How did Lenskart disrupt the Industry?

The 4 key strategies used by Peyush Bansal

2016: Mr. Ratan Tata invests in Lenskart
2024: Lenskart's revenue becomes 5X more than Titan eyewear's revenue
Here's how Lenskart disrupted the industry👇

🧠Context:
Lenskart started in 2010, 3 years after Titan Eye+.

Titan Eye+ had established itself as the country's "biggest" eyewear retailer. Titan had 100+ stores & Rs. 50 Crores in revenue. Cut to now, Lenskart is not only leading with a 25% market share but also generating ~Rs. 3000 crores in revenue compared to Titan Eyewear's ~Rs. 700 Crores.

Here are the 4 key strategies Peyush Bansal used 👇

1/ Solved for Accessibility
Lenskart understood that eyewear is a highly "touch and feel" category, where you need a high physical footprint for conversion. Right now they have 2000+ stores spread across ~230 cities while Titan Eye+ only has ~1000 stores in almost the same number of cities.

More Stores→ More Customer Walk-Ins → More Trust → More conversions on the mobile app.

2/ Solved for Affordability
Peyush Bansal wanted to be the "Maruti" of the Indian eyewear segment. And to be a Maruti, he had to make sure that products were affordable.

Used offers like:
✅ One + One free
✅ First frame free
✅ Gold membership
✅ Starting from Rs. 500

They followed the principles of value-based pricing to capture the highly sensitive Indian market.

3/ Solved for Awareness
Lenskart is a rare startup that has a broad range of popular "in-house" brands. From John Jacobs to Vincent Chase, the company has targeted different customers with multiple options in different price ranges.

They generated high "word of mouth" through:
✔️Virtual Trials through application
✔️Introducing advanced features like Blue Cut
✔️Collaborating with mainstream celebrities like Katrina Kaif & Karan Johar

4/ Solved for Unit-Economics
Lenskart mastered its supply chains & inventory management by using AI for:

✅Stock levels
✅Real-time sales
✅Inventory transit
✅Product performance

But, there's more ✨
In the latest episode of GrowthX Wireframe, we dive into all these points & so much more.