Lenskart Peyush Bansal tells brands to prioritise customer needs over expansion across channels

Consumer brands should prioritise catering to every aspect of the customer's needs rather than just expanding across multiple channels, eyewear retail chain Lenskart founder Peyush Bansal said on Thursday.

“Omnichannel has become a buzzword now. The term itself has a problem—the channel is not omni; the customer is. Therefore, the word should be omnicustomer,” Bansal said at the second edition of Startup Mahakumbh on Thursday.

“Omnichannel is important because India has a population of 1.4 billion. The number of online shoppers could be 200–400 million. Around one billion people use their phones daily. That is omnichannel—people use their phones, but they buy through different channels, with their purchasing decisions being made on the phone,” he added.

Lenskart has expanded from an online eyewear retailer into a major omnichannel eyewear brand in Asia, operating over 2,500 stores across India and Southeast Asia while maintaining a strong online presence.

According to Bansal, social media and artificial intelligence (AI) have made consumers more evolved and intelligent.

“You have to invest in the quality and durability of the product….Half the time, we end up spending money on things that don’t even matter to the customer," he said.

Bansal further highlighted the importance of customer retention and addressing their pain points to reduce marketing expenses.

"In my view, to reduce new customer acquisition costs and survive in today's time, you should focus on your existing customers and provide them with a great experience," he said.

“The organisation has to be built on delivering enthusiastic customers and not on delivering sales. This will naturally reduce new customer acquisition costs in the long run," he added.

In FY24, Lenskart’s net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while the earnings before interest, taxes, depreciation and amortisation (Ebitda) more than doubled to Rs 856 crore.

ET had earlier reported that Lenskart has begun preparations for a potential listing this year, targeting the filing of draft initial public offering (IPO) papers in May — contingent on market conditions.