Lenskart’s offerings included a range of eyewear options such as spectacles, contact lenses, and sunglasses for both men and women. It offered glasses in three sizes – small, medium, and large – and a one-year warranty on all of them. It had more than 3,000 different styles of eyewear to fit different price ranges. Apart from its in-house brands, its collection included reputed eye wear brands such as Ray-ban, Bausch + Lomb , TAG Heuer S.A. , etc.

Though Lenskart sold other eyewear brands, around 90% of its revenues were derived from its own brands. The price of Lenskart products ranged from Rs. 1,000 to Rs. 20,000.

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MARKETING STRATEGY OF LENSKART

Lenskart chose different strategies to market its products to customers. What made the company distinctive was that it did not target any market segment or age group in particular, but designed its products in common for all the customers.

CHALLENGES GALORE

Despite its innovative business practices and the ability to attract investment, the company’s financial position continued to remain weak. The losses at Lenskart widened by 78% to Rs. 1.13 billion in 2015-16 from 2014-15, even as it posted a 63% jump in revenues to Rs. 990 million, as per documents filed with the Registrar of Companies, India (RoC).

THE ROAD AHEAD

As of June 2018, Lenskart was the largest optical retailer in India. Its app had five million plus downloads, and it had an offline presence of 410 stores having 200 opticians. The company claimed that almost 50% of its total sales came from its offline stores. Stimulated by the encouraging results from its offline foray, Lenskart planned to open 15 new stores each month, mainly in the tier I and tier II cities of India.

EXHIBITS

Exhibit I: Eyewear Market in India, as of 2018.
Exhibit II: Indian Eyewear Market growth 2015- 2018.
Exhibit III: Services Offered by MyOperator to Lenskart.
Exhibit IV: Lenskart Free Home Trial Process.
Exhibit V: Lenskart Franchise Requirements.
Exhibit VI: Lenskart Business Model.