Lenskart boss and Shark Tank India judge Peyush Bansal calls omnichannel a buzzword, says real success lies in customer loyalty

Speaking at a panel on the D2C revolution on the sidelines of Startup Mahakumbh, Peyush Bansal, CEO of Lenskart, said that with the advent of social media and the rise of quick commerce, the very concept of omnichannel itself is problematic, as it is the mobile user—hence a potential consumer—who is going omni, not the channels.

"Omnichannel is merely a buzzword today, and it comes with its own problem. The customer is an omni-customer, not the channel," said Bansal.

Bansal noted that while investors and the market use conventional definitions of omnichannel presence, and reporting standards align with that view, these remain flawed parameters for measuring success. He argued that investors should instead focus on financials and repeat customers.

Bansal also stated that startups in India will take at least 25 years to become sustainable, and this cannot be achieved solely through marketing; rather, it requires out-of-the-box thinking.

He added that brands like Zomato and Lenskart, too, struggle to shed the baggage of principles and benchmarks they have adhered to over the course of their journeys. This, however, is crucial, as social media has evolved consumer preferences to such an extent that their threshold for satisfaction has risen significantly.

"Great founders don't work for money. For me, I look for non-linearity when investing in startups," Bansal added.

Startups that aim to solve a problem and empathise with their target customers' problem statements—not just market a product—are the ones that pique Bansal's interest as an investor.

Bansal added that medical and healthtech remain among the most lucrative areas for startups to innovate in, hinting that he himself may be interested in investing in companies driving innovation in this domain.

Startup Mahakumbh, spearheaded by DPIIT in collaboration with industry bodies like ASSOCHAM, NASSCOM, and SIDBI, is a premier platform for networking, mentorship, and knowledge-sharing. As a key event shaping the future of business and technology, its highly anticipated second edition will take place at Bharat Mandapam from April 3-5, 2025.

Last year, Startup Mahakumbh attracted over 48,581 business visitors who engaged with 1,306 exhibitors from more than 26 states and 14 countries. The event also welcomed over 300 incubators and accelerators, along with 200+ leading angel investors, venture capitalists, and family offices, making it a powerhouse of opportunities for startups and entrepreneurs.