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Lenskart Business Case Study
- 2. Introduction With the vision of revolutionizing the eye wear industry in India, Lenskart aims to provide every Indian an access to high-quality designer glasses without shelling out their pocket. Currently it has a market of 1,00,000 customers each month due to its phenomenal quality products at affordable ranges, to be precise, from Rs. 340 to Rs. 30,000, with 5000 varieties which, as quoted, is 5 times of any other Indian optical retailer. By providing a 14-day return policy, 1 year warranty and authentication card with every product, company keeps a sharp eye on its services and customer relations. 2
- 3. Index o Origination o Challenges o Overcoming o Investment o Current Status o Rivalry o Market position o Growth Drivers o Business Canvas Model o Public Relations o References 3
- 4. Origination • Peeyush Bansal is a McGill University, BE-IT graduate. • While engaged in PG program, he witnessed the issue of India being the blind capital of the world. • During his IIM days he founded VALYOO technologies with ‘SearchMyCampus’ as the first business portal in 2007. • Aim-adding “valyoo” to the users’ lives eliminating retailers. • ‘SearchMyCampus’-a big hit but greed to explore took him to recognize the ignored field by e-commerce world-the eyewear segment. • Launched flyer.com focusing on the eyewear market of the US, gained good traction. • November 2010 and the rest is history. 4
- 5. Challenges • Providing in store experience. • Unlimited frame trials. • Propose a fashion brand, not just a utilitarian one. • Developing “universal commerce” approach. • Design a mobile e-commerce site that would help in better conversion and work seamlessly with Lenskart’s offline stores and processes. • Establishing an identity in the Indian market where customers depends upon practicality of the product. 5
- 6. Overcoming The “Omni channel” strategy An approach that provides customers with fully integrated shopping experience, from bricks and walls to online browsing and digitalization. 6
- 7. Investment • Raised 4 million Dollars in the first round of funding in 2011 from IDG. • 2013, raised 10 million dollars from Ronnie Screwvala-led Unilazer Ventures Pvt. Ltd. • March 2018, Azim Premji invested 400cr in the group taking the valuation of the company to 3000 Crore. • In 2018 the company became profitable (EBITDA). • Valuation of $1.5 billion by Dec 2019 after Softbank’s investment of ~$275 million. • In 2020 Lenskart generated total revenue of Rs.1000 cr. • Financial backers of Lenskart include TPG Growth, International Finance Corp and Adveq Management. 7
- 8. Current status • As of September 2019, Lenskart had over 70 stores in cities of India. • Its manufacturing facility in Delhi manufactures 300,000 glasses a month. • In competition with RayBan, Essilor, Amazon, Flipkart Paytm Mall, Snapdeal, etc… which sell eye wear and impact this business directly. • With a market size of Rs. 18000-20000 , crore, organized players account for barely 9-10% of the market. 8
- 9. Rivals Property GKB Opticals Coolwinks Specsmake rs Titan Eye plus Headquart ers Kolkata Gurugram , Haryana Chennai, Tamil Nadu N/A Launch 1959 2006 2007 2007 Offline stores 70 N/A 500 550 Customers 10,00,000 30,00,000 - - Eye test yes yes Yes Yes Frame testing Home N/A N/A N/A 9
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- 11. Growth Drivers • First frame free • Exchange of frames • Virtual try on • Home trials • Doctor locator • Eye check up at home • 3-D Facial visualizer 11
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- 13. Public Relation • In October 2017, Lenskart's first brand ambassador was Katrina Kaif • In March 2019, the company hired Bhuvan Bam as their first male brand ambassador. • Ratan Tata and S Gopalakrishnan have also invested. • Lenskart appoints Avian Media for their PR mandate. 13
- 14. References • https://www.lenskart.com/about-us.html • https://www.trustpilot.com/review/lenskart.com • https://redd.in/casestudy/Lenskart-casestudy-v2.pdf • https://en.wikipedia.org/wiki/Lenskart • https://www.whizsky.com/2017/09/case-study- lenskart-marketing-strategies-fastest-growing- eyewear-brand/ • https://www.adgully.com/lenskart-appoints-avian- media-for-their-pr-mandate-63085.html 14
- 15. Please clear your queries! 15
Notas do Editor
- IDG - IDG is a trusted and dependable voice, that creates quality content to generate knowledge, trust and deep relationships with our community. We know that the way buyers evaluate technology purchases has changed dramatically and this is why our content is so valuable for those looking to make a purchase. Environment and context matters. Ratan tata – tata sons S gopalkrishnan – Infosys Azim Premji – wipro chairman EBITD - A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA,[1] pronounced /iːbɪtˈdɑː/,[2] /əˈbɪtdɑː/,[3] or /ˈɛbɪtdɑː/[4]) is an accounting measure calculated using a company's earnings, before interest expenses, taxes, depreciation, and amortization are subtracted, as a proxy for a company's current operating profitability (i.e., how much profit it makes with its present assets and its operations on the products it produces and sells, as well as providing a proxy for cash flow).
- Product Positioning / Growth Drivers:- “First frame is free” offer - where customers will pay for only the lens on their first purchase. Good strategy to attract first time buyers. “Try at home” – where customers can choose of a maximum of 5 frames and try them at home before making a final purchase. This has led to more sampling by customers. Eye checkups by optometrists at home across cities has been introduced. They have been doing 1500 checkups a day and have a conversion of 50%. Innovation use of technology – developed a 3D facial visualizer where customers can see how the frames will look on them. Exchange old to new Virtual Try on Doctor locator