Lenskart’s CEO and co-founder, Peyush Bansal, delivered a compelling perspective on business strategy during his address at Startup Mahakumbh. Dismissing the conventional wisdom of prioritizing omnichannel models, Bansal emphasized the significance of addressing market pain points and passions. He stated, “Customers don’t walk away with a channel but your product or service. I am a big believer that businesses should not be built from the model. They should be built from a problem or a passion area.”
Bansal illustrated his point with Lenskart’s journey, revealing that despite a mere 3% conversion rate when confined to the online space, the company’s decision to experiment with offline stores in 2012 paid dividends. The inclusion of offline stores, primarily for eye tests, catalyzed Lenskart’s expansion to over 2,000 offline outlets nationwide. Notably, Lenskart intends to further its global footprint with plans to establish 300-400 offline stores outside India.
While Lenskart has reported substantial operating revenue, Bansal remains skeptical about the long-term efficacy of the omnichannel model, noting the inevitability of evolving channels. “Even I don’t know if the omnichannel approach for Lenskart is a success formula because channels will change,” he remarked, highlighting the dynamic nature of consumer behavior and technology.
In contrast, Gaurav Singh Kushwaha, co-founder of jewellery startup BlueStone, shared a contrasting narrative, advocating for an omnichannel approach. Reflecting on BlueStone’s journey, Kushwaha revealed that while online channels facilitated discovery, offline presence bolstered trust, ultimately driving conversions.
The Startup Mahakumbh, a three-day event commenced on March 18 and concludes on March 20, attracted luminaries from various sectors, including DPIIT secretary Rajesh Kumar Singh and former NITI Aayog CEO Amitabh Kant. Notable speakers such as Zomato’s Deepinder Goyal, EaseMyTrip’s Rikant Pittie, Nykaa’s Falguni Nayar, Lenskart’s Peyush Bansal, and Peak XV Partners’ Rajan Anandan shared insights and experiences, underscoring the vitality of innovation and collaboration in the startup ecosystem.
