Lenskart's Vision for the Future, AI-Powered Eyewear Revolution with Tango Eye Acquisition
Lenskart's Tango Eye Acquisition Paves the Way for Smart Eyewear
31 October 2023
Lenskart's acquisition of Tango Eye, an AI-based computer vision startup, underscores its commitment to leveraging technology for enhanced store and product experiences.
Tango Eye's AI technology analyzes store CCTV footage for insights, optimizes customer flow, and improves adherence to operational processes, while streamlining quality testing in Lenskart's manufacturing plants.
This strategic partnership between Lenskart and Tango Eye showcases the growing impact of AI technology in the eyewear industry, fostering innovation and redefining customer experiences.
Eyewear giant Lenskart has made waves in the industry by acquiring Tango Eye, an AI-based computer vision startup. This move signals Lenskart's commitment to harnessing technology to enhance its store and product experience. While the financial specifics of the deal remain undisclosed, the strategic implications are clear: Lenskart is poised to integrate visual artificial intelligence technology to revolutionize its operations.
Lenskart's relationship with Tango Eye goes beyond this acquisition, as they were early investors in the startup. Tango Eye's AI technology primarily focuses on analyzing CCTV footage within stores to provide valuable insights. It optimizes customer flow and ensures strict adherence to operational processes, effectively enhancing the in-store experience. Furthermore, in Lenskart's manufacturing plants, Tango Eye's AI technology is streamlining the quality testing process for lenses and eyeglasses.
Peyush Bansal, Co-founder and CEO of Lenskart, expressed his enthusiasm for this partnership, emphasizing the company's dedication to leveraging technology to create a reliable and delightful customer experience. The integration of Tango Eye's AI technology extends beyond the retail stores, reaching the factory floor, where it is enhancing quality control standards through artificial intelligence. This innovative collaboration envisions a seamless transition between digital and physical touchpoints, offering a holistic customer experience.
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Suren Gounder, Founder and CEO of Tango Eye, highlighted the expansion of their technology's reach, extending beyond retail to improve processes across the entire organization. With Lenskart as a partner, Tango Eye is poised to make substantial investments in technology and talent, underlining their commitment to innovation.
Tango Eye's cloud-based retail analytics software, powered by AI, computer vision, and deep learning, is set to redefine customer engagement and sales conversion in physical stores. This technology rollout will be spearheaded by Tango Eye's dedicated in-house tech team, aligning with their core strategy of building tech-augmented omnichannel brands.
In the broader context, Lenskart's acquisition of Tango Eye adds to its impressive track record in the eyewear industry. In 2022, the company acquired the Japanese eyewear brand Owndays for a reported $400 million, demonstrating its commitment to global expansion. Earlier this year, Lenskart secured a substantial $500 million investment from a subsidiary of the government-linked Abu Dhabi Investment Authority, further solidifying its position as a major player in the eyewear market.
The Lenskart-Tango Eye partnership not only marks a significant development in the eyewear industry but also exemplifies the growing role of AI technology in redefining customer experiences and optimizing operational efficiency. This strategic move reflects Lenskart's vision to remain at the forefront of innovation and provide customers with exceptional eyewear experiences.