E Com Assignment 1 (OM401)

Under supervision of

S. Ramaswamy
(Visiting faculty Jaipuria Institute of Management, Noida)

Submitted by

Deepak Kumar Thakur

(pgma2019)

Jaipuria Institute of Management, Noida

 1. INTRODUCTION
Lenskart is a main internet business for eyeglasses. It was established by ex-Microsoft geek
Piyush Bansal in 2010.Valyoo Technologies is the parent organization under which it is
enlisted. Conveyance of Lens kart item is enhanced to more than 450 urban communities in
India. It got going by selling contact focal point just yet later expanded the item reach to
eyeglasses, contact focal points, shades for all kinds of people.

Lenskart is a one of the internet business organizations of India that is working in both on
the web and disconnected circulation channel. Clients can arrange over their internet-based
entrance www.lenskart.com or from their particularly planned disconnected store. Focal
point kart is upsetting the eyewear business through first of its sort 'Home eye test'. It's plan
of action works overcomes any barrier between various touchpoints for example It gives the
client an omnichannel experience where a client can arrange either from store or from
online medium
They center around three boundaries to enchant the client and increment their apparent
worth:

 Great Quality: Lens kart is first of the eyeglass retailer to utilize automated strategy
to keep up with the nature of glasses to three decimal spots. These computerized
machines permit to examine focal points, discover mathematical focus and burden
focal point for edging without need for wrapping.
 Administration level is exceptionally high and is engaged towards client charm. Call
focus works on taking care of client's concern and ceaselessly enhance the premise
of them inputs.

 Assortment: Lens kart is the greatest e-retailer of eyewear with more than 5000
varieties. A few driving eyewear brands build up trust in Lens kart. They have banded
together with focal point kart as one of their dispersion channels. driving eyewear
brands build up trust in Lens kart. They have banded together with focal point kart as
one of their dispersion channels. They have an eyewear for entire world, as they call
themselves, taking into account the request of all socioeconomics from men, ladies,
kids to various situational request like contact focal point, perusing glasses and so
forth.

 An incentive for cash: A cordial neighbor with over presence in 80 areas and
ceaselessly extending, has stressed over quality and cost.

2. HISTORY OF LENSKART
Lenskart was established by Piyush Bansal in 2010, a 'nerd' with no cash except for
wealth of persistent enthusiasm and assurance to have an effect in this world. He moved on
from McGill University in Canada, with a degree in B.E.- IT, Control and Automation in 2006.
Later he worked at Microsoft in America as a Program Manager. Following an extended time
of working in Microsoft, he returned to India to seek after his post-Graduate confirmation in
Management for Executives. 33% of the complete populace of our nation needs glasses,
however tragically they don't approach them, making us the visually impaired capital of the
world with more than 15 million visually impaired individuals. In 2007 during his IIM days, in
light of the reason, Piyush alongside his two prime supporters Amit Chaudhary and Sumeet
Kapahi established 'VALYOO Technologies" with SearchMyCampus as the primary business
gateway.
The point was to really add 'valyoo' in the clients lives by taking out the retailers, setting up
their own top notch assembling and supply straightforwardly to the purchaser wherever in
India .This will reduce expenses alongside keeping up with great norms. The in-house
automated focal point assembling and gathering would guarantee hundred percent
accuracy and top-quality.
SearchMyCampus was a success, however Piyush needed to investigate in the online
business world. While investigating openings, he went over the eyewear section which was
even disregarded by the enormous young men of online business, viz., Amazon and EBay.
He dispatched Flyrr.com — which was centered around the eyewear market in the US
Offering the best quality items at reasonable costs assisted us with becoming over 200%
over the most recent 2 years and we are among the best 3 optical organizations in India
today. From overhauling 30 clients each day to in excess of 3000 today, we have made some
amazing progress. Our obligation to buyer fulfillment and creative advances has given us
enormous help from the people who have confidence in our motivation.

3. COMPETITORS Analysis
Lenskart contenders incorporate both on the web and disconnected players. Indeed, even
customary retailers who have practical experience in eye wear are contenders of Lenskart.

The significant contenders include:

•GKB Optical
• Cool winks
• Specsmakers
• Deals4Opticals
• Lensbazaar
• Vision Express
• Titan Eyeplus
Additionally, makers like Ray Ban, Essilor who have their own internet-based stores.
Lenskart faces rivalry from commercial centers like Amazon, Flipkart, Paytm Mall, Snapdeal
which sell eye wear and effect its business straightforwardly. With a market size of 18000-
20000 crore INR, coordinated players represent scarcely 9-10% of the market. The brands
contend with an immense bundle of low evaluated items accessible off the road and on the
web. The test is to guide clients from neighborhood opticians, keep

faithful and urge them to view at exhibitions as in excess of a one-time purchase. Lenskart
ought to likewise zero in on the eventual fate of rivalry and not simply on the current
contest and improve accordingly.

4. BUSINESS MODEL / REVENUE MODEL

4.1. OMNI CHANNEL: -
Lenskart got going as a web-based business. They understood that eyewear is a
business where trust is a significant component. Indian client likes to have contact and
feel of the item prior to purchasing high contribution item. Acknowledging it Lenskart
added blocks and mortar channel to its dispersion channel.

E-COMMERCE
MULTI-
PHYSICAL CHANNEL
STORE
 OMNI CHANNEL

4.2. CUSTOMER JOURNEY: -

SELECT AND
BROWSE AND VALIDATE
INSPIRATION
RESEARCH

PRE-VISIT
PRE-
VISIT

PURCHASE AND PAY

RECONSIDER

AT STORE

AFTER VISIT

Why Lenskart has moved to Omni-channel procedure?

With expanding impact of innovation and force of clients, it is progressively significant for Retailers
to use innovation and associations to effectively draw in their clients and quickly adjust to changing
buyer expectations. Digital is additionally driving purchasers to spend more. Almost 22% of carefully
impacted customers in 2014 said that advanced drove them to spend more across all classes. By
2015, about 33% of carefully impacted buyers referred to spending more Consistent high client care
for significant clients – 58% of clients won't ever work together again after a terrible encounter and
63% of buyers are affected by suggestions from companions or family. Henceforth give important.
business again after a terrible encounter and 63% of buyers are impacted by suggestions from
companions or family. Consequently, give pertinent suggestions from companions or family.
Consequently, give pertinent client experience across all channels.

4.3. COMPETATIVE ADVANTAGE

Client commitment: Customers are locked in with encounters that are unique. Shopping encounters
are custom-made to every client's inclination. In light of the versatile, Customer 360o profile, tailor
the shopping experience.

Increment collaboration: With interesting offer as home eye test, they are attempting to keep
themselves near the clients cause and increment trust.

Higher Basket Conversion: Increased normal crate size through a profound comprehension of what
the client needs and needs. Customized offers to sell related and famous things. Lenskart is known
for packaging offers like purchase 2 at the expense of one or strategically pitching offers like first
edge free.

4.4. FRANCHISE BASED BUSINESS

Eyewear business in India is exceptionally divided and is overwhelmed by little players. Lenskart has
utilized the hole and extended rapidly in 80 urban communities. Their disconnected store depends
on establishment plan of action which 35% of all income is imparted to the franchisee and yearly
charge of 2,00,000 lakhs.

The arrangement is to extend in level I and level II urban communities with an objective of 15 new
stores every month.

1. What worth will it add to franchisee?

2. Business affirmation from a set up eyewear player in both on the web and disconnected channel
Low

venture and exceptional yield assumptions.

3. Wide scope of item contributions from plan to brands

4. An enormous lump of income goes to franchisee ie.35%

5. Expected equal the initial investment of 9 a year.

6. Backing to guarantee equal the initial investment for initial a half yeart

VALUE

Lenskart separates itself from its rivals through different creative components, for example,

first casing free, trade old edge for new, virtual take a stab at, attempt at-home, specialist finder,
home eye-exam, establishment model for optometrists and purchasing guide and so forth They
center around following boundaries to enchant the clients and increment their apparent worth:

• Great Quality
• Variety

• Value for Money

Thus, we can see that Lenskart can give the advantages that clients see as significant to them.
Consequently, it gives VALUE

4.5. ADAPTIBILITY

Lenskart, since initiation has been acquainting creative elements with give advantages to the clients.
They had online plan of action, however subsequent to understanding the shopper conduct towards
this market they began with the disconnected stores as well. They put enormous measure of cash in
assembling, to give more noteworthy nature of items. In-house fabricating office of displays, glasses
and contact focal points helps in expanded net revenue per deal. Their ubiquity upgrades client
experience because of which they can give helps that client see as important

Thus, we can see that Lenskart's plan of action offer advantages that clients see as significant to
them. Consequently, it is Adaptable.

4.6. MONETIZATION

Firm stands to bring in cash in light of the accompanying reasons:

4.6.1. OPERATION techniques

 Lenskart has set up their own top notch producing office and supply
straightforwardly to the buyer wherever in India. This reduces expenses, yet in
addition helps them keep up with excellent norms. Their in-house mechanical focal
point producing and gathering guarantees 100% accuracy and top-quality control.
 In-house fabricating office of displays, glasses and contact focal points helps in
expanded overall revenue per deal.
 Lenskart centers around effective store network the executives

4.6.2. Showcasing methodologies

 It chips away at disposable cutter model: Lenskart draws in client with free edges or
with steadfastness programs where the edges are sold in minimal expense and
afterward the expense of focal point is high (which draws out the benefit).
 The high help quality, comfort, minimal expense items and assortment of items have
expanded the ability to pay.
 They have made trust among clients, through methodologies like profound limits,
combo bargains, dedication program, virtual evaluating outlines, eye-check up at
home, remedy glasses deal office, which builds the recurrent buys.
 They have made the eyewear market coordinated and have changed the view of
Shoppers. Presently days, shoppers see eyewear as design and have become
cognizant with regards to it, which has brought about development of deals.

4.6.3. Others
  They have dispatched Lenskart Lite for the clients in level 3 and level 4 towns, where
network is fundamental issue.
 The organizer of Lenskart has zeroed in building right group (ability) and overseeing
which he considers is critical to achievement of any startup. Thus, Lenskart offers
some incentive to the clients, it is versatile, the advantages are uncommon, Benefits
can be imitated however not in more limited run and it stands to bring in cash. Thus,
it has the productivity potential. President of Lenskart, accepts that the achievement
lies in making innovation what's more, production network the board cooperate
across administrations, channels and brands.

5. CHALLENGES FACES BY LENSKART BUSINESS MODEL

At 4% of by and large shipments, Lenskart has one of the most reduced return rates in the business
today. The genuine return is much lesser as this incorporates bombed conveyances when the client
is inaccessible at the given location. We have accomplished this with more than 50% of money down
orders. As our business developed, we rolled out critical improvements on the tasks front to
guarantee that customer amuse doesn't go for a throw. While we are following through all alone in
Delhi, which is our base, there are tie-ups with outsider coordination’s accomplices like Javas, Blue
Dart, Delivery, among others, to convey in different urban communities across India. They send our
own assets to oversee returns in light of the fact that, if not oversaw well, it can affect purchaser
experience. Indeed, in situations where a client isn't happy with the force of her amended focal
point, They sort out an optometrist's visit to investigate the matter. In any event, for our home
preliminaries, we simply send the messenger fellow to the customer's doorstep with five casings and
a mirror. Later we seize the customer to see how she might want to take things forward. It is
adolescent to expect outsider messenger accomplice to accomplish more than whatever's needed.

6. MARKET OPPOURTUNITY: -
Before the current month's over, eyewear retail brand Lenskart is relied upon to cross the
achievement of 500 stores. Having as of now turned beneficial and accomplished the main situation
in the marked eyewear class, the nine-year-old beginning up is hoping to expand on the increases
with an emphasis on Tier 2 and Tier 3 urban areas. While the organization is as of now present in
these focuses, its organizer and CEO Piyush Bansal sees more extent of development in the non-
metros. As of now, the organization has 476 retail locations in more than 70 urban areas with almost
300 in the metros while the leftover ones are ..Optical arrangements supplier Lenskart, having
turned beneficial a half year prior, is looking past being a producer and retailer for eyewear and
presently needs to tackle vision remedy overall. Equipped with a disconnected development
procedure and raising the stakes in the B2B play, the focus on Piyush Bansal, author and CEO,
Lenskart, is to claim half of piece of the pie in eyewear in the following not many years. Lenskart will
dispatch a capacity that will permit clients to really look at the force of displays inside the application
and before the finish of 2019, the organization intends to carry out a pilot that would empower
clients to lead eye tests utilizing an application. 20% of the application empowered vision
adjustment highlights is pointed toward supporting web-based client securing, while 80% is to
empower retailers in modest communities to direct eye tests through a telephone. Independent
retailers particularly in non-level 1 urban communities, with a store presence anyplace somewhere
in the range of one and 10, have firmly held client bases that can be difficult to draw out for players
like Lenskart. We are running after empowering modest community retailers to do vision
rectification. To do this, LENSKART won't put resources into the Rs 5 lakh instrument themselves.
Besides, an opportunity to prepare them would be an extra." Even a Tier-4 town retailer, for
instance, will utilize the application for vision remedy for its clients, beginning by retailing two-three
sets of displays a day, graduating to at least 30. On the item front, Lenskart's entrance in the private
mark section with John Jacobs last year was to test the take-up for reasonable extravagance
eyewear at an extensively lesser expense than, say, a Ray Ban. Recently, the organization had put
resources into a California based startup and the outcome was Thin Optics — profoundly smaller
erusing glasses that can sit at the rear of a telephone or Kindle. Aside from this, Lenskart Blu, named
as 'cell phone focal points' and Lenskart Air — adaptable edges are other late dispatches.

7. MARKETING STRATEGY
MARKETING Strategy of Lenskart investigations the brand with the advertising blend structure which
covers the 4Ps (Product, Price, Place, Promotion). There are a few advertising systems like item
development, valuing approach, advancement arranging and so forth These business techniques, in
view of Lenskart showcasing blend, assist the brand with succeeding. Lenskart advertising technique
helps the brand/organization to situate itself seriously on the lookout and accomplish its business
objectives and destinations.

7.1. Lenskart Product Strategy:

The item methodology and blend in Lenskart showcasing system can be clarified as follows:

Lenskart is a main Indian internet business site work in eye-wear and eyecare items. Lenskart
through it’s on the web and disconnected stores sells redid specially made exhibitions, contact focal
points and shades as a piece of its promoting blend system for people of all age sections. A portion
of the well-known brands incorporate Ray Ban, Bausch and Lomb, Tag Heuer, Johnson and Johnson,
Spirit, Fastrack to give some examples. Single, division, bifocal or reformist exhibitions and shades
can be made according to necessity essentially by introducing the remedy. Lenskart offers a one year
guarantee on its items and offers glasses in three sorts little, medium and enormous. Since it is
normal for exhibition clients to claim in excess of a couple of glasses, Lenskart catches this feeling by
situating glasses as an assertion design piece more than as a thing that clients need for their every
day utilization. Lenskart likewise sells different frill identified with eye wear and care like splash
arrangements, contact focal points arrangements, cleaning garments, focal points case, eye wear
stands, etc.

7.2. PRICING Strategy:

To fulfill the needs of all current levels of pay in the market who will bear the cost of the acquisition
of eye wear on the web or through actual stores, Lenskart offers esteem-based estimating, in which
items are evaluated relying upon the worth they deal to the clients. Products are accessible in worth,
or premium portion contingent on what is the prerequisite of the client searching for the item. Since
a ton of peripheral expenses in the production network get outperformed when the store conveys to
the clients straightforwardly, various expenses are chopped down prompting a decrease in the costs
of displays by as much as half. Lenskart likewise offers a no inquiries posed to return strategy, yet it
has the most minimal return rates in the business bookkeeping to about 4%.

7.3. LOCATION and Distribution Strategy:

Lenskart, being an internet-based brand, can be gotten to all over. Dominatingly, an internet based
store, in the course of recent years as a feature of its extension strategy in India, it has extended
itself to various urban communities across the Indian subcontinent. The organization through its
web-based entryway, conveys to in excess of 450 urban areas across India. They have joined forces
with various outsider sellers who are engaged with carrying out conveyances across areas for the
Lenskart brand. These accomplices incorporate BluDart, Javas and Delivery to give some examples.
Through the disconnected medium, they have extended their scope by setting up stores in excess of
66 urban areas across India including level I and level II urban areas like Agartala, Tirupati, Siliguri,
Raipur, Haridwar and Varanasi.

7.4. PROMOTION and Advertising Strategy:

To keep the brand alive in the personalities of the buyer, Lenskart widely advances itself through
social media and offers 24x7 helpline administration to meet the best client support necessities.
Lenskart likewise takes part in email showcasing like the drive that they took up in a joint effort with
netCore which works in email-based promoting. They have a scope of plans which make them
incredibly well known with the clients. Some of them are:

 First edge free for the clients. Just installment for focal points of the main edge
 Trade choice for an old edge
 Attempt at home choice for clients by requesting most extreme 5 casings at home,
attempting them and choosing
 Virtual take a stab at through a take a stab at a model's image
 Home eye examination office
 Specialist finder to discover closest ophthalmologist.
 Television advertisements and print promotions have likewise helped Lenskart develop

8. STRATEGIES TO COMPETE IN THE MARKET

MARKET

EXISTING NEW
P E
R X
O I
D S
NEW MARKET FOR EXISTING
U T MARKET PENETRATION
PRODUCT
C I
T N
G
Lenskart has solid presence in Tier-1 urban areas. This nine-year-old startup has effectively
been productive and enjoys acquired cutthroat benefit which has been helped by innovation
become number one in marked eye wear class. Lenskart can take on two procedures to
extend its business and increment benefit. One is all things considered through market
infiltration or other is through enhancement of item.

8.1. Market Penetration:

It should be possible by first setting disconnected stores in Tier-2 and Tier-3
urban areas and afterward changing conduct of client towards online channel to decrease
cost and increment proficiency. As of now, Lenskart has 476 retail locations in more than 70
urban communities with almost 300 in metros. The point is to secure half of the market.
From Metro urban communities like Bengaluru, Hyderabad Delhi, Mumbai additionally it
needs to build up its essence in Northeastern states which are populated by youthful recent
college grads. Lenskart is presently restricted to B2C deals. It can stretch out its
administration to oblige B2B customers a well and set up its solid hold before
contender does.

8.2. DIVERSIFICATION
With both new market and more current extent of item, Lenskart has the: -
freedom to differentiate itself and lay down a good foundation for itself not just as online
retailer of eyewear rather as a dream corrector. After an advancement of 3d holographic
model they can zero in on fostering an application in the actual portable by which clients
can check rather as a dream corrector. After a development of 3d holographic model they
can rather as a dream corrector. After a development of 3d holographic model zero in on
fostering an application in the actual portable by which clients can changethe force of their
eye themselves. By this they can expand their acknowledgment in rustic India additionally
where the accessibility of specialists are exceptionally less. In Rural India the training level is
a piece lower so it needs to empower retailers in humble communities to lead eye tests
through a telephone.