The eyewear industry has charted an unusual path through history, from European imported elites in the colonial era to organized development at the end of the 20th century, and now with Indie-Global players dominating the market.
Research shows that the unorganized eyewear market in India accounts for nearly 80% of the overall market. However, the organized share of the market is growing at a 15% CAGR in the forecast period. (Deloitte, 2018)
Enter Lenskart in 2010, which targeted helping common people get premium eyewear at an affordable rate. To keep the cost minimal, Lenskart removed the middleman and made way for consumers to buy from the brand.
Lenskart entered the premium league by giving the common people what they wanted at lower prices. However, there is no business that does not go through its own share of twists and turns. Here is how Lenskart emerged from their “twist.”
The Twist That Made Lenskart What It Is Today
When Lenskart began, it faced an overcrowded market with incumbents like GKB Opticals, Gangar and Himalaya. With this came a lot of challenges and opportunities. Yet Lenskart found its inflection point, which marked the start of its rapid growth.
To begin with, Lenksart revolutionised the eyewear industry by introducing an omnichannel strategy that blends both online and offline services, allowing customers the leverage and convenience to try in-store and buy online.
Furthermore, to provide the best shopping experience, they came up with the concept of a virtual try-on feature, enabling customers to try different frames and styles from the comfort of their homes, reducing the cost and need to visit physical stores. They also offered home eye check-up services, providing personalized and convenient eye tests conducted by trained professionals at customers’ homes.
They had a basic notion in mind, which was to revolve the brand solely around the customer. To stick with this, Lenskart implemented a 14-day return policy and a one-year warranty, forging a genuine relationship with the customer. By eliminating middlemen and establishing their own manufacturing unit, Lenskart offered fashionable eyewear at affordable prices. Additionally, they expanded their product range by building their own chain of brands, including John Jacobs, Vincent Chase, and Aqualens.
By combining technology, affordability, and a robust omnichannel presence, Lenskart built an empire that distinguished itself from traditional eyewear brands and created a strong market presence in India.
Lenskart’s Future Promise
After going through so many struggles with a strong demeanor and coming out even wiser, the future of Lenskart looks quite promising. With what has been seen in recent times, Lenskart has been aggressively expanding both locally and globally, aiming to boost growth in various areas by establishing a strong presence in the UAE, KSA, and Singapore.
Technology is at the core of Lenskart’s strategy, enhancing the customer experience with features like virtual try-ons to help consumers find the perfect eyewear. As the world shifts towards sustainability, Lenskart will have to plan to embrace eco-friendly practices to resonate with environmentally conscious consumers. To navigate the competitive eyewear market, Lenskart should also consider strategic partnerships and acquisitions to tap into new opportunities. They remain committed to enhancing customer experiences by continuously improving personalized services and efficient delivery systems.
Furthermore, with the global trend shifting towards an urban lifestyle and increased screen exposure, Lenskart is well-positioned to anticipate and cater to evolving fashion and lifestyle trends, ensuring they meet their customers’ needs effectively.
Overall, the future of Lenskart looks quite promising as it strategically expands its international presence, particularly in Southeast Asia and the Middle East, while strengthening its footprint in established markets.
By diversifying its product range and focusing on eye health and wellness services, Lenskart is positioning itself as a comprehensive vision care provider. Collaborations with global brands and a robust omni-channel strategy can further support its growth. Emphasizing sustainability and community engagement will give a push to the brand’s reputation. Despite challenges like intense competition and economic fluctuations, Lenskart’s innovative approach and adaptability ensure a bright future in the dynamic global eyewear market.
