Why lenskart is the best optical retail franchise in India 2024?

on Nov 09, 2023 | 16704 views

Written By: Yukta Palekar

Looking to invest in an eyewear franchise? Consider starting a Lenskart franchise, a well-established and renowned brand. 

The Indian eyewear industry is experiencing rapid growth due to increasing awareness of appearance and fashion. Nearly one-third of Indians need glasses but cannot afford them due to high prices, leading to vision problems and significant operating costs. 

The industry is highly fragmented, with the unorganized segment accounting for nearly 80% of the market share. Lenskart has managed to grow in this sector due to its variety of products and affordability. 

The article provides detailed information on the growth of the eyewear industry, the journey of the Lenskart franchise, cost requirements, fee, profit margin, and guidelines for setting up the franchise in your city.

Overview of Lenskart Franchise Business Opportunity in India 

Founding and Growth:

  • Established in 2010, Lenskart is a prominent eyewear chain in India.
  • Rapidly growing presence in the market.

Product Range:

  • Offers a diverse range of eyecare products including glasses, contact lenses, and sunglasses.
  • Specialized products like computer and kids glasses available.

Retail Presence:

  • Operates over 2000 retail outlets in various cities.

Eyewear Styles:

  • Boasts a collection of over 5000 different eyewear styles.

Website Traffic:

  • Receives over 1,000,000 monthly visitors on its official website.
  • Features innovative tools like the '3D trial' for enhanced customer experience.

Home eye checkups:

  • Expanded services to include home eye checkups, showcasing adaptability and customer-centric approach.

Manufacturing Capacity:

  • Produces a staggering 300,000 frames per month in its manufacturing unit.
  • Ensures a steady supply for sales, marketing, and advertisements.

Financial Standing (As of December 2019):

  • Net worth estimated at approximately 113,54,47,50,000 INR.
  • Demonstrates significant value in the market.

Transformation and Evolution:

  • Evolved from an online eyewear company to a brand with a robust offline presence.
  • Successfully adapted to meet diverse customer needs.

Innovative Features:

  • Utilizes cutting-edge software and features like the '3D trial' for boosting sales and enhancing customer engagement.

Customer Base:

  • Successfully expanded customer base through a seamless blend of online and offline channels.

In summary, Lenskart stands as a modern and dynamic eyewear brand in India. Its combination of affordability, quality, and innovation has propelled it to a position of prominence in the eyecare industry, setting new standards for customer experience and accessibility. 

Advantages of Owning a Lenskart Franchise in India 2024

Proven Business Expansion through Franchising:

  • Strong track record of successfully founding and expanding businesses through franchising.
  • In-depth understanding of market needs and the ability to generate impressive profit margins.

Advanced Manufacturing Process:

  • Utilizes high-precision robotic machines to produce reasonably priced, reliable eyewear glasses.

High Profit Margins:

  • Offers a return of over 25–30% of the profit margin for franchisee owners.
  • Ensures a lucrative return on investment.

Broad Customer Base:

  • A strong presence on social media and television appeals to customers of all age groups.

Effective Marketing Tactics:

  • Notable strategies include free eye tests, zero-error lenses, and top-notch in-store experiences.
  • Drives customer engagement and satisfaction.

Comprehensive end-to-end Support:

  • Site selection, store layout, design, and fabrication provided by authorized vendors.
  • Includes staff hiring, training, and ongoing support.

Round-the-Clock Customer Support:

  • Access to 24/7 customer support ensures smooth operations.

Efficient Logistic Support:

  • Streamlines order management and delivery through end-to-end logistic support.

Consistent Pricing Strategy:

  • Maintains uniform pricing across all channels for fairness and transparency.

Multi-Channel Marketing Support:

  • Leverages TV, radio, and hypermarket channels for robust marketing efforts.

Online and offline market integration:

  • Lenskart uniquely captures both offline and online markets, eliminating the need for additional marketing campaigns.

Innovative Features for Customer Engagement:

  • "Power of the Glasses" feature allows customers to input their prescription and explore suitable eyewear options.
  • Offers a free first order to attract customers with a diverse range of top brands.

In summary, owning a Lenskart franchise presents numerous advantages, from a successful business model and advanced manufacturing processes to comprehensive support and integrated marketing strategies. The brand's ability to dominate both online and offline markets further enhances the franchisee's potential for success.

How Much Does a Franchise with Lenskart Cost?

A Lenskart franchise typically requires an initial investment of ₹ 35 lacs to ₹ 40 lacs, covering the franchise fee, marketing fee, and other necessary expenses. The franchisee must also have a dedicated floor area of over 700 square feet. This investment covers the franchise fee, marketing fee, and other necessary expenses, but does not cover the cost of building the outlet from the foundation.

What is the profit margin for the Lenskart franchise?

Lenskart franchise profitability depends on factors like site location and daily business costs. However, Lenskart offers a retail margin of 13%–25% on its products, with discounts provided on the MRP. With an average monthly sale of Rs. 2.21 lakh is expected. The profit margin for prescription frames, sunglasses, and contact lenses is 13%.

Lucrative Franchise Opportunity: Lenskart's Franchise Business Model in India 

  1. Brand Strength and Growth: Lenskart is a well-established and popular eyewear company in India, known for its continuous growth and expansion.
  2. Affordable Products: Lenskart offers affordable eyewear, catering to a broad customer base across India.
  3. Profitable Business Model: Franchise owners can earn a good profit margin of 25%–30%, leading to a favorable return on investment within 2-3 years.
  4. Customer-Centric Services: Lenskart provides excellent facilities, including free eye testing, zero-error lenses, and a world-class buying experience, enhancing customer satisfaction.
  5. Comprehensive Support: Support for store establishments covers site selection, construction, interior design, IT support, staff hiring, and training, simplifying the setup process.
  6. 24x7 Support:Lenskart offers round-the-clock support to address any franchise-related queries or concerns.
  7. Strong Supply Chain: A well-established supply chain system ensures efficient inventory management.
  8. Uniform Pricing: Product prices are determined by the Lenskart head office, ensuring consistency in pricing across all branches.
  9. Profitable Franchise Opportunity: Overall, Lenskart presents a strong and profitable franchise opportunity for entrepreneurs in India, backed by its brand reputation and customer-oriented approach.

Considerations for Lenskart Franchise Ownership

  1. Market Research and Analysis: Thorough research is essential to ensuring successful business operations.
  2. Initial Investment: An initial investment of Rs. 35–40 lakh is required to establish a Lenskart franchise.
  3. Site Requirements: Ideal site size: 2000–2500 sq. ft. Preferably located on busy streets with suitable frontage for visibility.
  4. Customer Orientation: Franchisees should be customer-oriented. The ability to handle customer queries with patience and confidence is crucial.
  5. Training Programs: Lenskart offers comprehensive training programs for franchisees and their staff to enhance service quality.
  6. Area Requirements: Minimum area requirement: 250 sq. ft. Suggested area range: 250 to 500 sq. ft. Preferred locations include malls, optical stores, busy streets, and market areas.
  7. Staffing: Each unit must have at least 2 to 4 staff members for efficient business operations.
  8. Free Training: Lenskart provides free training to both staff and franchise unitholders.

In summary, prospective Lenskart franchise owners should conduct thorough market research, be prepared for an initial investment, select suitable site locations, prioritize customer service, and ensure proper staffing. The brand also supports franchisees and staff with valuable training programs to maintain service quality and brand standards.

Conclusion

Lenskart, founded in 2010, has rapidly expanded in India due to its affordable eyewear and cutting-edge manufacturing technology. With over 1100 locations and over 5000 eyewear varieties, Lenskart has attracted over 1,00,000 customers daily through both offline and online channels.

With a strong social media presence and digital platforms, Lenskart has grown into a billion-dollar business. Starting an eyewear franchise requires a minimum investment of 35–40 lakhs, with the potential for 25–30% profit margins. 

Franchise Bazar offers numerous opportunities for entrepreneurs interested in eye care franchises, including eye clinic and optical store franchises. Brands like Vasan and Dev Eye Care franchises are available for purchase. FranchiseBazar provides entrepreneurs with numerous opportunities to explore businesses in this segment, offering a wide range of options to suit their needs.

FAQs

Q.1. Can a franchise like Lenskart make money?

For any firm to function, cost and profit margins are essential. With less than a 50-lakh investment, it is undoubtedly a great choice given its future growth prospects, high client traffic across all channels, quick expansion, and exceptional profit margin of over 30%.

Q.2. How much money do owners of Lenskart franchises make?

About its many product categories, Lenskart provides a sizable profit margin. Nonetheless, a profit margin of 13-25% and a return on investment of more than 30% are to be expected.

Q.3. What is the number of locations for Lenskart franchises?

According to the most recent statistics, Lenskart is present in over 1100 locations throughout various Indian cities. At their channels, they feature a sizable collection of more than 5000 eyewear designs.

Q.4. Exist their geographical limitations on obtaining a Lenskart franchise?

No, unless the brand specifies otherwise, there are no geographical limitations.

Q.5. What is the number of Lenskart locations nationwide?

According to records, more than 500 stores have opened nationwide.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.

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