MARKETING MANAGEMENT-1

Project Report: Lenskart -Eyewear Industry

Submitted by:

Vishesh Bajoria (143044)

Sania Khan (143045)
Sanjil Jain (143046)
Sarabjot Singh Ahuja (143047)
Sargun Matta (143048)
Saumitra Sharma (143049)
 Executive Summary

We have prepared the report on the analysis of Lenskart’s position and

marketing strategies in the eyewear industry. Our report is divided into two
phases i.e. Phase 1 & 2. This report was prepared on the basis of both primary
and secondary data. Under Phase 1, we researched about the eyewear market
specifically, looked upon the Macro economic factors (PESTLE Analysis) like
Demographic, Economic, Natural, Influence of Porter’s five forces, Market
situation in India, Category Competitors and Consumer decision process and
factors impacting this process.
In phase 2, our focus was on the segmentation, targeting and positioning
strategy of the firm. This was done through the extensive research and on the
basis of quantitative data available in various reports mapping eyewear industry.
We have also discussed the Brand and Product strategy of the Lenskart which
has helped the firm in becoming third largest player in the eyewear industry in
India. Finally, we have developed the Integrated Marketing Communications
plan of the firm, discussing various components and have also included some
advertisements for further clarity and understanding of the concepts.
 Table of Contents
• Introduction
- Industry
- Firm
• Market Structure
• Macro-environment analysis
- Industry
- Firm
• Micro-environment analysis
• The consumer decision making process
• Factors impacting this process
• Segmentation, Targeting and Positioning
• Product and Brand Strategy
• Integrated marketing communications strategy
Phase - 1
INTRODUCTION
Our industry is pertaining to Eyewear and the Eyewear market covers
unmounted Spectacle Lenses, Sunglasses, frames for spectacles, and Contact
Lenses for private end consumers, excluding protective eyewear and safety
glasses. The global eyewear market size was valued at USD 138.7 billion in
2019 and is expected to grow at a compound annual growth rate (CAGR) of
8.1% from 2020 to 2027.

The company that we have chosen is Lenskart. Lenskart is an Indian optical

prescription eyewear retail chain. Till September 2019, Lenskart had over 500
stores in 70 cities in India. The company had a valuation of $1.5 billion by Dec
2019 after Softbank invested around $275 million. In 2020 Lenskart generated
total revenue of Rs.1000 cr. plus. Lenskart is also India’s leading online
shopping portal for eyewear, products ranges from a large selection of
eyeglasses, sunglasses and contact lenses and now introducing 3D customized
eye powered glasses. Its aim to provide every Indian access to high-quality
designer glasses. They focus on three factors to delight the customer and
increase their observed value:
• Great Quality: Lenskart is one of the first of the eyeglass retailer to use robotic
technique to maintain the quality of glasses to three decimal places. These
automated machines allow to inspect lenses, find geometric centre and load lens
for edging without need for finishing. Their service level is very high and is
focused towards customer delight and their call centre works on solving
customer`s problem and continuously improve on the basis of their feedbacks
• Variety: Lenskart is the biggest e-retailer of eyewear with over 5000 variations
and so some leading eyewear brands establish trust in Lenskart. They have
partnered with Lenskart as one of their distribution channels and they have got
an eyewear for whole world as they are catering to the demand of all
demographics from men, women, children to different situational demand like
contact lens, reading glasses etc.
• Value for money: A friendly neighbour with over presence in 80 locations and
continuously expanding, has emphasized over quality and price.

STUDY OF COMPETITIVE
BEHAVIOUR

Market Situation – GLOBAL

The Global Eyewear Market is expected to reach USD 118.25 billion by

2025, at a CAGR OF 3% during 2020-2025. Asia Pacific is the fastest
growing market while the largest market is North America.

A paradigm shift has been observed in the Asia Pacific Region where consumer
preferences have changed. The consumer perceives eyewear as a fashion now
rather than function. The region has experienced a growing economy with
increased purchasing power. Hence, ability of consumer to buy eyewear as a
fashion statement has increased. China is the world‘s leading manufacturer of
spectacles along with largest customer base with highest population rate with
myopia.
Some observable global trends in the eyewear industry are as follows:

• Covid-19 has had a profound impact on the Eyewear industry, which is

expected to post strong declines in 2020 followed by a steady recovery
in 2021 onward. Retail closures across most markets and a rapidly
deteriorating economic environment, it is discouraging consumers
away from added-value and discretionary eyewear purchases.

• Over reliant on store-based, retail, and with limited e-commerce

capabilities to shift demand while specialist retailers remain under
lockdown, most players will need to accelerate digital strategies.
These (both transactional and in terms of engagement) will be
essential considering far reaching penetration of e-commerce post
covid-19.
 • The high prevalence rate of diseases, such as diabetes and hypertension,
owing to the lifestyle conditions are further known to aggravate the rates
of blindness and visual impairment.

• A major roadblock in the sustainable growth of the eyewear industry

is the stark divide in the access of advanced, affordable, and
effective eye care solutions, especially in the marginalized
economies.

Market Situation – INDIA

Sales of eyewear are expected to experience a dramatic fall in 2020 in value

terms at constant 2020 prices due to the implementation of lockdown, home
seclusion and social distancing measures in place to halt the spread of
COVID-19. Demand, however, is likely to rebound by 2021 as even the
most price-sensitive consumers are likely to prioritise eyewear given its
importance in daily functioning, particularly among people who use
computers for hours during their working day. factors such as favourable
demographics and fashion consciousness should help the industry rebound
and normalise growth during the forecast period. Over the years the industry
has been growing dur tho the following reasons:

• Entry of multiple organized players.

• Drastic growth in demand for eyewear in terms of volume sales

• Shifts in consumer preferences and attitudes towards eyewear category.

Over 2020-2025, the eyewear in India has grown at a CAGR of 15.61%.

Observable trends in eyewear segment:

• Increasing eye health issues

• Increasing awareness and purchasing power

• High margins

Challenges in Indian market:

• Fragmented markets
• Lower penetration in lower tier towns
• Untapped optician channel
MARKET STRUCTURE FOR CHOSEN FIRM

Lenskart

The eyewear market in India is dominated by unorganised segment account for

nearly 80% of the overall market. However, the organized share of the market is
growing at a much faster pace of over 15% CAGR in the forecast period.

PROFILE OF THE MAIN PLAYERS

In its quest for market share, the first major rival that Lenskart must beat is
Tata’s Titan. Its eyewear business—retailed under the Titan Eye Plus store
brand launched in March 2007—has positioned itself as a fashion accessories
label rather than just a prescription eyewear brand. The Titan brand name and
the consumer trust associated with it will help Titan continue to do well in the
market. Further, with its brand Fastrack aggressively pushing fashion
accessories including eyewear, this segment is expected to grow at a fast pace.

Lenskart’s bigger rivals are much ahead of it now. In 2017, at 2.6%, Titan had
the second highest market share in terms of retail value after French lens-maker
Essilor International at 10.3%, according to the Euromonitor International
report. Lenskart’s market share in value terms stood at 0.5%. However, the
opportunity for growth is huge. And Lenskart is trying to forge ahead with
innovative services such as 3D virtual trials available on its website and
doorstep eye tests.
Experts believe that players such as Lenskart have tremendous growth potential
as customers start looking for more options and brands, but customer experience
and retention will be crucial. The customer will shift directly from unorganised
to online or omnichannel stores as there are very few organised players.
However, if they fail to deliver on the product quality and customer experience,
they will have to continue discounting to attract new customers and the bottom
line will suffer.

Indian Optical Market:

Market Leader

• 10 % of total revenue across 10 own brands (RayBan, Oakley, persol)

• 20 exclusive licensing with international famous brands
(Chanel, Armani, Bulgari, Ralph Lauren)
Market Follower

• First Frame Free

• Partnering with non-optical people in tier 2 and tier 3 cities
• Partnering with doctors
• Home trial
• Micro precision zero-error manufacturing

Market Challenger

Market Nicher

Bose Frames come in two designs — Alto, which is square and angled; and
Rondo, round and smaller. They come with proprietary open-ear design and
take micro-acoustics, voice control.
Features:

• Controls and connectivity

• Music

• Battery Life

• Bose AR

Pros: Music without blocking your ears or making a racket for others,
look good, choice of lenses and frames, comfortable, sound good, solid
Bluetooth connection, excellent call quality.

Major Sources of Revenue

Spectacles constitute nearly three-fourths of the total eyewear market in

India, with a market of USD 5.4 billion
Sunglasses account for nearly 15% of the total eyewear market in India with
non-polarized glasses dominating in the USD 1.1 billion sunglasses market
From the following chart we can see that the Indian usage of eyewear products
and the revenue generation. With Spectacles obtaining the lion’s share and
will continue to do so in the upcoming year.

Observation

Indian eyewear industry is mainly focused on producing customized glasses

unlike China or Korea as majority of the working class in India are subjected
to desk work just like North America so we do have special anti – glare and
screen protection lenses in a very cheap and competitive pricing.

With a rapidly growing business reaching out to over 1,00,000 customers a

month via a unique combination of a strong online business as
www.lenskart.com, uniquely designed physical stores, as well as a first of its
kind 'home eye check-up' service, Lenskart is revolutionizing the eyewear
industry in India.

Major Marketing Costs

Eyewear industry relies heavily on marketing. Lenskart relies heavily on online

marketing using social media as the biggest tool for marketing their products. It
also uses all forms of marketing especially online like spreading awareness in
social media sites like Facebook, Twitter, LinkedIn, YouTube and Instagram.
 Offline includes promotion in colleges, offices and optical retailers and
advertising in hospitals and other social institutions.

1. STUDY OF FORCES AFFECTING PRODUCT CATEGORY

a. MACRO-ECONOMIC FACTORS AFFECTING EYE WEAR INDUSTRY

i. DEMOGRAPHIC FACTORS –

Population Size

Demographic dynamics such as eye problems, age factor, disease (myopia,

glaucoma, etc.), penetration of eye health awareness, and fashion style
among youngsters are factors that pushes the global eyewear market growth.
Moreover, rising youth population is changing the perception of using
eyewear products.

Geographical Distribution

Consumers in metro cities like Delhi, Mumbai, Bangalore and other tier I
cities usually have deep pockets and like to experiment with designs and
might possibly buy 3D customized glasses. But the case is not that similar in
small cities and towns. Tier II customer go for reasonable and look for more
basic designs without the need for technology.

ii. SOCIAL CULTURAL FACTORS

Factors include belief systems and practices, customs, traditions and

behaviours of all people in a given country, fashion trends and market
activities influencing actions and decisions. Social factors affecting eyewear
business are
• Change in the lifestyle of individuals is inspiring them to purchase
sunglasses, frames, and lenses according to the ongoing fashion
trends. The premium range of eyewear are available to selected stores,
and are not easily available. However, in the present scenario, the
global eyewear players are penetrating in the developing economies
 with an aim to cater the high demand. Also, consumers desire for
experiencing the luxury eyewear is influencing the growth of the
eyewear market. Furthermore, the players are introducing new
products in markets with affordable price in premium range also make
the eyewear market highly competitive.
• The eye health industry is developing at a significant pace from
evolution of eyeglasses to the soft contact lenses. During this
developing phase, the aim of manufacturers or researchers is to search
and develop the technology or product that will support individuals
throughout their lives. These advancements in the eye health industry
is one of the factors driving the global eyewear market growth.
• Growth, increasing adoption of changing lifestyles, and growing
disposable income create a major demand for prevention and
correction of vision issues. The demographic changes are rapid in
emerging markets and they are mostly prevailing in the middle class
population where easy accessibility to international brands in the
eyewear market is high. With their help, most of manufacturers of the
eyewear market are targeting these emerging economies to expand
their eyewear business.
• Most of the key players in the eyewear market are principally engaged
in offering eyewear products through their own online sales channel
and third e-commerce parties. The selling of eyewear products through
physical stores as well as online help companies to target customers
across the globe. This trend is increasing significantly in the
developing countries due to increasing internet and smartphone
penetration.

iii. ECONOMIC FACTORS

The economic factors that commonly affect businesses include consumer

behaviour, employment factors, interest rates and banking and inflation and
overall economic signs. The geographic expansion of globally renowned
sunglasses brands supported by favourable branding strategies is likely to
fuel overall industry revenue. Also, significant pricing difference between
branded and unbranded eyewear in India has shifted the preference towards
low-cost products, particularly among the middle-class population.
 Global Eyewear Market size was valued at over USD 120 billion in 2018
and is expected to grow at a CAGR of 5% from 2019 to 2025. The spectacles
segment generated the major share in 2018 and is holding at over 55% of the
global market.

iv. POLITICAL FACTORS

The eyewear market in India is highly an unorganised segment. An

organised segment accounts for only 25% share while dependence on
imports is nearly 30% of the whole production. The political environment of
the economy directly or indirectly affects the retail industry and
technological advancements and the budget for R&D, import and export
policies and duties which are influenced by the political environment will
have a direct impact on our product.

v. TECHNOLOGICAL FACTORS

The technological advancements have surged the exposure of younger

generation to smartphones and computers leading to eyesight problems such
as hyperopia, myopia, and astigmatism, thereby fuelling the demand for
prescription glasses and contact lens. The manufacturers are expected to
invest in new product development with reduced glare and improved UV
protection. The increasing prevalence of Computer Vision Syndrome (CVS)
 or digital eye strain while continuously working on a computer system
supporting eyewear demand.

vi. LEGAL FACTORS

Trade License that needs to be obtained from the local municipal

corporation and this license is required to permit the entity to conduct
business in a particular region. The license also is a guarantee that the
organization is not going to indulge in any form of business activity that can
cause health hazards and a nuisance to the residents of the region. So, the
different states have different rules pertaining to fees for a trade.

Udyog Aadhaar MSME certification – This certification can be applied

from online government portal. The Udyog Aadhaar is offered by the
Ministry of MSME that works to help small enterprises grow their business
and by doing so, there are certain benefits that companies get to enjoy when
they get their Udyog Aadhaar. Some of the benefits are – fast resolution of
disputes; collateral free loan from bank; waiving off of registration fees
and stamp duty; credit ratings; subsidy on NSIC performance; participation
in international trade fairs; reduced rate of interest from banks; exemptions
when applying for government tenders; concession on electricity bills and
many more such benefits.

Registration under GST – The business entity can apply for GST online
and it is not mandatory for companies that earn less than Rs.20 lakhs
annually but it is still a good idea to get the registration done at the onset
only. The documents required for this are PAN of the applicant, Aadhaar
card, incorporation certificate, Id and address proof of directors, address
proof of the business; bank account statement; digital signature and letter of
authorization.

vii. GOVERNMENT POLICIES

The government policies have a major impact in shaping any industry in

India. The new policies on industry and retail trade, is a part of the
government’s reforms initiatives to boost manufacturing and to build a
competitive retail market. The e-commerce sector is to grow by 2034 and the
 internet penetration helps in online distribution of our smart glasses all
across the country.

b. IDENTIFYING AND EXPLAINING INFLUENCE OF INDUSTRY FORCES

USING MICHEAL PORTERS FIVE FORCES MODEL

Porter ‘s five forces is a tool to research the competition within the industry
and the strategic development of business. The five forces affecting the
eyewear industry are:

• Competition in the Eyewear Industry –

The main objective of companies operating in the eyewear industry is

to produce and distribute sunglasses and prescription eyewear with a
high quality. This concept excludes the companies which only deal
with the lenses or low end frames manufacturing. As a result, the
competition can be reduced at the only companies operating in the
high end market, which create designs and frames not only lenses.

• Threat of New Entrants –

The threat of new entrants is affected by two elements: entry barriers

and retaliation by incumbents. An ideal market has high entry barriers
and a few competitors. The potential competitors may be attracted by
the eyewear industry, since it offers quite high margin when producing
and selling sunglasses and spectacles. Existing companies own many
firms and producers and they even have a well branched retail
network. A new company would need significant capital in order to
start its own assembly line and gain the knowledge and the
relationships with the suppliers. Even though when an entity is able to
cope with the entry barriers and prove its strength and capabilities, it
would be bought by already existing giants, as soon as they perceive
the menace, or it could suffer from the retaliation. This market is
 hence quite profitable and with few competitors, but it is real tough to
go through its entry barriers.

• Substitutability of products –

The prescription glasses can be partially substituted by optical surgery

and contact lenses. However, with respect to optical surgery, even if
laser method has considerably improved over the past 20 years, the
hope of being able to live without glasses is not always possible so,
the contact lenses on the other side are a suitable replacement. This is
the reason that many companies in the eyewear industry have started
to operate in this sector. The sunglasses can be purchased for many
reasons i.e., they can be used as part of a sport equipment or just to
follow a trend and there is no demand for any other product different
enough to be considered a substitute for glasses.

• Bargaining Power of Suppliers –

Many firms in the eyewear sector, enjoy a business model

characterized by a strong vertical integration so, the role of suppliers
is marginal. If they need to obtain high quality raw material and
component producers for the companies but those companies have a
dimension and a production volume that are generally too big to give
suppliers the possibility for bargaining and also considering that
normally inputs are only a small component of the whole cost.
Moreover, the critical production inputs are similar, it is easy to mix
and match them, and this give the possibility to the eyewear players to
preserve a quite large supplier base, which help them to keep a strong
bargaining power during the negotiations.
• Bargaining Power of Buyers –

The customers in this industry have a very low bargaining power, their
number in this industry is very big, and this in turn cause that no
customer tend to have a significant role. The main eyewear brands are
managed by few main producers and this oligopoly situation give
them the possibility to raise prices. This is true in the B2B market,
where single opticians and optical chain have to deal with four or five
big players in order to hold in their store the most attractive brands.
So, finally many eyewear companies have their own retail networks
and this is another factor that contributes to increase the prices and
reduce B2B buyers’ bargaining power.
MICRO ENVIRONMENT ANALYSIS

The micro environment of a business involves all those micro factors that affect
business strategy, decision making and performance. It is vital for business
success to conduct macro environment and micro environment analysis before
decision-making process.

Micro environment factors include customers, suppliers, competitors,

employees, shareholders and media.

Customers:

Lenskart Solutions Private Limited operates a business for men and women
eyewear in India. Lenskart is a rapidly growing business reaching out to over
1,00,000 customers a month via a combination of a strong online business, their
physical stores as well as a “home eye checkup” service.

When it comes to customers, Lenskart realizes that over one thirds of our
population needs glasses but doesn’t have access to them, making us the blind
capital of the world with over 15 million blind people.
Lenskart’s aim was to cut out the middle man by providing glasses directly to
customers at a lower cost, which is why they founded “VALYOO
Technologies”.
The majority of Lenskart customers are young, belonging to the age group of
21-30 years.
Lenskart now offers a variety of products such as glasses, sunglasses, lenses etc.
making them able to cater to a wide audience.

Competitor Analysis:
Lenskart has a long list of competitors that include both online and offline
players. There are plenty of traditional retailers who specialize in eye wear in
the Indian market who are also amongst the competitors of Lenskart.

The major competitors of Lenskart are:

Also, other big brands like RayBan, Essilor are also competitors to Lenskart.
These brands have their own online stores and are pretty popular because of
their brand name. E-Commerce majors like Amazon, Flipkart, Paytm Mall,
Snapdeal and several others sell eye wear too.

The market size for eyewear is about 18,000-20,000 Crores, out of which,
organized players only account for about 9-10%. Out of this, the market share
of Lenskart is 25 percent. The brands all provide low priced products available
in the markets and online. The challenge for Lenskart is to keep customers loyal
to their brand by steering them away from other local brands and opticians.

Lenskart will have to constantly innovate and provide its customers with low
priced – high quality products to ward off competition. This way it can keep its
customers loyal to its brand and ensure its survival in the long run.

Lenskart has already attained the number one position in the branded eyewear
category, the brand is now looking to build a stronger presence in tier 2 and tier
3 cities. Lenskart has the proper infrastructure to take on its competitors with a
well laid out plan.

Suppliers:
Lenskart supplies its products directly to the consumer everywhere in India as it
has set up its own high-quality manufacturing and supply. This cuts cost and
helps them maintain a high quality of their products. They have an inhouse
robotic lens manufacturing and assembling unit which helps them ensure 100%
precision.
The Delhi manufacturing facility manufactures 300,000 glasses a month. Its
factory in Zhengzhou (China) handles about 50% of the production.

Employees:
Lenskart has over 4,000 employees, who range from Opticians to sales and
marketing executives.

Shareholders:
Financial backers of Lenskart are TPG Growth, International Finance Corp and
Adveq Management. Ratan Tata (Tata sons), S. Gopalakrishnan (Infosys),
Wipro Chairman Azim Premji are also amongst the top investors in the
company taking the valuation of the company to 3000 crore.
Steadway Capital has also executed a secondary investment in the company,
picking up stakes from Ronnie Screwvala and TR Capital and now owns about
9% in the company.

Media:
Lenskart first brand ambassador was Katrina Kaif in October, 2017. In March
2019, the company also signed Bhuvan Bam as their first male brand
ambassador.
Starcom has won the media mandate of Lenskart. Starcom takes the approach to
drive human actions and business outcomes through transformative experiences
and data-driven understanding.
CUSTOMER BUYING DECISION PROCESS

There are several questions regarding consumer buying behaviour which a

marketer is required to remember in order to understand their behaviour.
A typical consumer passes through five stages of buying behaviour.

We can clearly see that the buying process starts long before the actual purchase
takes place and has consequences log after the purchase has been made. A
consumer passes through these five stages every time he/she enters a market to
buy a product or a service. It may be sometimes that the consumers don’t go
through all the stages and skip or reserve one. It totally depends upon the type of
product which the consumer needs. For eg; if a person has a need to buy a product
like soup or toothpaste, he may directly jump from needs to the purchase decision,
there is no need to go through other stages like information search and evaluation.
Whereas in products such as a television or any other electronic, a consumer may
have to go through every stage before buying that product.

o Problem Recognition

The buying process starts when the buyer or the consumer recognizes
his/her needs or a problem which may be triggered by either internal or
external stimuli. With an internal stimulus, one of the person’s normal
needs such as hunger, thirst etc. rises to such a level where it has to
 fulfilled. A person’s need may be driven by admiring a new car or
television brought by he knows and that inspires the thoughts of the person
to proceed for a purchase. These are known as external stimuli.
Marketers are required to identify the circumstances which can create a
particular need for the buyer by collecting information from a number of
consumers, which can be further utilised in developing marketing
strategies. Especially when it comes to luxury goods, the marketer needs
to increase the consumer motivation in order to attract a potential purchase
decision.
In case of eyewear, consumer needs arise on two occasions, whether the
consumers have fashion preferences for eyewear or the consumers are
prescribed for them. Other than the above-mentioned occasions, consumer
needs usually don’t arise for the eyewear. Either there is a fashion trend
going on in the society or it can be the need for the hour. Lenskart
recognizes the needs of the consumers and develops their marketing
strategies accordingly and works according to the needs of the consumers.

o Information Search

The next stage after recognising the needs of the consumer is the
information search. Apparently, surveys have shown that almost half of the
consumers search for only limited resources. They often visit to one store
to look for the information regarding the product of their need. Almost half
of the remaining consumers visit more than one brand store. There are two
types of customers, the ones who go for extensive information gathering
and the other category is where customers simply becomes more receptive
to the information.
There are mainly four sources through which a customer collects
information about the product;
➢ Personal
for eg- family, friends, neighbours etc.
➢ Commercial
for eg- advertising, websites, e-mails, salesperson etc.
➢ Public
for eg- mass media, social media etc.
➢ Experimental
for eg- handling, examining, using the product etc.
 Each of the source performs different function in influencing the buying
decision of the consumer. By gathering information, the consumer gets
to know about the competing brands and their features. Customers
gradually shortlist their preferable brands which helps them to reach the
buying decision.
In case of eyewear, information gathered through personal sources such
as family, friends etc. helps a lot in making the buying decision.
Customers prefer to consider other person’s experience. They judge
from their experience which brand to choose so that they can get
maximum comfort, which is the most important aspect while choosing
the eyewear. There are many brands in the eyewear industry and there
are many categories such as prescribed eyewear, smart eyewear, fashion
eyewear etc. A consumer searches for the information required in order
to fulfil his/her need.

o Evaluation of Alternatives

After collecting information about the product, about its features, about the
competitive brands; they start shortlisting from the collected information
to reach to the buying decision. This stage is known as evaluation of
alternatives. As the name suggests and as explained above, in this stage the
consumer tends to evaluate the alternatives available with him and reach
out to the preferred alternative.
There are various alternatives available with the consumer while choosing
an eyewear. In a particular category, let’s say, prescribed eyewear, the
consumer tends to choose the frame which provides him maximum comfort
 as prescribed glasses are advised to be worn throughout the day and the
consumer should feel comfortable with them. Also, they should suit the
personality of the consumer as now a days, it is also taking a turn towards
fashion statement. After choosing the frame, the consumer evaluates the
type of glasses available with him. Which will suit their pocket (budget
friendly), or need like protection from blue light or toughness of the glass
etc. After evaluating the alternatives available with him, the consumer
tends to move to the further stage.

o Purchase Decision

A consumer goes through all of the above stages in order to make a

purchase decision. After evaluating the alternatives available with him, the
consumer choses the perfect fit for him and tends to proceed with that
alternate for the purchase decision.
After the consumer finalises from the alternatives, he proceeds to purchase
that. Once the consumer decides what frame will suit him the best, whether
 in comfort or in style, and what lenses he should get fitted in them, he
continues to make that purchase. He starts using the product and tends to
move to the final stage of the customer buying decision.

o Post-purchase Behaviour

After the consumer purchases the product and starts using it, he/she tends
to create a feedback about the product.
Post-purchase satisfaction is one of the major aspects a consumer seeks
after buying the product. Whether a consumer is satisfied with the usability
of the product or whether they are satisfied with the quality and comfort of
the product and accordingly they generate their feedback.
Post-purchase actions take place on the basis of the post-purchase
satisfaction of the consumers. If they are satisfied, they tend to take up
positive actions such as positive feedback, recommending the product to
others etc. Whereas, if they are not satisfied, they tend to reach out the
company and complain about the same or they give negative feedbacks or
the word of mouth spread through them may harm the reputation of the
company in front of its customers.
After purchasing the product, a consumer may discover other uses of that
product as well, such as many people purchasing prescribed glasses in
order to get clear vision, they also tend to fulfil their need of fashion
through that frame or through contact lenses. And after the life of the
product, they should be easy to dispose for the consumers. For eg- if a
person’s eye number changes then he/ she can easily get the corrected
glasses fitted into the frame in exchange of the old glasses. In this way, the
consumer disposes the old glasses and also finds a way to reuse the existing
frame.
FACTORS AFFECTING CONSUMER BUYING PROCESS

We discussed above about the decision-making process of a consumer. How they

start from recognizing a need to their post-purchase behaviour. But there are some
factors which affect the above process.

BUYER BHAVIOUR

o Attitude: Lenskart sells the product which do not harm the nature or other
beings while testing the product, it can be considered as Eco-friendly
product, therefore consumers attitude towards the company is positive.
Also, the quality of product hey deliver is a notch above which also affects
the attitude of the customers.
o Perception: Here the product is also based with service, how well the
product is reached to the customers, how good the service is being rendered
to the end users, so the perception about the brand is not only about the
product but also about the service which influences buyer behaviour.
o Motivation: The product here motivates the consumer to buy as Lenskart
provides attractive offers like refer and earn, BOGO, FFF (First Frame
Free) and lot more, this will result in having the consumers to keep
motivated in buying of the product.
BRAND BELIEFS
They are the trust and faith build by the company with customers. The new
brand beliefs include all the aspects from Manufacturing to end, with
regards to Lenskart it can be the type of material, Eco-friendly glasses not
made of any bones of animals, packing, employees, suppliers and
everything. Beliefs for a brand are built by how they showcase themselves
in the market and how the customers perceive their idea.
Phase - 2
SEGMENTATION PROCESS

This product as a new strike in the market falls under the basis of the following
segment:
o Demographic: (age, income, gender)
o Psychographic: (Personality, values, opinions)
o Behaviour: (Repeat, loyal)
TARGETING

• Medical Needs
• Fashion

• Sober
• Style Conscious
POSITIONING

Lenskart has currently positioned itself as the lowest price product as we

compare it to local stores and optician. Not only that, they are providing one of
the most attractive packages for lenses too. The customers don’t have to pay
anything to middle man because they are providing every eyewear product to
customer directly at manufacture price.
Moreover, if customers don’t want to by the products online then they can by
products directly from the lenskart store at same price and same designs too and
lenskart is having more than 80 retail store all across the country. Thus,
providing convenience to customers.
Lenskart is providing the doorstep services or home services where customer
only have to do is to register online and then customer will get home eye check-
up of assured quality too with the help of computerized equipment which is
certified from Ruef actionists. Lenskart is also using the 360degree rotation face
or we can say 3D face testing feature where we can see our exact look in that
glasses. Not only can that customer select frames which they want to try at
home too. Lenskart provides the facility for the customers to call the eyewear
specialist carrying 100 bestselling frames at their home where you can try and
choose the best fit for you.
Lenskart is also providing an authenticity card which gives a proof of the
quality and authenticity of the product.
All these factors help in positioning lenskart as a Low Cost, Good Quality and a
Reliable brand in the minds of customers.

Product Strategy

Lenskart is the only eyewear brand in India that uses the robotic technique for
delivering glasses accurate up to three decimal places. It has imported special
machines from Germany to ensure perfection by using an automated system for
inspecting and loading lenses and determining its geometric centre. It offers
nearly five thousand products for kids, men and women and
its portfolio includes-
• Eyeglasses in brands like Vogue, Carrera, Fossil, Ray-Ban, and Tag
Huer. These are available in styles like half-rim, full-rim and bifocal and
shapes like aviator, rounder and rectangle
 • Sunglasses are available in the latest collection including nightwear,
retro, polarised, power, premium and sports and in brands like Fastrack,
Ray-Ban, Vincent Chase, IDEE, Tom Ford, Oakley and Mask.
• Premium Glasses offers superior performance because they are made
with help of TR-90 materials that are ultra-light and corrosion free
• Contact lenses of different brands with several lens types like daily
disposable, monthly disposable and yearly disposable
• 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

Brand Strategy

In order to scale up business, Lenskart selected people from different tier 2 and
tier 3 cities to promote free check-ups. This extended to visiting companies and
giving free-check up to employees. Today, the company targets 90 companies
every month to spread awareness on eye care.
Moreover, Lenskart uses robotic technique with laser precision machines to
shape the lenses, beating the local optician with zero-error customisation
process that is first of its kind in the country. Also, the company has partnered
with E Dean Butler, founder of Vision Express and LensCrafters in the US.
Integrated Marketing Communications

Advertising
Advertising is the non-personal and paid form of communication. It is one of
the most effective forms of communication where it reaches a mass audience at
once within a short period of time.
The various media used by Lenskart are print (newspapers and magazines),
electronic (web page, audio and videotape) and display (billboards, signs and
posters).
Following is one of the examples of advertising using Print Media.

Sales Promotion
It is a variety of short-term incentives to encourage trial or purchase of a
product or service. It may include consumer promotions – focused towards the
consumer – such as a distribution of free samples, coupons, offers on purchase
of higher quantity, discounts and premiums or trade promotions – focused on
retailers – such as display and merchandising allowances, volume discounts,
pay for performance incentives and incentives to salespeople. From time to
time, lenskart keep on rolling out some offers and discounts coupons to
encourage sales.
Personal Selling
Face-To-Face interaction with one or more buyers for the purpose of making
presentations, answering questions and taking orders. This proves to be the most
effective tool in the later stages of the buying process.
Lenskart started with a unique service to make consumers aware of their need
for spectacles. Lenskart sends its employees through two-wheelers to connect
with a lot of consumers who were either hesitant to meet doctors or were lazy to
go for eye check-up or were senior citizens who needed help. This initiative has
helped customers get to know about their eyesight sitting at their homes and
simultaneously can select from the frames and order their spectacles. This
initiative drives high conversion rate as one in two visits yields a sale for the
portal.

Mobile Marketing
Mobile marketing involves communicating with the consumer via a mobile
device, either to send a simple marketing message, to introduce them to a new
participation-based campaign or to allow them to visit a mobile website.
Lenskart often sends text messages to customers regarding some ongoing offers
to drive its sales.
Social media marketing
Social media marketing basically refers to the process of promoting business or
websites through social media channels. Companies manage to get massive
attention on such channels and can interact with consumers as and when they
are browsing the internet.
Lenskart has been very active on all the social media platforms like Facebook,
Instagram and Twitter and keeps on promoting to their products to drive
customer engagement. Moreover, Lenskart has also roped in Bhuvan Bam as
their brand ambassador who further promotes Lenskart through his reach at
social media platforms.

Direct Marketing
Direct Marketing involves the use of mail, telephone, fax, e-mail, or internet to
communicate directly with or solicit response or dialogue from specific
customers or prospects.
Lenskart has a database of contact details of consumers through which they
send catalogues and other marketing material making it easier for the consumer
to purchase online.
Events and Experiences

These are company sponsored activities and programs designed to create brand-
related interactions with customers. Sponsorships improve the visibility of the
company. Companies provide customers with an experience of using the
product which ends up leading to a higher brand recall than competitors. These
events prove to be engaging with the audience. Lenskart often sponsors and
organise events to promote its brand as well as drive sales of its products
through these events.
Recently, Lenskart sponsored Techgig Code Gladiators 2019, which had
participants from all over the country. These type of sponsorships to these
events help in increasing the reach of brand.

Public Relations

A variety of programs directed toward improving the relationship between the

organisation and the public. Advertising is a one-way communication
whereas public relations is a two-way communication which can monitor
feedback and adjust its message for providing maximum benefit.
Sources:

1. https://www.mordorintelligence.com/industry -reports/eyewear-market
2. https://www.portal.euromonitor.com/portal/analysis/tab
3. https://www.giiresearch.com/report/moi704795-global-eyewear-market-
segmented-by-product-type.html
4. https://www2.deloitte.com/content/dam/Deloitte/in/Documents/consumer-
business/immersion/Eyewear%20market%20in%20India.pdf`
5. https://www.franchiseindia.com/content/four-topmost-trends-that-are-
thriving-in-the-indian-eyewear-industry.13268
6. https://www.fortuneindia.com/enterprise/lenskart-with-an-eye-on-
growth-2/102790
7. https://www.euromonitor.com/eyewear-in-india/report
8. https://www2.deloitte.com/content/dam/Deloitte/in/Documents/consumer-
business/immersion/Eyewear%20market%20in%20Indi