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LENSKART - Aakash Sharma
LENSKART - Aakash Sharma
A REPORT ON
Submitted By:
Submitted To :
Aakash Sharma (18BSP1424)
Mohammad Shariq
Somya Jaiswal (18BSPXXXX)
Lenskart started off by selling contact lenses only. A couple of months later, eyeglasses were included
and in March 2011 sunglasses were added.
The company generated profits and cut down costs by eliminating the retailers. This not only cuts
costs, but also helps us maintain high quality standards.
In September 2016, Eyewear retailer Lenskart Solutions Pvt. Ltd raised funding from
PremjiInvest.Lenskart currently has 23 stores today all over India.
Product
Eyeglasses in brands like Vogue, Carrera, Fossil, Ray-Ban. These are available
in styles like half-rim, full-rim and bifocal and shapes like aviator, rounder
and rectangle
Premium Glasses
Contact lenses
Power Glasses in different shapes and size like aviator, rounder’s, oval and
wayfarer
Accessories like lens cleaner spray solution, contact lens cases, screwdriver,
cleaning wipes, eyewear cases and eyewear stand
Price
Since Lenskart is a new company, based on an entrepreneurial work style; the
employees are young and high spirited.
The team is driven everyday to first bring value to its employees and then its
customers.
The employees are treated as the biggest assets of the company.
Experiential learning is given importance by inculcating a learning culture
through certification courses and training facilities.
Place
Lenskart, being an online brand, can be accessed everywhere.
The company through its online portal, delivers to more than 450 cities across
India.
They have partnered with a number of third party vendors who are involved
in rolling out deliveries across locations for the Lenskart brand. These
partners include BluDart, Javas and Delhivery to name a few.
Promotion
24x7 helpline service to meet best customer service
First frame free for the customers. Only payment for lenses of the first frame
Exchange option for an old frame
Try at home option for customers by ordering maximum 5 frames at home,
trying them and selecting
Virtual try on through a try on a model’s picture
Home eye check-up facility
Doctor locator to find nearest ophthalmologist.
TV commercials and print ads have also helped Lenskart grow
FINANCIAL STATUS
OPERATING REVENUE INR 1 CR - 100 CR
EBITDA 127.63 %
NETWORTH -22.77 %
Year on year growth in organised eye wear sector is not more than 2-3%.
Lenskart has an online portal, 250 franchise stores in 70 cities.
Market share in organised sector- 90%.
Market share in total eye wear market- 10-15%.
Future expectation- 50%.
Home test services in 7-8 major cities, 1000 eye tests on daily basis. 50% of
these tests are converted into sales.
Positioning of Lenskart in Ansoff Matrix
THREATS
STRENGTHS
OPPORTUNITIES
WEAKNESSES
products quality products of stores domestic players
•Brand recognition from customers domestically and in the market.
•Value for money •lack of premium internationally. •free entry and
•Emphasize on quality range •develop brand exit of firms.
customer •takes time in awareness •customer
affordability delivery globally. retention is the
•Available at •could tap into key.
doorstep more market
share - 14 days
•No middleman
refund , 1 year
warranty ,
authencity .
•can launch new
designer frames
from leading
fashion houses.
FACTORS INFLUENCING CONSUMER
BEHAVIOUR OF LENSKART
Psychological
Consumer Involvement- Searching for the product information threw social media and
compare it with other brand (coolwing.com, lens bazaar).
Consumer Perception-After buying a product, consumer compares it with his
expectations and is either satisfied or dissatisfied.
Social
Reference Group- Group of individual with similarities of product (musical or sports
team)
Family- Provide lots of variety in product for selection and variety of design for choose
for every age category.
Cultural
Tradition- Brand as carriers of meaning for a period of long time.
-Link between the consumer and the brand.
Trend- Provide wide range of product.
Frame
Glasses
Personal
Personality- Choice of product by consumer according to the needs and preferences
which is suitable for individual personality traits.
Family Lifecycle- Following a particular product of same feature without changing
for a particular period of time.
Economical
Product Affordability- Lenskart providing different type of product which is easily
affordable for every range of consumer.
Value for money- Lenskart provide best product to the consumer. Provide full
satisfaction in terms of:
-Quality of product.
-Lifeline of product.
Competitors
GKB Opticals
COOLWINKS
One of Lenskart's top competitors.
Founded in 2016
Headquartered located in Gurugram, Haryana.
Like Lenskart, Coolwinks also works within the Retail Distributors sector.
Coolwinks generates 2.52% the revenue of Lenskart.
Specsmaker
Eyeglasses in brands like Vogue, Carrera, Fossil, Ray-Ban. These are available
in styles like half-rim, full-rim and bifocal and shapes like aviator, rounder
and rectangle
Premium Glasses
Contact lenses
Power Glasses in different shapes and size like aviator, rounder’s, oval and
wayfarer
Accessories like lens cleaner spray solution, contact lens cases, screwdriver,
cleaning wipes, eyewear cases and eyewear stand
Price
Lenskart.com has grown at an astounding rate of 150% in just one year and its
gross merchandise value is estimated at rupees 300 CR.
It wanted to reach as many customers as possible by offering them products
at affordable rates.
Lenskart.com set up the direct supply chain to cut production costs. It has
adopted value-based pricing policy and offers best possible products at
reasonable rates.
Place