How Lenskart Made Wearing Glasses Cool Again

maanya
Email: maanyagupta12005@gmail.com

1 second ago

9
views

Peyush Bansal, a former Microsoft worker and alumnus of IIM Bangalore chose to transform the game. He co-founded Lenskart, together with Amit Chaudhary and Sumeet Kapahi, whose mission is to make eyewear affordable, accessible, and aspirational.

How Lenskart Made Wearing Glasses Cool Again

In 2010, shopping for glasses in India was really a painful experience, it was costly, time consuming, and had very limited options in terms of style. Eyewear was a need and not something that could be afforded by millions. It is at this moment that Peyush Bansal, a former Microsoft worker and alumnus of IIM Bangalore chose to transform the game. He co-founded Lenskart, together with Amit Chaudhary and Sumeet Kapahi, whose mission is to make eyewear affordable, accessible, and aspirational.

Omnichannel Innovation Business Model.

Error Lenskart created a model that was an omnichannel model, which is a combination of online convenience and offline trust unlike other e-commerce ventures:

Online store: Thousands of frames and lenses in a touch of a button.
Experience centers offline: More than 2,000 stores in India and overseas.
Home eye tests- Optometrists make house calls with 100 or more trial frames.

This amalgamation re-invented eyewear retailing in India.

Product Ecosystem

Lenskart built an eyewear ecosystem:

Lenskart.com - Online platform.
Aqualens - Inexexpensive contact lenses.
John Jacobs- Top fashion eyewear.
Lenskart Labs: AI-based try-on and AR shopping.
Financial Growth

The growth of Lenskart has been swift and steady:

2014: $20M revenue, $100M valuation.

2019: $150M revenue, valued at 1.5B into a unicorn.

2024: $900M+ revenue, $5B valuation.

This is one of the most valuable D2C brands in India today.

Marketing Masterstroke

Lenskart made eyewear a 2135-fashion statement through its catchy campaigns, Bollywood and cricket partnerships and over the top influencer marketing. Its Gold Membership Program also increased loyalty by giving free eye checkups and buy-one-get-one offers.

Challenges

Expanding operations, instilling confidence in customers in purchasing eyewears online, and competing with such global giants like Luxottica were significant challenges. However, the smart pricing and tech-first business strategy enabled Lenskart to rise high.

Lessons for Entrepreneurs

1. Change actual challenges - mix-up healthcare and fashion.

2. The future is omnichannel retail.

3. Utilitarianism can be turned into lifestyle by branding.

4. Use AI, AR and home services to impress the customers.

5. Go global and be locally driven.

Conclusion

Starting as a humble online eyewear product company, Lenskart has transformed how India perceives eyewear to a 5billion dollar eyewear company. It is no longer merely about vision correction but it is about having confidence, style and convenience. Lenskart demonstrates that even ordinary products can create billions of dollars of success stories with creativity and implementation.

For more informative - READ MORE