Eyewear in India: A Digital Revolution
The Indian eyewear industry has been experiencing significant growth in recent years, thanks to the digitalization of the sector. According to the statistics, the eyewear market in India is estimated to expand by 8.19% from 2023 to 2027, yielding a market size of $7.64 billion in 2027. The market’s largest segment is the spectacle lenses, with a market volume of $2.76 billion in 2024. The increasing focus on personal wellness and eye health, along with the growing popularity of online shopping, is expected to drive growth in the industry. The digitisation of the Indian eyewear industry has brought about several advantages and disadvantages.
Advantages:
Increased accessibility: Digitisation has made it easier for customers to access eyewear products from anywhere, anytime. Customers can now order eyewear products online and have them delivered to their doorstep.
Improved customer experience: Digitisation has enabled eyewear companies to offer a better customer experience. Companies can now offer virtual try-on features that allow customers to try on glasses virtually before making a purchase. This feature has helped customers make better-informed decisions and has reduced the number of returns.
Increased competition: Digitisation has increased competition in the Indian eyewear industry. New players have entered the market, and existing players have had to adapt to stay competitive. This has led to better products and services for customers.
Lower prices: Digitisation has enabled eyewear companies to offer products at lower prices. Companies can now offer high-quality eyewear at affordable prices due to the elimination of intermediaries and the reduction of overhead costs.
Disadvantages:
Lack of personal touch: Digitisation has reduced the personal touch in the eyewear industry. Customers can no longer interact with sales representatives in person, which can lead to a lack of trust and confidence in the products.
Sizing and fitting issues: Digitisation has made it difficult for customers to get the right fit for their eyewear products. Customers cannot try on glasses physically, which can lead to sizing and fitting issues.
Increased competition: While increased competition is an advantage, it can also be a disadvantage. The Indian eyewear industry is becoming increasingly crowded, making it difficult for new players to enter the market.
Lack of customisation: Digitisation has made it difficult for customers to customise their eyewear products. Customers cannot choose the exact frame or lens they want, which can lead to dissatisfaction.
The future of the Indian eyewear industry looks promising, with analysts projecting continued growth in the coming years. The increasing focus on personal wellness and eye health, along with the growing popularity of online shopping, is expected to drive growth in the industry. The eyewear market in India is anticipated to grow at a CAGR of 9.8% during the forecast period 2023–2029. The Indian eyewear industry is broadening its scope to include health services for everyone from pre-teens to nonagenarians or geriatrics. The industry is also expected to witness a shift towards eco-friendly and sustainable eyewear. With the increasing demand for eyewear products, the Indian eyewear industry is expected to continue its growth trajectory in the years to come.
Lenskart, an Indian eyewear company founded in 2010 by Peyush Bansal, Amit Chaudhary, Sumeet Kapahi, and Neha Bansal, has played a crucial role in the digitalization of the Indian eyewear industry. Lenskart started as an online store selling contact lenses and gradually expanded into spectacles and sunglasses. Today, Lenskart is India’s largest eyewear company with over 1400 brick-and-mortar stores in more than 175 cities. Lenskart’s unique business model, which is vertically integrated, meaning that it controls the entire process from manufacturing to retail, allows it to offer high-quality eyewear at affordable prices. The company also offers a wide range of products, including eyeglasses, sunglasses, contact lenses, and accessories. To know more about the Success Story of Lenskart, CLICK HERE.
In conclusion, the Indian eyewear industry has undergone a significant transformation in recent years, thanks to the digitisation of the sector.The industry is expected to continue its growth trajectory in the coming years, driven by the increasing focus on personal wellness and eye health, along with the growing popularity of online shopping. With the industry broadening its scope to include health services and a shift towards eco-friendly and sustainable eyewear, the future of the Indian eyewear industry looks promising.
