Peyush Bansal, founder of Lenskart, believes that customer needs are at the core of success. He has devised an attractive business model that offers bundles and cross-offers in order to draw in new customers.
He offers an expansive selection of products at competitive prices and provides his partners with assistance for marketing activities that help attract customers and boost sales.
The inventory business model
Inventory business models can be one of the most profitable strategies for retail businesses. It involves purchasing and selling products in bulk to consumers at discounted rates at cost-cutting prices, which enables companies to increase sales while simultaneously cutting expenses. Customers also enjoy purchasing goods at their desired time and place, thus increasing customer satisfaction while making management simpler and tracking sales data more efficiently.
Lenskart utilizes multiple marketing strategies to market its products, such as email campaigns and social media posts. Google ads help reach potential customers directly; video, display, and app download advertisements help attract traffic to their website while increasing brand recognition and driving sales. They also offer various promotions, such as free shipping/return policies, to increase customer retention rates.
Piyush Bansal understands the best way to expand a business is to develop repeat customers and ensure everyone is delighted with their purchase. His approach has allowed him to develop both loyal clients and attract new ones.
Lenskart’s business model relies heavily on direct-to-consumer sales, eliminating middlemen from its supply chain to lower operating costs and make eyewear more cost-effective for customers. Furthermore, Lenskart partners with multiple logistics firms to provide fast delivery services – this strategy has proven hugely successful – making Lenskart one of the world’s fastest-growing eyewear companies!
Lenskart reduces operational costs through its omnichannel strategy. Customers can shop both online and in-store seamlessly for an unparalleled shopping experience, including a wide selection of frames and lenses that come with free worldwide shipping, free returns policies, and an exceptional return policy.
Lenskart’s omnichannel business model enables them to save money by purchasing and storing large volumes of inventory at once, tracking sales accurately, providing customers with products on time, as well as offering them the chance to try out glasses before making a decision – which can be especially helpful for people who find selecting frames challenging.
The franchise business model
Lenskart provides consumers with a range of eyewear products through its franchise model. Their broad selection serves a diverse clientele and increases recurrent sales. Their competitive prices offer a high return on investment.
Lenskart has found immense success due to its innovative business model and physical store operations. Lenskart blends online and offline channels in order to reach out to as many customers as possible; Peyush Bansal believes that by providing top-quality products and an exceptional experience for customers, they will return again and again – this applies equally well across industries but particularly so for e-commerce companies.
Lenskart stands out from its competition by offering free eye tests and zero-error lenses at its retail outlets, which has helped build its customer loyalty. Furthermore, Lenskart boasts an extensive collection of affordable to high-end eyewear to meet every budget range, something which sets them apart.
The business model of this company features various components that impact its profitability, such as costs of goods sold, marketing and advertising expenses, and technology expenses. Furthermore, its vertically integrated supply chain minimizes costs while guaranteeing quality. Marketing efforts help raise brand recognition among potential new customers while technology costs are incurred to create and manage its online platform.
Lenskart franchisees must pay both an initial investment and royalty fees to maintain their franchise agreement. These royalties represent a percentage of sales that goes back to Lenskart; therefore, research your local market before investing. In addition, Lenskart provides ongoing training and support services.
The e-commerce business model
Lenskart quickly adjusted its business model during the e-commerce boom to meet consumer demand. Offering eyewear both online and at its retail stores, Lenskart’s products are high quality yet reasonably priced, so customers can easily find the frames they desire. Furthermore, the company provides services designed to assist them in making an optimal selection based on individual requirements.
Lenskart’s business model centers around customer satisfaction and building trust in their brand. The company offers various services to its customers, such as free shipping and home trials, so consumers can try their products before purchasing. In addition, Lenskart leverages social media channels like Twitter to market and promote its products while simultaneously building an engaged community around them.
Lenskart was established by Peyush Bansal in 2010. After creating SearchMyCampus, a student classifieds site, Bansal ventured into the eyewear industry inspired by India’s rapidly developing e-commerce market and saw there was an unmet need for quality eyewear brands in India but also that many people did not have access to affordable eyewear options which led to him creating Lenskart as an affordable eyewear option for people.
Lenskart uses this business model to keep costs low by purchasing directly from manufacturers. They pass these savings along to customers through reduced eyewear prices while their vertically integrated supply chain reduces operational expenses.
Lenskart’s retail stores help the company connect with customers directly while providing an unrivaled shopping experience. Lenskart also offers free shipping and an extended 365-day return policy, giving customers confidence in purchasing from Lenskart and leading to higher sales and repeat business.
Lenskart finds the retail store business model advantageous as it enables the company to reach more customers than could be achieved via online sales alone. Furthermore, Lenskart can better understand its customer base so as to create products and services tailored specifically towards them.
Lenskart has revolutionized the eyewear retail industry by making purchasing glasses easier and less costly for millennials, who demand designer frames and sunglasses at high demand. Lenskart also uses cutting-edge technology to deliver an unparalleled customer experience via an online app that lets customers select and try on glasses before making confident purchasing decisions.
Lenskart’s success can be attributed to its people strategy, which emphasizes employee value and experiential learning. Their young and vibrant workforce serves as the cornerstone of their brand, and this has contributed to phenomenal growth. Furthermore, Lenskart maintains an active social media presence to market its products and uses schema markup to increase visibility within search results.
Lenskart founders believe in empowering their employees, so the company has invested heavily in training programs to help employees advance their skills. This has allowed Lenskart to attract top talent while improving efficiency, thus driving its revenue from Rs 1 lakh in 2017-2018 up to over Rs 300 crore today through increased advertising expenditure.
Lenskart utilizes multiple channels to reach its customers and work toward improving customer experience. They partner with logistics providers like BlueDart, Javas, and Delhivery for speedy deliveries; plus, there is a round-the-clock helpline service that offers assistance should any issues arise.
Lenskart’s franchise business model has also contributed significantly to its success, enabling it to expand across India. Lenskart has invested in local marketing campaigns in order to build brand recognition and customer demand, as well as partnering with celebrities like Purab Kohli in order to promote its products – helping it gain an edge against other online retailers.