Omni-channel now a buzz word, brands should be omni-customer: Lenskart's Peyush Bansal

Lenskart co-founder and CEO Peyush Bansal.

Consumer-focused brands need to adopt a customer-centric distribution strategy rather than focusing on multi-channel expansion to fuel long term growth, said Lenskart co-founder and CEO and Shark Tank investor Peyush Bansal.

"Omni-channel has now become a buzz word. There is no particular rule as to when (brands) need to go omni-channel. The word itself has a problem. The channel is not 'omni', the customer is 'omni'. The word should be omni-customer," he said during a fireside chat at the second edition of Startup Mahakumbh on April 3 in New Delhi.

Bansal's comments come at a time when consumer-focused brands, across sectors, are increasingly leveraging both online and offline channels to drive growth as they look to cover all bases.

According to Bansal, brands should take a customer-centric approach, rather than creating a dichotomy between offline and online channels.

"For instance, if a customer is going to buy an iPhone, he can do so on Amazon, or through a Croma or Apple Store. The customer is the same, it is the channel that changes," he explained.

The Lenskart founder argued that changing organisation structures to focus separately on online and offline channels is the wrong approach.

"Customers are very sharp today. Even if there is a Rs 10 difference in prices across online versus offline channels, customers will figure it out," he said.

Bansal also stated that investors should focus on metrics like new customer acquisition and retention, rather than channel growth.

"Investors also ask - how much of your business is online versus offline, and which channels are profitable? But that is the wrong question to ask. Channels evolve but customers remain the same," he said

According to Bansal, brands need to focus on sustainable customer acquisition and customer satisfaction to drive long term growth.