How Lenskart Stepped Up Inventory Management Game To Prosper And Grow

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Lenskart was started with an aim to solve the vision problems faced by millions of  people. The 12 years of undying passion and dedication to make something unique and revolutionary made Lenskart successful.

LENSKART SUCCESS STORY

It all started in 2010, with a vision to make the eyewear available to the population of the country. The CEO and founder of the company, Peyush Bansal is originally from New Delhi, he did his schooling in Delhi and then he did electrical engineering in Canada. 

Peyush Bansal believes that the biggest ailment in the world is vision correction. To solve this problem, Lenskart was made with a goal to revolutionise vision correction.  The company’s founder, Peyush Bansal started the journey of Lenskart In 2010 along with Sumeet Kapahi and Amit Chaudhary.  The first office of Lenskart was set up in a car garage in 2011. Valyoo Technologies, also known as the parent company of Lenskart, was also owned by Peyush Bansal. He noticed that the problem of eyewear is faced by a large chunk of the population, but remains neglected. To solve this problem, Lenskart was made.

THE PROBLEM FACED BY PEOPLE

As told by Peyush Bansal in his interviews, approximately 50% of the world needs to wear glasses. In India, around 1/3 rd of the population needs eyewear, of which only 25% of people address this problem.

BUSINESS MODEL OF LENSKART

Lenskart is one of the fastest- growing companies, it offers around 45 different types of best quality lenses and 5000+ designs of frames. The designs are according to consumer’s requirements; for every generation. It offers trendy and stylish eyewears at affordable rates and is easily available. It has an inventory-led business model which helps in passing the designs to its manufacturers.

INVENTORY MANAGEMENT AT LENSKART

Inventory management is a convenient way through which the whole flow of products can be tracked easily. It helps companies in the identification of stock; how much and at what time. It helps in monitoring the whole process; starting from the purchase to the selling of goods. It ensures that there is extra stock available if the previous stock gets finished, so that the customers don’t suffer and it also warns you beforehand about the shortage of stock. 

The inventory management system of Lenskart has a unique barcode system through which you can access and see the status of a specific eyewear. Lenskart has two ways for the maintenance of inventory system:

• The first way is Inventory management system (IMS): This helps in the maintenance of the whole barcode system; creation of Barcode, start of inward process, status of barcode, and location of barcode. This system also provides the pick-up details; from where to pick a specific product.
•  The second way is consolidated Inventory Database (CID): The main function of this system involves the collaboration process with a third organisation. It also helps in establishing a blending environment. It is a joint inventory management system.

Hence, Lenskart has been highly successful in the long-run and is continuing to make new inventions. It has solved issues such as scalability and updating. Lenskart has done an automation of the full process; from placing the order till reaching the inventory management system and then to getting updates about a particular product. The inventory management system of Lenskart has surely stepped up because of the new measures taken by the company to uplift its marketing strategies. It has proved to be one of the most successful methods for the Lenskart Company.