Lenskart needs no introduction because, since its launch in 2010, it is now a trusted eyewear brand in India. It’s highly creditable of its founder Peyush Bansal that he not only established a new brand but also created an entirely different business model that completely changed the concept of selling eyewear. Traditionally, selling eyewear and spectacles through retail shops was the norm. Buyers visited the stores and chose the frames and lenses from the available stock. But the Lenskart business model was completely different because it offered the products online and offline. E-commerce was fast gaining popularity, and more and more consumers preferred to shop online; it seemed logical for the founder to adapt the business online. The franchise model was also in place to overcome the scepticism among a section of consumers about buying the products online and earning their trust.
Lenskart – Reaching out to the widest section of consumers
The hybrid Lenskart model ensured maximum outreach for the brand to cater to the varied needs of different types of consumers of all ages by ensuring the most convenient buying mode. While the younger generation of buyers, from the teens to the millennial and Gen-Z, prefers buying spectacle online, the older consumers are still more comfortable buying eyewear from brick and mortar stores. While the younger generation focuses more on fashion trends and variety, the older generation prefers to stick to the traditional offline experience of buying and eye testing. According to a Lenskart case study, it becomes clear that besides catering to the largest section of the audience, the business model helps to generate brand trust among offline users. As the brand becomes more trustworthy to offline buyers, they would have the option of buying the products online if they want.
Wider choices, more inventory
Lenskart Company’s intensely sales-oriented business model helps retain customers by offering the best of both worlds. The online stores maintain a huge inventory of products, which is impossible in any physical store. Moreover, the company kept adding new products that helped the business grow faster. The company selling contact lenses only gradually moved over to spectacles and eyeglasses.
More convenience for customers
The Lenskart franchise is an example of the company’s efforts to provide customers with the most convenient and comfortable buying experience. The company could take the business to customers’ doorsteps by operating through franchises. The company executives reach customers’ homes with a bagful of products to help select and collect the order on the spot while assuring free home delivery within 24-48 hours. It’s like setting up a mobile shop that provides door-to-door service to customers.
Adapting new technology has given a competitive advantage to Lenskart that provides various solutions to all types of customers. Online buyers can try out different spectacle frames virtually during selection, almost in the same way as done in a physical store that ensures a more satisfying buying experience.