Focusing on a niche space and developing related expertise is key to differentiate oneself: Peyush Bansal, founder, Valyoo Technologies
Peyush Bansal's first platform Searchmycampus.com (under Valyoo Technologies) sold classifieds. But Bansal was very quick to learn that classifieds as a model was not money making and scalable and therefore, the need for shifting gears to ecommerce.
However, ecommerce had already become a crowded market with biggies like Flipkart, eBay, among others. It was no longer as simple as displaying a product or selling it online as it would lead to a price war making it difficult to survive without deep pockets. So the key was to build a unique proposition or core differentiation in the offering. And that's when Bansal set up Lenskart.
As Lenskart grew to become India's largest online retailer of fashionable and stylish eyeglasses, sunglasses and contact lenses, Bansal also set up Bagskart, Watchkart and Jewelskart to provide more services to his customers.
The founder believes in focusing on a particular area and developing special expertise to be able to differentiate oneself from peers. His company has grown at over 400% since inception, about 200% in Lenskart alone.
Bansal now plans to further strengthen Lenskart and sell the other three properties. He will keep working on his USP and maybe this niche offering will leave him better placed!