In today’s fast-paced business world, Lenskart is India’s first online outlet for eyewear. Peyush Bansal founded Lenskart in November 2010 in Delhi. The company’s number of products varies from prescription glasses and contact lenses to funky sunglasses. This Indian eyewear brand has emerged as a game changer because of its business model, which makes the company different. 

The revolutionary unicorn bridges the gap between different touchpoints, i.e. it provides customers with 3D Try-on services and online eye checkup services. Also, you can order the eyewear from the store or online, whatever you prefer. This model has revolutionized the eyewear industry in India.

The magical unicorn Lenskart functions both as an online and offline distribution store. Customers can order online or go to the store to purchase the product directly from its store. Lenskart became a unicorn company in 2019 by disrupting and revolutionalizing the eyewear industry through its ‘Home eye check’. 

Lenskart is the fastest and most profitable growing startup, with more than 500+ stores across 120 cities in India and more than 50 lakh satisfied customers. 

Lenskart is registered under its parent company Valyoo Technology, founded and owned by Peyush Bansal founded. The Lenskart app is currently the Number 1 shopping eyewear app. 

Lenskart offers 5000+ styles, including prescription specs, sunglasses, contact lenses, specs frames, reading glasses, blue-light glasses, and other eye accessories. 

All You Need To Know About Lenskart Business Model

Lenskart has surpassed the market in recent years, with over 5000 frames and glasses and over 45 different kinds of glasses. The company has been committed to delivering reasonable, high-quality eyewear to millions of customers and has disrupted the traditional eyewear industry of India. The company is a true believer in an inventory-led business model, which means the company sources the products in equal proportion from India and China. 

Further, the designs made are handed over to the manufacturers. Lenskart has a trained and efficient team of designers and stylists who focuses on the latest market trends and fashion in the eyewear industry to offer the best end product to the customers. 

The company has undertaken offline stores through a franchise model established all over India. Lenskart has over 500 stores across 120 cities, including metro, tier 2, and tier 3 cities. 

By maintaining this balance, Lenskart serves more than 4000 people daily, 7 million clients annually and aims to scale up to 2 lakh people in the coming times. 

• While making its product from scratch, the company focuses on superior quality, innovative technology, marketing strategy, and perfect service like 3D trial installation. 
• Lenskart business model works on a B2C business model, which is sales-focused. The company sells its products directly to customers at a reasonable price. 
• At the same time, offering a wide range of frames and glasses, which starts from INR 345 and goes up to INR 30000, also with a feature that the first frame you buy is free of cost.
• That’s the only part; the company focuses on the latest styles and trendiness, durability, and perfect quality. They use robotic technology, which is imported from Germany. This advanced technology, imported from Germany, makes Lenskart the only brand which makes eyewear with up to three decimal accuracies and efficiency. 

The main focus of Lenskart in opening the market-led stores was that Indian customers were quite skeptical about online eyewear purchases. They felt the need to try the product in its physical capacity and get that comfort to get the absolute surety of its quality. 

Opening physical stores has helped the brand to grow even faster and in multitudes while gaining the trust of its customers. 

They use the Omni channel model to convert offline customers to purchase online by providing applications and portal facilities. This has made them customer friendly by building trust in the market.

About Lenskart Net Worth, Valuation, And More: 

Owner and team	Lenskart founded by Peyush Bansal along with Amit Chaudhary and Sumeet Kapahi
Lenskart net worth	$2.5 billion
Lenskart valuation	Over 4 billion
Lenskart Revenue	$182 million
CEO of lenskart	Peyush Bansal
Lenskart turnover	INR 1502
Competitors of Lenskart	Titan eye plus, Deals4Opticals, Vision Express, Lensbazaar, Coolwink, Bausch and Lomb, GKB Opticals, etc.

Lenskart Business Model: How Lenskart Makes Money

The Lenskart business model works on the following 5 principles. Let’s understand that briefly.

1. Inventory-Led Business Model

The inventory business model involves stocking eyewear like sunglasses, contact lenses, and contact lenses in the company’s warehouses. Once the customer orders a product, the product is brought from the warehouse and delivered to the customer. The majority of the sourcing is done from India and China. 

2. In-House Manufacturing

Lenskart has its own in-house manufacturing factory, which helps them to directly manufacture the product and sell to the customers without any third party.

3. Franchise Model For Distribution

Lenskart is majorly popular because of its franchise model. The company offers franchisees to dealers by also providing them with several resources like training about the products, its marketing, and branding strategy.

The franchisee has to report its day-to-day operations in the store, which involves monitoring the staff, checking the inventory material and providing customer service. The franchisee also has to pay a certain fee to Lenskart and a certain percentage of the store’s profit to the company as a royalty.

• How it is benefitting both the company and franchisee:
• More customer count
• More authority to the franchisee to own and operate the business as per his/her terms while focusing on the brand and support

4. Try-On Feature

Lenskart offers a try-on feature that enables you to try 5 frames and get them delivered to your home for a particular trial period at no extra cost. The customers can try the frames and select the one they like before making a final purchase. This builds trust in the brand, and customers can get greater authority over their decision. 

5. Strong Supply Chain And Logistics Support: 

Lenskart has a strong supply chain and logistics support, delivering the products promptly. The company has manufacturing units and warehouses where they store their products and monitor closely with the suppliers to deliver the products quickly and efficiently. 

What You Should Learn From Lenskart Business Model?

Here’s what you should learn from Lenskart Business Model: 

1. Problem Solver

Lenskart focuses on the pain points of its customers in the eyewear industry, which is limited to other eyewear brands. They offer affordable reasonable trendy stylist eyewear options, which is not the case with its competitors. Through this, Lenskart addresses the customer’s problem, resulting in a vast customer base.

2. Omni Channel Model  

Lenskart is famous and known for its Omni channel model, which offers offline and online services catering to a wide range of clients. The budding entrepreneurs should focus on adopting such channels, reach out to potential customers through their pain points, and provide seamless customer experience.

3. Integration Process

 Lenskart, through its manufacturing and retail channel, makes sure that the quality is not compromised. They emphasize quality control, costs, and durability of the product. Entrepreneurs should look for prospects to improve their integration process and effectively maintain their supply chain operations.

4. Customer Centric

Lenskart prioritizes the customer experience by offering them personalized services, try-on options, and first-frame free options, which makes it customer centric. Entrepreneurs should delve into meeting customer needs and creating loyalty in the market through their products.

5. Advanced Technology

Lenskart leveraged itself through its advanced technology imported from Germany. Entrepreneurs should adopt technological refinements to improve their products. They should also enhance their services and simplify customer attention. 

Conclusion:

Lenskart, with its mission “Our mission is to give India a Vision”, is one of the top startup unicorns in India. The eyewear brand strives to reach the multitudes in the coming years with its low-cost franchise model and providing the best eye care solutions. 

Lenskart integrates the old conventional methods into a more modern technological touch. The company aims to generate huge employment opportunities in India through its manufacturing, retail, and franchisee model through its goal of opening more than 500 outlets in the next 1-2 years by the end of 5 years. 

The Lenskart business model provides informative solutions to entrepreneurs who wish to make a mark in this eyewear industry. They should focus more on customer experience, integration process, Omni channel model, and technological advancement of their product. 

Rahul Malodia, a Jaipur-based business strategist, can also help you develop a strong brand or business. With his 5+ years of experience, the business coach has brand development and planning expertise. He can help businesses prepare perfect strategies and business models, just like Lenskart business model, to help them reach out masses and stand out from their competitors. 

Rahul Malodia can help you identify your competition, develop a business strategy, and define a better brand identity that will help with refined targeting, reducing the costs and wasted efforts on not-so-powerful strategies. 

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