Online eyewear retailer Lenskart plans to sell its products over other e-commerce websites, The Economic Times has reported. Lenskart is in conversation with multi-product portals but hasn’t confirmed a deal yet. In the report, founder Peyush Bansal has declined to name the e-commerce websites he is negotiating with.
We have written to Lenskart for details and will update as soon as we hear from them.
According to the agreement being worked on, Lenskart’s products will be displayed on the e-commerce site with a tagline, ‘Powered by Lenskart’. The revenue will be shared by both sites, and the host site will get a bigger chunk. Since Lenskart has a supply chain in place, it claims to offer some exclusivity to the online retailer that signs up first.
At present, Flipkart, Snapdeal and Amazon sell only sunglasses under the eyewear category. So, displaying lenses here shouldn’t be a problem. With this arrangement, Lenskart can take advantage of the host site’s supply chain and customer reach.
Valyoo Technologies, which runs Lenskart along with three other portals WatchKart, Jewelkart and Bagskart, has stayed focused on a vertical specific approach as opposed to grow horizontally within a site. When Medianama spoke to Bansal last year, and asked about likely trends, he had mentioned more consolidation of businesses. This piece of news seems to fit in perfectly. It was also reported recently that Valyoo wants to focus on its flagship online store Lenskart and sell off its other three properties. It is not clear if the company will adopt the same approach for its other verticals as well.
If the deal works out, it will be the first time in India that two online marketplaces have collaborate with a co-branding and revenue-sharing model. Snapdeal and eBay do this already, but that is as part of “first stage of the partnership” between the two companies.