Lenskart, India’s leading online and offline eyewear retailer, was founded in 2010 by Peyush Bansal, Amit Chaudhary and Sumeet Kapahi. After receiving funding from Steadview Capital, Epiq Capital, and TR Capital, it received a massive $275 million from SoftBank Vision Fund in 2019 and walked into the unicorn club with a valuation of $1.5 billion. Lenskart reimaged the eyewear industry in the country by transforming spectacles into a fashion statement rather than a device for correcting poor vision. The company conducts free eye checkups every year at offices, homes, and its online and offline stores. Aimed at spreading awareness and making eyewear more accessible and affordable, the brand has a 14-day return policy. The marketing communication, product manufacturing, pricing strategy, logistics, and many other facets of the business are AI-backed. In its quest to be a platform that offers unique and high-quality customer experiences, Lenskart has constantly upgraded its technology.
Augmented Reality
There’s a 3D AI technology on the app that allows customers to try on different frames virtually and see which one suits them best. This has provided convenience to customers; they no longer have to visit physical stores if they don’t want to. They can choose the correct frame from the comfort of their couch. Another unique service provided by Lenskart is mobile vision correction technology. It’s an eye exam that customers can conduct at home. It’s no wonder that the app has 20 million+ downloads. “Technology and AI are the biggest enablers in what we do and want to achieve. Our strategy is to continuously push the bar in customer experience and surprise our customers. A large part of this investment will go towards building next-generation technology and supply chain to deliver the next Billion glasses with the highest quality at the best price and most amazing customer experience.”, says Peyush Bansal, CEO, Lenskart. The latest omnichannel approach has made eyewear even more accessible. Now customers can browse through their offerings on the phone or computer, and even physically at malls, hospitals, and hypermarkets. The quality of the products is never compromised, they are made and customized centrally in a robotic center that’s state-of-the-art, thereby maintaining the highest precision in the glasses.
Going a step ahead, Lenskart smartly used the IPL season to promote its augmented reality. The Nazar Ghati, Durghatna Ghati campaign was applauded by the audience. It was a series of ads where a blunder was showcased because of poor eyesight. The virtual augmented reality uses AI to detect facial features and produce a curated list of glasses for the customer in under 10 seconds. Explore over 10,000 styles, try them on virtually, and even share them with your friends for a second opinion. This campaign even allowed customers to win free eyewear every minute and was a roaring success. Ramneek Khurana, Product Head, Lenskart said, “We are excited to receive an overwhelming response for Nazar Ghati Durghatna Ghati 2.0 showcasing Lenskart’s new feature of Augmented Reality. One out of every four
users coming to the Lenskart App today has started using the feature of Virtual Augmented Reality. The company has witnessed a 3X growth in its Augmented Reality usage in the last two weeks. With this new AR technology into play, Lenskart has upgraded its 3-D Try-On feature and the process of trying out glasses online has become super simple and easier to use.’’
Tango Eye
Lenskart fostered a partnership with Tango Eye, an AI video analytics solution. This technology calculates and analyzes customer footfall in the many physical stores that Lenskart has all over the country. Customer centricity is a revered brand value at Lenskart, so the brand is constantly innovating and upgrading its technology to benefit the customer. In this case, the video data is converted to information and insight that will help improve sales, efficiency and security. The customer’s identity is not compromised since the images are deleted after being stored in a sequence of numbers. This technology has helped the brand decode customer experiences with the product and employees. Apart from quantitative input, this AI and ML solution aids Lenskart in operational excellence, safety measures, understanding buyer behavior, and bettering customer engagement. Stores that see a high number of conversions can now be well-prepared with the inventory. On the other hand, stores with a high number of window shoppers allow the store managers to strategize better customer engagement that will boost sales.
The pandemic saw a rise in online sales since customers didn’t want to risk visiting physical stores. “We are seeing almost 200-300 percent growth there in terms of people ordering without any assistance. Sales are higher online overall. People are browsing online more, still not stepping out despite the lockdown being lifted at the majority of the geographies.”, says Peyush Bansal, CEO, Lenskart. With the strides being made in adopting AI and ML solutions, Lenskart is on its way to exponentially transforming the eyewear market in India.
Source: indiaai.gov.in
