RELATED CONTENT


NEW YORK—How do you help nearly 362 million citizens find a solution to their eyecare and eyewear needs in a country as massive as India? Just ask Peyush Bansal, CEO and co-founder of Lenskart, India’s fastest-growing optical retailer.

In a morning session titled Smart Thinking, New Consumers, Bansal described the company philosophy as customer-obsessed, energetic and tech driven. In short, “We are change makers.” He then went on to outline how Lenskart has grown and learned to use a unique mix of technology and on-site sales to fill the overwhelming need for eyecare and eyewear in India.













“Of the 532 million people in India who need vision correction, only 170 million people have it.” In response to this need, the former Microsoft executive helped start Lenskart.com, the Indian online portal for eyewear in 2011 and because of the large number of people that needed vision correction, “we knew we needed innovative solutions but we had to make it simple and easy to use,” he said.

Bansal’s background at Microsoft was a training ground for him, a learning experience where “it was all about creating meaning.” Knowing that nearly 70 percent of Indians use mobile devices for shopping online, Bansal was able to leverage the online solution. Lenskart partnered with Ditto and uses the 3D try-on app powered by the company.

Peyush Bansal described the Lenskart philosophy as customer-obsessed, energetic and tech driven. In short,
“We are change makers.”
“Traditionally, people in India viewed eyewear as a medical necessity, but we knew we had to make it fun,” he said.

The next logical step was to open brick-and-mortar retail stores where, according to Bansal, “we could create an omni-channel experience. Today’s stores work because of the success of our online services.”

The next challenge, was addressing the shortage of trained optometrists in India. “We worked with the government and developed a program where we could train and certify people to become optometrists.” Lenskart then launched a mobile program where consumers could book at home eye exams over the internet. “We developed our own equipment and auto refractors, which turned into Home Eye-Check-Up an uber-like concept for eye exams and dispensing.”

The business model has certainly paid off. Today, Lenskart offers private label solutions for ophthalmic and sun eyewear as well as contact lenses. Over the last five years, Lenskart has grown to become India’s leading online eyewear store, selling over 100,000 pairs of glasses per month. And as of 2015, Lenskart fulfilled nearly 1.5 million orders for eyewear making it a truly pioneering force in India’s online eyewear field.

Ultimately, Bansal believes the company’s success is based on leveraging technology—currently, 30 percent of sales are via its proprietary mobile app—and with a hybrid business model of on-line, mobile refractionists and physical stores integrated to create enthusiastically satisfied customers. “We are reaching out to the younger generation and know that the older patients will want to follow their lead.”

mkane@jobson.com