store aesthetics
– High-caliber, superior eyewear offerings
Weaknesses
– Hesitation among Indian consumers regarding online eyewear purchases
Opportunities
– Expansion into international markets
– Pioneering innovative concepts
– Amplified focus on online sales
Threats
– Dynamic e-commerce landscape with increased competition
– Regulatory shifts
– Affordability challenges for specific demographic segments
Marketing Strategy: Lenskart’s Brilliance
1. Inventory-Centric Business Model
Lenskart hinges on an inventory-based structure, furnishing a plethora of frame designs and superior lenses. The company liaises with suppliers to craft designs grounded in top-notch quality, durability, diversity, and innovation. Leveraging German robotic technology, Lenskart produces products with unparalleled precision.
2. Google Ads Dominance
Harnessing the digital era, Lenskart employs Google ads to amplify its visibility. Strategic keywords like frames, eyeglasses, and sunglasses bolster its reach, even extending to Google Shopping ads. Multiple formats, including videos and display ads, foster engagement.
3. Social Media Prowess
Facebook and Instagram serve as a playground for effective promotional campaigns. Classic marketing avenues, like TV and email, harmonize with the digital sphere to etch Lenskart as an eyewear authority.
4. Multi-Channel Excellence
Leveraging deep insights into Indian consumer psyche, Lenskart forged a hybrid approach, combining online and offline access. Over 550 brick-and-mortar locations across 30+ cities strengthen its market presence.
5. SEO Mastery
User-friendly optimization defines their website, amassing a substantial 1.8 million monthly visitors.
6. Quality Meets Affordability
The brand strategically targets the Indian market, offering innovative, reasonably priced products that embody excellence. “Lenskart Blu,” a shield against harmful UV rays, and the “Airflex” collection spotlight superior quality at accessible price points.
7. Celeb-Powered Appeal
Endorsed by prominent figures, Lenskart augments its products with style and celebrity flair. Brand ambassadors like Katrina Kaif and Bhuvan Bam draw in a youthful demographic.
8. Offline Franchise Impact
The brand’s offline expansion through franchises illuminated new avenues for growth. Pioneering over 720 stores nationwide, even during the pandemic, reaffirmed it’s commitment to customer convenience.
9. Immersive Virtual Reality
Their app offers an immersive 3D testing feature in partnership with Ditto, enabling users to virtually try out products. This has driven substantial daily traffic to the Lenskart website.
10. B2C Excellence
A direct-to-consumer model underscores the company’s operations, enabling cost-efficient access to its products. Collaborations with logistics partners ensure swift, secure deliveries.
11. Cutting-Edge Eye Testing
Lenskart’s advanced eye testing, utilizing imported equipment, enhances user experience. Experienced optometrists offer at-home testing, marrying convenience and innovation.
12. Tempting Discounts
Understanding the Indian affinity for discounts, IT leverages attractive deals, including complimentary eye exams and home-based frame trials. This strategic approach fortifies its user base.
In Conclusion
The hallmark of Lenskart’s ascent is its ingenious marketing strategies, positioning it as a leading light in the Indian startup landscape. The brand’s remarkable journey earned it a spot among the “Top 10 Promising E-commerce Indian Startups in 2021,” as per the Indian Wire. By providing an unparalleled array of eyewear solutions, Lenskart has truly captured the hearts of millions.