Interim report on

“Planning and overseeing market initiatives

and proper functioning of outlets”

By: Som Sekhar Singh

Roll: 21BSP0615
 A REPORT ON
“Planning and overseeing market initiatives
and Optical chain retail outlets
development”

By: Som Sekhar Singh

Roll: 21BSP0615
AKRITI OCULOPLASTY LOGISTICS
Medical device park, Sultanpur Village, Hydrabad-
502319
A report submitted in partial fulfillment of the
requirements of PGPM program of
IBS Bangalore.

FACULTY GUIDE COMPANY GUIDE

PROF. R HARISH MRS. DEEPA RANI DIDDI

CONTENTS:
1. ABSTRACT
2. INTRODUCTION
3. DETAILED PROGRESS TILL DATE

 Competitor analysis.
 To understand and analyze the sales process
 To analyze files and excel sheets to find out the
best model.
 Expansion in tire-I and tire-II cities.
 Strategies to compete in market.
 Monetization.
 Functioning of outlets.

4. Planning for remaining period of

internship.
1. ABSTRACT
As a student of PGPM it is a part of study for
everyone to undergo summer internship
program at some good organization to get
insight of corporate world. For this purpose, I got
the opportunity of summer internship training at
Akriti oculoplasty logistics. This is an attempt to
know how theories can be applied in practical
situations. The Akriti oculoplasty logistics is a
Eyewear company. I am going to share my
experience in the company of the last 8 weeks.
My summer internship program (SIP) started on
15/February/2022. During this period my role
was to plan and oversee the market initiatives
and the various functions that needs to be
properly monitored for smooth functioning of
the outlets to be opened.
2. INTRODUCTION:
A team of professionals with specialization in every
aspect of ophthalmic requirements is what makes
Akriti a Its rich and varied experiences is our main
asset. Our team with passion to deliver innovative
and creative solutions has a profound ability to
bring the best to our clients. Akriti take great
pleasure in introducing ourselves as an established
company in the field of Ophthalmology, Surgical
and non-surgical products etc, our hardcore
activities are to establish the Complete Eye Clinics,
Eye Hospitals, Provide Quality Instruments,
Diagnostic Devices ,Vision Testing Equipments. Our
company's logo depicts the third eye of Lord Shiva
which signifies that We have an Eye for Perfection
and we pay attention to the minutest details
regarding the logistics need for your organization.
The third eye also means that we are futuristic and
we see things differently. We believe in doing
things that don't even occur to others. The strength
of our company lies in the creative team of Akriti
that can handle all five stages of your practice:
Education, Research, Design of new products,
Conceptualization and Co-ordination.

3. DETAILED PROGRESS:

 Competitor Analysis

Akriti’s competitors include both online and

offline players. Even traditional retailers who
specialize in eye wear are competitors of Akriti.

The major competitors include:

• Lenskart
• Coolwinks
• Specsmakers
• Lensbazaar
• Vision Express
• Titan Eyeplus
• GKB Opticals

Also manufacturers like Ray Ban, Essilor who

have their own online stores. Akriti will also face
competition from marketplaces like Amazon,
 Flipkart, Paytm Mall, Snapdeal which sell eye
wear and impact its business directly.

1. Understanding and analyzing the sales

process(for optical) :
To understand the sales it is important to know
about the business model.

Business Model

OMNI-CHANNEL
Akriti is starting off as an offline business(physical
stores). Realizing the fact that eyewear is a business
where trust is an important element. Indian
customer prefers to have touch and feel of the
product before buying high involvement product. At
the same time, for improving sales it becomes
important to focus on the other aspects of sales,
hence focusing on Omni channel mode of
distribution to produce more sales.
E-COMMERCE PHYSICAL STORE MULTI-CHANNEL OMNI-CHANNEL

Physical store- Traditional bricks-and-mortar operations ( The customers will

come to us)

Multi-channel- The next move towards multi- channel operations ) Many

customers shop across channels)

Omni-channel- The future (Relevant products and services anywhere )

Why Omni-channel strategy?

With increasing influence of technology and power of
customers, It is increasingly important for Retailers to leverage
technology and partnerships to actively engage their customers
and rapidly adapt to changing consumer expectations Digital is
also driving consumers to spend more. Nearly 22 percent of
digitally influenced consumers in 2019 said that digital drove
them to spend more across all categories. By 2022, about 33
percent of digitally influenced consumers cited spending more
Consistent high customer service for valuable customers – 58%
of customers will never do business again after a bad
experience and 63% of consumers are influenced by
recommendations from friends or family. Hence it is extremely
important to provide relevant customer experience across all
channels.

Focusing on growing the optical business to turn it into a

brand that people trust implicitly is essential to boost
clientele and sales. While advertisements and promotions
can help you attract potential customers, you can take a
few measures to increase your sales and profit margins.
For instance, ensure that you offer services like home
delivery. This way, clients who don’t stay in the same area
won’t hesitate to shop from you. Also, ensure that you
accept payment by credit and debit cards to make it more
appealing to customers. Most importantly, consider adding
a section wherein the customers can have their vision
checked and glasses centered. This will go a long way in
offering customer satisfaction and increasing your sales.

2. To analyze files and excel sheets to find out

the best model.
I was handed over with some excel files where I had
to examine the given files (where there were some
given models) and find out the best one. The purpose
of finding out the best model was to know
 the .breakeven point where after investing a
particular sum of money at what time will it start
giving return (breakeven point).
There were basically 4 models-

#1 #2 #3 #4
chair 54000 54000 54000 9000
Lensom
eter 55000 9000 9000 9000
13500 10000 10000
AR 0 54000 0 0
LCD 22000 1500 22000 1500
TL 4500 4500 4500 4500
Others 5000 5000 5000 5000

27550 19450 12900

CAPEX 0 74000 0 0
OPEX 0 54000 0 0

In these models there are various prices of the chair,

lensometer, AR, LCD and TL. The prices which have
been mentioned above are different in different
models. Here the aim is to find the best model to
know which model should be used for opening of 5
stores in different cities.
 Model #4 Cost for 5 Stores
Capital Expenditure 129,000.00 Yearly 645,000.00
Interior Cost 200,000.00 One Time 1,000,000.00
Spectical Display Cost 150,000.00 One Time 750,000.00
Total One Time 479,000.00 2,395,000.00
Depreciation 10% 47,900.00 Yearly 239,500.00
Depreciation 3,991.67 Monthly 19,958.33
Rent 10,000.00 Monthly 50,000.00
Salary 35,000.00 Monthly 175,000.00

Total Expenditure 48,991.67 Monthly 244,958.35

Sales
No. Of people/day 5.5 27.50
Sales. Value per people 1199 5,995.00
Total Sales per day 6,594.50 32,972.50
Total Sales per month 171,457.00 Assuming Sunday Close 857,285.00

Cost for the sale 51,437.10 257,185.50

Net Cost 100,428.77 Monthly 502,143.85

Net Sales 171,457.00 Monthly 857,285.00

Profit 71,028.23 Monthly 355,141.15

Profit per year 852,338.76 4,261,693.80
Years to Break Even 0.56 Return on Investment 177.94

So, after going through all the models model no. 4

was the best model to go forward with, as it had the
least break breakeven period of 5.6 months and
Return on invsestment of 177.94.

3. Expansion in tier-I and tire-II cities.

The plan is to expand in tier-I and tier-II cities with a

target of 5 new stores each month.
  What value will it add to franchisee?
 Business assurance from an established
eyewear player in both online and offline
channel Low investment and high return
expectations.
 Wide range of product offerings from
design to brands
 A large chunk of revenue goes to franchisee
ie.35%
 Expected break-even of 9-12 months.
 Support to ensure break even for first six
months.

Strategies to compete in the market

Akriti can adopt two strategy to expand its business and

increase profitability. One is either through market
penetration or other is through diversification of product.

1. Market Penetration

It can be done by first setting offline stores in Tier-2 &

Tier-3 cities and then changing behavior of customer
 towards online channel to reduce cost and increase
efficiency. The aim is to acquire 50% of the market.
From Metro cities like Bengaluru, Hyderabad, Delhi,
Mumbai also it has to establish its presence in
Northeastern states which are populated by young
millennials. Akriti should not only be limited to B2C
sales. It must extend its service to cater to B2B clients as
well and establish its strong hold before competitor
does.

2. Diversification

With both new market and newer scope of product,

Akriti has the opportunity to diversify itself and
establish itself not only as online retailer of eyewear
instead as a vision corrector. After the innovation of 3d
holographic model they can focus on developing an
application in the mobile itself by which customers can
check the power of their eye themselves. By this they
can increase their acceptance in rural India also where
the availability of doctors are very less. In Rural India the
education level is a bit lower so it has to enable retailers
in small towns to conduct eye exams through a phone.
 Monetization
Firm stands to make money because of the following reasons:
1. Operation strategies

• Akriti has set up their own high-quality manufacturing

facility and supply directly to the consumer everywhere in
India. This not only cuts costs, but also helps them
maintain high quality standards.
• In-house manufacturing facility of spectacles, glasses and
contact lenses helps in increased profit margin per sale.
• Akriti should focuse on efficient supply chain
management .

2. Marketing strategies

• It must try the razor-blade model: Akriti can attract

customer with free frames or with loyalty programs where
the frames are sold in low cost and then the cost of lens is
high (which brings out the profit).
• The high service quality, convenience, low cost products
and variety of products will increase the willingness to pay.
 • They have to create trust among customers, through
strategies such as deep discounts, combo deals, loyalty
program, virtual trying out frames, eye-check up at home,
prescription glasses sale facility, which will increase the
repeat purchases.
• They have to make the eyewear market organized and
have changed the perception of consumers. Now days,
consumers perceive eyewear as fashion and have become
conscious about it, which has resulted in growth of sales.

4. Functioning of outlets.
There are always various factors which are
important to keep in mind while opening a
store.
 Your product is your foundation
Its important to build the product first. It
may not be the best one at the time of
launch, but what’s more important is to
get user feedback and improve. Learning
what is working and which is not and
 making changes accordingly. There will
come a time where there’s going to be one
product that hits the jackpot and from
there on we have to capitalize.

 Naming your store

The store name is the identity so it is really
essential to come up with a name which
resembles a meaning and can connect with
the audience.
 Using technology in favor
Its important not to look at technological
advances as a challenge or an obstacle we
try and use them to help company
overcome the day-to-day challenges and
deliver your client’s needs.

 Respond to what client wants

Customer demands have only become
higher in the past few decades. Alongside
constant technological changes, they may
have reshaped the market over and over
again. Being able to respond quickly to
 these ever-changing customer demands
could be our differential and the key to
success in highly competitive markets.

 Collaboration is the key

Focus on having each one of the team
members on the same page when it comes
to our workflow strategy and team
collaboration. Having a well-set workflow
system will allow members of different
teams to collaborate in processes much
easier.

4. Planning for remaining period of

internship.
After talking with my company guide, I had
understood that I need to check with the stores
from this month onwards (April) and inform
them about the activities and the sales.