"Decoding Lenskart's Spectacular Rise: Solving the 4 Core Challenges to Eyewear Market Leadership in India"

In 2016, Tata made a small investment of as low as 10 Lakhs into a growing startup now that company is one of its biggest competitors and has now become now 5x brand that Titan Eye+. We will understand how Lenskart became the eyewear market leader despite starting late by more than 3 years we will understand the 4 core problems that the company has solved in order to be the market leader. In 2010 most of the eyewear market was unorganized at that time no one was thinking to buy a branded spectacles now also more than 60% of market is with the unorganized sector. The co-founders understood that there was no big brand in the optical space and he observed a shift happening towards the Branded Segment an Opportunity for mainstream reliable brand to be popular in all ages in India.

Now Lenskart is doing nearly 3000 crores of annual revenue and is literally dominating India's Organized Market segment with 25% of Market Share which is Highest in the market. Now we understand the 4 Core Issues solved by the Company.

1.Accessibility - India is know as the Blind Capital of the world nearly 40% of its population had this issue. Lenskart competitors where not only Titan but Local Players too they where the first one to adopt an omni channel they where bullish on stores to give the people the choice of Touch and Feel they are going to buy but this was a capital intensive task with investors they cracked tier1 and tier2 markets now they have 2000 Stores in 200 Cities in India. To get the online engagement they opened thier own app in 2017 they gave virtual experience and gave home eye checkup in only 99 rupees.

2.Affordability - They followed the principle of value based pricing in the early days they gave customers thier first frame free and upsell it with better quality of lenses the money by in the lenses the strategy with simple attract people with a hook of cheap frames and make money on lenses they create a membership program to retain thier customers. They bought price standardization and established massive trust between the people.

3.Awareness - As we know Attention is a free currency they created separate in-house brands with different values to run them separately same as westside and zudio done by parent company TATA. They invested in crafted advertising be it online or offline they sold glasses as fashion not necessity. They wanted recurring sales from the same Customers to have that person more than 1 frame with high word of mouth marketing with the ad of Karan Johar.

4.Unit Economics - The biggest problem was to manage the supply chain and stores by understand the regional demand and stocking according to it the positions of the products in the stores is done based on historical data.