Founded in 2010, Lenskart is a multi-national eyewear retail chain valued at over $4.5 billion with some heavyweight investors such as Softbank and TPG Capital. In 2022 Lenskart acquired a majority stake in Japanese direct-to-consumer eyewear brand Owndays with this merger helping to create one of Asia’s largest omni-channel eyewear retailers.
Lenskart joined the ROAS Media portfolio in Sept 2020 and set aggressive goals to reach most of the Singapore population within Q4 of 2020 and drive improvement on overall ROI while scaling ad spend by 50% month-on-month.
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Most consumers in Singapore are used to shopping for optical wear offline. Shopping at the various mega malls within Singapore is almost a national sport. With an e-Commerce website and a mobile application, Lenskart needed to disrupt the shopping norm and identify the right advertising strategy to drive online purchases while at the same time, encouraging retail sales and supporting new retail store launches.
Being wildly successful in your home market doesn’t necessarily translate into instant success when venturing into a new market.
The first thing we identified in our partnership with Lenskart was that their website and mobile app conversion rates in Singapore were initially too low to hit the sales/margin targets they had set for this market. From there, we worked closely in advising Lenskart on localisation strategies and conversion rate optimisation suggestions for the website/app to help improve their conversion rates which was a key factor in increasing their return on ad spend as we continued to scale aggressively.
With 3 primary selling channels (retail, online, and app), we helped Lenskart to segment its audience into 3 groups to identify which channel would be the primary focus for each audience group to maximise success, and mitigate canabalising in-store revenue with online sales. To further mitigate cannibalisation across channels, we would also run different promotional deals across retail/online/app.
For retail locations, we deployed hyper-targeted ads to people living or traveling near store locations that would only run during store opening hours.
In order to maintain strong ad performance with large increases in ad spend, the amount of new creative launched had to grow and keep pace with the scale in ad spend which meant we had to launch fresh creatives every few days.
Scaling and optimising campaigns/adsets/ads on a daily basis, every few hours was also a crucial part of our success, particularly on weekends as they were often a peak period for driving online purchases. Thanks to our media buying team which operates 7 days a week, we were able to continuously capitalise on this for Lenskart and drive significant month-on-month growth.
As a result of our multi-pronged approach and rapid scaling across all 3 channels, within the first year of partnering together, we helped Lenskart to achieve a 498% increase in revenue.
Through our split-testing of online and offline approaches, we also managed to fine-tune the strategies and promotional planning to streamline new store openings and provide key marketing support to enable successful new store launches.
Elaine is our resident data wizard who can turn any large/complex data project into a strategic work of art and thanks to her analytical super-compter brain, Elaine makes magic happen in every ad account she scales with!
Julian was born in Singapore but “lives” in the ad account as he has a special superpower for fast turnarounds and a keen eye for detail to ensure everything is on point!
The first hire within ROAS Media many moons ago, CY is a master at strategic thinking and rapid, profitable growth with world-class media buying strategies and a very impressive track record to back this up!