Project Report

on

An Analysis of Growth Strategy of Lenskart

Submitted in Partial Fulfillment for the Degree of

Bachelor of Business Administration

S.S. JAIN SUBODH P.G (Autonomous) COLLEGE JAIPUR

(2022-23)

Submitted by : Submitted to :
Saksham Ajmara Ms Harsha Saini
BBA V SEM (Assistant Professor)
2241190
 CERTIFICATE

Certified that this project report entitled An Analysis of Growth Strategy of Lenskart is a record of
project work done independently by Mr.Saksham Ajmera under my guidance and supervision and that it has
not previously formed the basis for the award of any
degree, fellowship or associate ship to.

Ms Harsha Saini

(Assistant Professor)
S.S. Jain Subodh P.G.(Autonomous) College

Jaipur
 DECLARATION

I hereby declare that this project report entitled An Analysis of Growth Strategy of Lenskart is a bonafied
record of work done by me during the course of summer project work and that it has not previously
formed the basis for the award to me for my degree/diploma, associate ship, fellowship or other similar title
of any other institute/society.

Saksham Ajmara

S.S. Jain Subodh P.G.(Autonomous) College

Jaipur.
 ACKNOWLEDGEMENT

It is not often in life that you get a chance of appreciating and expressing your feelings in black and white to
thank the people who have been a crucial part of your successes, your accomplishments, and your being
what you are today. I take this opportunity to first of all thank the Faculty at S.S. Jain Subodh
P.G.(Autonomous)College, especially Prof. K.B.Sharma, Principal, and Ms Harsha Saini Head ,
Department of BBA for inculcating and instilling in me the knowledge, learning, will-power, values and the
competitiveness and professionalism required by me as a management student.

I would like to give special thanks to Ms Harsha Saini for educating me silver lining in every dark cloud.
Her enduring efforts, guidance, patience and enthusiasm have given a sense of direction and
purposefulness to this project and ultimately made it a success.

Last but not the least; I would like to thank my family: my parents, for supporting me spiritually throughout
my life. The errors and inconsistencies remain my own.

Saksham Ajmara
 CONTENT

1. INTRODUCTION. Pg.no.1-6

Pg.no.7-20
2. Company Profile of
3. Lenskart

Pg.no. 21-
3. Analysisng the Growth
Strategy of Lenskart

Pg.no. 50 - 52
4. 4p’s In Marketing Mix

Pg.no. 53
5. Conclusion or Suggestion

Pg.no. 54
6. BIBLIOGRAPHY.
 Chapter-1
Introduction
Founded in 2010 by an ex-Microsoft 'techie' with no money but truckloads of
relentless passion to make a difference in this world, Lenskart is India's fastest
growing eyewear business today.

With a rapidly growing business reaching out to over 100,000 customers a month
via a unique combination of a strong online business at www.lenskart.com,
uniquely designed 1400+ stores, and a first-of-its-kind 'Home Eye Check-up'
service, Lenskart is revolutionizing the eyewear industry in India.

Cause: 1/3rd 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.
With the cause in mind, Peyush along with his two co-founders, Amit Chaudhary,
and Sumeet Kapahi, founded 'Valyoo Technologies'.
The aim was to truly add 'valyoo' to customers' lives by eliminating the retailers,
setting up our own high-quality manufacturing, and supplying directly to the
consumer everywhere in India. This not only cuts costs but also helps us maintain
high-quality standards. Our in-house robotic lens manufacturing and assembly
ensure 100% precision and top-quality control.

Offering the best quality products at affordable prices has helped us grow more
than 500% in the last 12 years, and we are the top optical business in India today.
From servicing 30 customers per day to more than 30,000 today, we have come
a long way. Our commitment to consumer satisfaction and innovative
technologies has garnered tremendous support from those who believe in our
cause.

Lenskart vision:-

India is the blind capital of the world

• 15 million people in India are blind, which is 50% of the blind people in
the world.•75% of these are cases of avoidable blindness. Thanks to the
country's acute shortage of optometrists and donated eyes for the treatment
of corneal blindness.

1
 • 153 million people in the country need reading glasses but do not have
access to them.
• Our country needs 40,000 optometrists. Unfortunately, we only have
8,000.

Revolutionize the eyewear industry in India

Lenskart's aim is to help drop this number marginally in the coming years, which
can be achieved by providing high-quality eyewear to millions of Indians at
affordable prices, giving free eye check-ups at home, and extending our services
to the remote corners of India.

Lenskart mission:-

Make customers feel 'wow' by doing something that has never been done before
in the eyewear industry. It began with an aim. An aim to provide every Indian
access to high-quality designer glasses without shelling out their pocket. We
rocked our brains. We broke our backs to come up with a plan that will not just
change the way this industry works but also completely sweep customers off their
feet. It can only be achieved if we provide.

Great quality:-

Made by robots
We are India's first and only brand to use the robotic technique that delivers
glasses that are accurate to three decimal places. These machines, imported from
Germany, ensure perfection on all fronts: an automated system that allows to
inspect lenses, determine the geometric center, and load the lenses for edging
without the need for a finishing block.

Mind of machine
Our people have zero tolerance for error, and our call center aims to delight every
customer, solve their problems, and work on their feedback.
History

Peyush Bansal (CEO & Founder), Amit Chaudhary (Co-founder) and Sumeet
Kapahi (Co-founder) launched Lenskart in October 2010 with a vision to “create
value using Internet” andtoday this unique venture of selling eyewear online has
become a huge success. At a time when people were just wondering whether
2
they would buy anything other than books online, this triomanaged to sell
eyewear online.Since the beginning of the brand, the aim has been to figure out
problems and solve them in themost unique and creative way possible.
Fund Raising

In September 2016, Eyewear retailer Lenskart Solutions Pvt. Ltd raised funding
from PremjiInvest, the private investment arm of Wipro Ltd chairman Azim
Premji. Premji joins other Indiancorporate leaders like Ratan Tata, Infosys co-
founder Kris Gopala krishnan and RonnieScrewvala as investors in Lenskart
Previously,

the company raised $4 million in its first roundof funding in 2011 from IDG
Ventures. A year later, Lenskart brought in media veteran-turned-investor
Ronnie Screwvala’s Unilazer Ventures on board as it secured another $10
million. In2015, it raised Rs 135 crore in a Series C round led by private equity
firm TPG Capital,

HongKong-based TR Capital and IDG Ventures.

Offline Presence

Lenskart introduced its first franchisee store in Chandigarh on January 28, 2014.
The companyhas 250 stores from where customers can book products and pick
up later from the store or getthese home delivered. The stores are not only in
Metros like Delhi & Mumbai but even cities andtowns like Shimoga,
Dharmapuri, Rourkela, Devangere, Patna etc. The company is investing Rs.60
crore to set up a lens manufacturing factory in Greater Noida as per August 2015.

Key features & technology

Lenskart has innovated itself over the years and have come out as service
innovators:

Made by robots: Lenskart is India's first and the only brand to use robotic
technique thatdelivers glasses which are accurate to 3 decimal places. These
machines imported fromGermany, ensure perfection on all front: an automated
system that allows to inspect lenses,determine the geometric center, and load the
lenses for edging without the need of a finishing block
•
3D Try On: You can try 1000’s of frames in 3D on your face

3
Home Trial: In December 2013, Lenskart introduced a home check-up program.
Book anappointment and their certified optometrist will visit a prospective
customer at home/officewho will also carry over 100 frames with them. It’s as
easy as booking a cab, Book itthrough the app or website
•
Try it before you buy it: You can choose from thousands of styles online and
select up to 5frames to try at home. Lenskart will send someone to your house
for a free trail.
Business Model
Lenskart follows an inventory-based business model.
Various styles and brands are availableon the website as well as the store.
The online retailer ships close to 1,20,000 orders amonth,The company makes
more than 5,000 spectacles a day, and plans to raise it to 30,000 as per March
2016.
In March 2016 NDTV reported that Lenskart sees 2 lakh visitors on its platform
every day, and ships between 800-900 glasses a day from its facility in Okhla in
Delhi.

Revenue

As per September 2016, Lenskart had annualised revenue run rate of over Rs
350 crore, with atarget of reaching Rs 2,500 crore in the next four years. It
expects offline channels to contributeto 50% of the revenues in the next two
years. The company's current gross merchandise value isaround Rs 300 crore.
By 2021, the company plans to have a GMV of around Rs 2500 crore.Overall,
the company has grown by 150% in the last one year.

Variety

We let the numbers talk

We have over 5,000 styles of eyewear, which is five times more than any retailer
in India has.

An eye for an eye

We offer everything that can make it easier for you to see our wonderful world
clearly, including eyeglasses, sunglasses, reading glasses, and contact lenses.

All covered
We have it all - Everyday basics. Everyday fashion. Evening wear. Not just that,
we update our styles every month to keep up with fashion trends around the globe,
taking inspiration from fashion capitals and the best designers in the world.

4
Value of money:-

• Not all good things in the world are expensive

Our prices are lower than any of the local opticians. We offer a wide range
of rates to accommodate all of our consumers. Prices start at Rs.299 and
go up to Rs.35,000.

• No middleman. No extra cost

No middleman simply means no middle ground. Our products come
straight from the manufacturer, thereby eliminating all the extra costs and
burdens.

• One for everyone

From eyeglasses to sunglasses to reading glasses to contact lenses to
progressive lenses, we have it all.

• We are just in your neighbourhood!

Via brick-and-mortar locations, we deliver the Lenskart experience to you in
person. We have only just begun this journey, with more than 1400 retail locations
around the nation and many more to open.

At your Doorstep
When we say we are never too far, we mean it. Give us a call, chat with us, or
register online, and we will be at your doorstep for a home eye check-up.
International quality, computerized equipment, certified refractionists - we have
it all to give you the best home eye check-up experience. There are no obligations
to buy.

Try Frames @ Home

Our eyewear specialist, who carries 100 bestselling frames, will visit you for a
home trial. You can try the frames on yourself, choose your favorite, and make a
purchase with the prescription online or on the phone via our trial executive.

5
Lenskart Company & Brand Overview

 Started in 2010 with an aim to provide high-quality eyewear to

millions of Indians at affordable prices, it now sits at a valuation of
$2.5 bn (July’21) & revenue of $120.64 mn (FY21).

 Being an omnichannel brand, customers of Lenskart experience

their products and services using the digital platform of Website,
and Apps and across their 750+ stores, home try-on service, and
telesales.

 They use robotic techniques to deliver glasses that are accurate

to 3 decimal places. This shows that the brand gives high
importance to quality.

 Lenskart boasts of over 5000 styles of eyewear, which is 5 times

more than that of any retailer in India. From big brands like
RayBan and Oakley to their private labels — John Jacobs,
Vincent Chase. Yet, its TAT to deliver the product to the user is
very low as compared to other players.

6
 Chapter-2
Company profile of Lenskart
Today, a third of India's population needs spectacles. The term "need" applies to
the people who have been diagnosed with vision issues, but only about a quarter
of them actually wear spectacles. When we sum up the number of people who
choose to wear glasses as a fashion accessory, the figures are staggering.
Customers in this group are interested in having several pairs of eyeglasses to go
with a range of outfits. Every day in India, over 1.5 million (15 lacs) spectacles
are sold. The industry is highly divided, with mom-and-pop shops dominating.
This eyewear industry has taken a new turn since 2010 when Lenskart was
born.Lenskart is a Faridabad-based optical prescription eyewear retail chain, which
operates as an eCommerce marketplace for prescription power glasses, BLU glasses,
frames, and goggles. Furthermore, Lenskart also focuses on brick and mortar stores.
It has already managed to establish over 80 physical retail stores across India, as of
December 2021. It's Delhi manufacturing facility produces 300,000+ glasses every
month. Lenskart also has a factory in Zhengzhou, China, that handles nearly 20% of
its production of frames. Hailed as the largest eyewear brand in India, the company
is also known as a unicorn prescription eyewear company, which entered the coveted
club of Indian unicorns back in December 2019.

Lenskart is a Faridabad-based optical prescription eyewear retail chain, which

operates as an eCommerce marketplace for prescription power glasses, BLU
glasses, frames, and goggles. Furthermore, Lenskart also focuses on brick and
mortar stores. It has already managed to establish over 80 physical retail stores
across India, as of December 2021. It's Delhi manufacturing facility produces
300,000+ glasses every month. Lenskart also has a factory in Zhengzhou, China,
that handles nearly 20% of its production of frames. Hailed as the largest eyewear
brand in India, the company is also known as a unicorn prescription eyewear
company, which entered the coveted club of Indian unicorns back in December
2019.
If you want to know more about Lenskart, the company, along with some
insights into its Founders and Team, Funding and investors, Mission and vision,
Products and services, Business model, Revenue model, Competitors, Growth,
Future plan, and more, then you've got your destination right. This article from
StartupTalky will give you a complete insight into the Success Story of Lenskart.

7
Lenskart - Company Highlights

Startup Name- lenskart

Legal Name- Lenskart Solutions Private Limited

Headquarters-- Faridabad, Delhi NCR, India

Industry- Prescription Eyewear, E-commerce

Founded- 2010

Founders- Peyush Bansal, Sumeet Kapahi, Amit Chaudhary

CEO- Peyush Bansal

Parent organization- Valyoo Technologies

Funding- $939.7 mn (August 2022)

Revenue -$120.64 mn (Rs 905.3 crore in FY21)

Valuation- $4.32 bn (April 2022)

Area Served- Worldwide

Website- lenskart.com

About Lenskart and How it Works?

Lenskart is a leading e-commerce company that maintains an online optical
store packed with both classic and trendy eyeglasses, lenses and more at
affordable prices. These glasses can be easily ordered online by the customers,
who will get them delivered with many discounts that come and go.

Unlike many other players, Lenskart operates on both an online and offline
distribution platform. Customers can shop online at lenskart.com or in person at
their distinctively built offline store. With the first-of-its-kind ‘Home eye
8
checkup,' Lenskart is revolutionizing the eyewear industry. They use specialized
robots to deliver glasses in Lenskart that are accurate to 3 decimal places.
Lenskart offers 5000+ different models of eyewear and offers free home
delivery with a 14-day replacement guarantee. The company manufactures
everything in the eyewear category, from sunglasses to reading glasses to
contact lenses.
In this sector, there are three success factors: product, quality and portfolio,
delivery time, and after-sales support. The value proposition of the brand is
straightforward, which is to "deliver a high-quality product at a reasonable
price."
Lenskart Membership:-
If you are interested in learning about Lenskart membership, then the company
currently has a Gold Membership that the users can avail of at Rs 600 annually,
with which they would just have to buy 1 product to get another one free.
Lenskart - Industry | Target Market Size:-
The market for eyewear in India has recorded revenues at around $4,427 mn in
2021. With a market volume of $1,985 mn, spectacle lenses have been
occupying the largest segment in the market.

To tap into one such market is profitable indeed when the idea of the operation
is new and backed by able investors like Softbank, Alpha Wave and Ratan Tata.

Lenskart was established with the aim of providing ‘Vision to India.' In line with
this, they recently developed Lenskart Lite, a low-cost franchise model aimed at
upcountry markets, especially tier 3 and 4 markets. The model, which is aimed
at micro-entrepreneurs, needs a Rs 20 lakh investment. The format brings in
about Rs 4-6 lakh per month in revenue. They already have a standard Lenskart
franchise model for the tier-2 markets, with an investment criterion of Rs 35
lakh and estimated monthly revenues of Rs 8-10 lakh.
Lenskart - Name and Logo:-
The company edited the three most widely recognized frame shapes – a square,
a circle, and a triangle – to create slightly more abstract forms, and this is how
the Lenskart logo was created. The font used for the Lenskart logo was
narrowed down to Rajdhani.

9
Lenskart - Founders, Owners and Team:-
Peyush Bansal, Sumeet Kapahi and Amit Chaudhary are the founders of
Lenskart.
Peyush Bansal
Peyush Bansal is the CEO and founder of Valyoo Technologies, which is the
parent company of Lenskart. He is a Delhi boy, it is in Delhi where he studied at
Don Bosco. He aimed to crack the IIT entrance but unfortunately or fortunately
he failed to do so. However, he then chooses to pursue Electrical Engineering at
McGill University. In 2006, he graduated from McGill University in Canada
with a Bachelor's degree in Electrical Engineering — IT, Control, and
Automation. Soon after, the founder of Lenskart landed a job with the US
software giant Microsoft. Peyush worked as a Program Manager for Microsoft
for a year.
When he was working with Microsoft in Seattle, he once met Bill Gates because
Gates used to call the interns of his company at his house on the beach. It was
this meeting that made Bansal realize that Gates has done something huge,
creating Microsoft and that he doesn't want to be a part of his company where
over 50K employees work and want to be an individual distinguished for the
work he does. Besides, he also found out that he was bettering the lives of
people who were already well off. This is why he returned to India to solve the
bigger problem of vision correction and lending vision to all via Lenskart. He
eventually went to pursue his PG in Management at IIM, Bangalore.
Bansal then began to found an array of Indian companies, including John
Jacobs, AQUALENS and Lenskart, under which he founded Lenskart Vision
10
Fund, and Lenskart Plus, all of which focus on the niche of spectacles and
lenses.

During his time at IIM, he founded Valyoo Technologies, which introduced

SearchMyCampus as the first business portal in 2007. It was a student
classifieds platform that included books, part-time work, carpooling, and
internship opportunities in addition to housing. His motto was to help students
with any problem they may have.

Peyush decided to take SearchMyCampus into the e-commerce world because it

was a huge success. While looking for opportunities, he came across the eyewear
market, which was largely ignored by the major e-commerce players, such as
Amazon and eBay. He created Flyrr.com, a website dedicated to the American
eyewear industry.
Flyrr was gaining a lot of momentum, so he decided to try his luck in India and
launched Lenskart in November 2010. This new brand began by only selling
contact lenses, but after a few months, it started adding eyeglasses. Finally, in
March 2011, the company managed to expand its portfolio to include sunglasses,
putting them in the fashion accessory category.

Lenskart Co-founder and CEO Peyush Bansal, is currently serving as one of the
judges (Sharks) in the latest business reality show Shark Tank India. Popularly
dubbed as the "kindest shark" in the show, Bansal is regarded for his cooperative
attitude, encouraging nature, belief in brands, and umpteen motivations that he
extends to the applicants. For instance, in one Shark Tank episode, Peyush
Bansal offered a non-negotiable offer of Rs 25 lakhs for 75%

11
equity and Rs 22 lakhs in debt to Sidharth from Jammu, who was mocked at and
insulted by most other judges. Peyush also encouraged him by pointing out the
similarities between him and Sidharth. In an episode of Shark Tank, Peyush
Bansal himself took the stage and asked for Rs 1 crore investment in his
business for 1% equity from the judges. He repeated the pitch that he pitched in
2010 when he was only 26 years of age, which changed the future of Lenskart.
He recreated the same magic with his Lenskart pitch.
His pitch generated mixed reactions including trolls, counter questions, and
appreciation. However, his pitch undoubtedly thrilled, inspired, and motivated
the Lenskart users, business professionals, present-day entrepreneurs, and
entrepreneurs to be and helped them discover one too many facts about the
brand and the co-founder.

Neha Bansal
Neha Bansal is another co-founder of Lenskart who has previous experience of
serving as a Partner at Vinod Kumar and Associates before she started her role
as a Cofounder at Lenskart. Bansal then became the Founder and Director of
DNS Advisors.
Sumeet Kapahi
Sumeet Kapahi studied at the University of Delhi and is now known as the
cofounder of Lenskart, and the VP Supply at Valyoo Technologies Pvt. Ltd.

Amit Chaudhary
Amit Chaudhary is another co-founder of Lenskart. Chaudhary is an alumnus of
the Birla Institute of Technology, Mesra, from where he completed his BE, in
Information Technology.

12
Lenskart Ownership
Lenskart has a list of owners. The majority of the company's stakes are with
Softbank, which controls 20.12% of the stakes. Next comes Premji Invests,
which has 11.15% of the stakes. 9.55% of the shares are with Kedaara Capital,
while TR Capital owns around 8.28% of the stakes. Lenskart co-founders
Peyush and Neha Bansal control 8.21% and 8.18% of the shares. The other
owners of the company are:

6.59% - UNILAZER
5.36% - International Finance Corporation
5.32% - Steadview Capital
17.24% - Others

13
Lenskart last listed over 5000 employees working with the company in August
2021. The Lenskart number of employees would increase, as per the Lenskart
CEO's statements.
Around 1/3rd of the population needs glasses but only some of them managed to
get access to them. Besides, India is also popular as the blind capital of the world,
which has last recorded nearly 15 million people who are blind. This is the sole
reason why Peyush Bansal decided to found "VALYOO technologies."

As far as the latest revelations via the Shark Tank Peyush Bansal pitch episode,
we now know that when he started with Lenskart back in 2010, he discovered
that around 50% of the masses require spectacles but only 1/4th of them actually
have access to glasses. This is why Bansal sought to revolutionize vision
correction and put glasses on for 50% of the masses. The Lenskart co-founder
aimed to make his company the "Maruti of eyewear".
With Valyoo, the team sought to add add 'valyoo' in the lives of its customers by
cutting off the retailers. This way they decided to set up high-quality
manufacturing units and facilitate direct supplies of products to the consumers

14
around the country. To ensure 100% precision and top quality control, the
company further recognised in-house robotic lens manufacturing and assembly
as the best way. When the company started, Lenskart initially served 30
customers in a day, which soon multiplied to become 3000.
Lenskart - Product and Services:-
Lenskart has over 5000 frames and glasses to choose from, as well as over 45
different types of high-quality lenses. Its product offerings range from -

Eyeglasses
Premium Eyeglasses
Sunglasses
Shape - Wayfarer, Oval, Rounders, Cat Eye
Size- Small, Medium and Large
Brands - Bausch and Lomb, Johnson & Johnson, Alcon
Colour Contact Lenses, and many more.
Lenskart - Business Model:-
Lenskart operates on an inventory-driven business model with a B2C concept,
sourcing equally from India and China. Its in-house stylists and designers keep
up with the latest eyewear trends. The manufacturers are then given these
designs. By controlling the entire supply chain, the company is able to keep
costs down.

Lenskart has also ventured into offline stores via the franchisee model to meet
the masses. It has more than 50 stores in 30 cities to reach 50 by the end of the
year. Lenskart spread out its scope across metro and non-metro areas to achieve
a good balance.
Lenskart currently serves 4000 people a day and plans to increase that number to
200,000 in the coming years. It has a team of nearly 1000 people to assist with
this endeavour, which works across verticals such as manufacturing, eye
technicians, customer care, technology, and logistics, and will continue to
develop as the company grows. Lenskart is currently based on the business model
where the company accepts orders on power glasses after getting the power from
their customers but is now gearing up for testing power for the customers, which

15
will be possible in the upcoming days. Here's a deeper look into the Lenskart
Business model.
Lenskart currently serves 4000 people a day and plans to increase that number to
200,000 in the coming years. It has a team of nearly 1000 people to assist with
this endeavour, which works across verticals such as manufacturing, eye
technicians, customer care, technology, and logistics, and will continue to
develop as the company grows. Lenskart is currently based on the business
model where the company accepts orders on power glasses after getting the
power from their customers but is now gearing up for testing power for the
customers, which will be possible in the upcoming days. Here's a deeper look
into the Lenskart Business model.
Lenskart - Funding and Investors:-
Lenskart previously raised $28.2 mn on June 9, 2022, after which it raised $12.5
mn on August 8, 2022, from Ravi Modi Family Trust. The popular eyewear
startup has allotted 4,79,037 Series I CCPS for consideration for $12.5 Mn (INR
99.9 Cr). This round too is a part of the earlier Series I round of funding under
which Lenskart has already raised around $166 mn in funding.

Lenskart raised $100 mn on April 11, 2022, which was led by Alpha Wave
Incubation (earlier known as Falcon Edge). It then added another $25 mn to the
same (Series I) round on April 27, 2022, which was led by Epiq Capital. The
unicorn eyewear retail chain and eCommerce company raised Rs 190.05 cr from
Epiq in the second tranche of the Series I round by allotting 910,412 Series I
preference shares at an issue price of Rs 2085.52 per share, at a valuation of
$4.32 billion.
The Peyush Bansal-led company recently raised nearly $28.2 mn from Avendus
Future Leaders Fund II on June 9, 2022, which was not a large funding round
that Lenskart last reported. Lenskart has allotted 1,053,882 Series I CCPS for
the consideration of the $28.2 mn in funding. However, this funding might also
be a part of a bigger round that will come in tranches.

Lenskart's previous funding round worth $220 mn came in on July 19, 2021, and
was led by Temasek and Alpha Wave Global. Two other significant rounds that
the company saw before that are the Secondary Market round, where the
company raised $95 mn, and the Series G round funding round led by SoftBank
Vision Fund for $275 Million on December 20, 2019.

16
Lenskart has raised around $939.7 mn of funding to date, as of August 8, 2022
in over 13 rounds of funding it has witnessed.
The funding and investor details of Lenskart are as follows-

17
Lenskart - Acquisitions
Lenskart acquired DailyJoy on April 27, 2021, which was the only acquisition
of the company until it picked up a majority stake in Owndays, a direct-
toconsumer (D2C) eyewear brand from Japan on June 30, 2022. The Owndays
acquisition will help expand Lenskart's presence to 13+ markets in Asia,
including Japan. Owndays will continue to operate as a separate company after
the deal, whereas the cofounders of Owndays, Shuji Tanaka (CEO) and Take
Umiyam (COO), would continue to hold the shares of their founding company
and also lead the management team of Owndays. According to the deal,
Owndays shareholders - L Catterton Asia, Principal Investments, and Mitsui &
Co., will sell their stakes to Lenskart.
Lenskart - Revenue and Growth:-
The Lenskart operating revenues witnessed less than 1% growth, which was Rs
900.2 crore in FY20 and became Rs 905.3 crore during FY21.
Lenskart Revenue Breakdown:-
The sale of Lenskart products via physical stores and online apps/websites is the
largest revenue driver for the brand, which was responsible for contributing
94.5% of the revenue. This revenue stream remained relatively flat from Rs
851.2 crore in FY20 to stand at Rs 855.7 crore during FY21. Another 4.6% of the
operating revenue of the company was contributed by the recurring revenue

18
generated from its subscription fees, which grew by around 11% from Rs 37.2
crore in FY20 to Rs 41.24 crore during FY21. Lenskart added another Rs 8.4
crore by providing ancillary services that included eye checkups and more in
FY21. The Lenskart operating revenues stood at Rs 905.3 crore in FY21, which
grew by less than 1% from Rs 900.2 crore in FY20.

It's worth noting that, in FY2019, Lenskart Solutions only had two stores in
Singapore, but it now expects to lead the market and gain around $30 million
(INR 217 crore) in revenue.
Lenskart's expenses, however, grew by around 3.7% from Rs 963.14 crore in
FY20 to Rs 998.80 crore in FY21, where the raw materials and spares used for
the production of the eyewear products, are the largest cost centre for the same
in FY21.

If we go by the unit level, Lenskart earned a single rupee of revenue by

spending Rs 1.1 during FY21. In terms of profit and loss, Lenskart registered a
rise of 4.6X in profits, which now stands at Rs 28.92 crore in FY21 and was
reported to be around Rs 6.32 crore during the previous fiscal.

Some important growth highlights of Lenskart can be summed up as:

19
 • Lenskart is currently recognized as one of the top 3 optical businesses in
India
• Lenskart serves 10 million customers
• The company reaches out to over 1,00,000 customers a month
• Lenskart is spread over 235 cities in India
• It has seen a growth of over 200% in the last 2 years
• Lenskart boasts of having over 5000 styles of eyewear, which is 5X more
than that of any retailer in India.
Lenskart subsidiary Neso Brands:-
Neso Brands, a subsidiary of Lenskart, is a Singapore-based global eyewear
brand founded in 2022 to empower the DTC brands and help them turn into
brands of the future. Lenskart's D2C venture was registered as Neso Brands
which was waiting for some funds.

Neso Brands raised $100 mn in funding in one of the largest seed rounds raised
by any startup, as announced on May 16, 2022. With huge investors like Alpha
Wave, Temasek, Softbank, and more, Neso Brands aims to partner and invest
in consumer eyewear brands and help them grow by leveraging synergies
across the Lenskart Group. Along with the announcement of the fundraising,
Neso Brands also declared the appointment of Bjorn Bergstrom as the
company's new CEO. Bergstrom was previously the Chief Growth Officer and
the Interim Chief Product and Technology Officer at NA-KD, a Sweden-based
fashion brand.
Lenskart – Competitors:-
Lenskart is up against both offline and online competitors that include:

• GKB Opticals
• Coolwinks
• Specsmakers
• Deals4Opticals
• Lensbazaar
• Vision Express
• Titan Eyeplus
Lenskart - Challenges Faced:-
The most difficult task Lenskart faced was persuading consumers to use the online
store as a substitute for traditional shopping. The business needed to shift people's

20
preconceived notions about eyewear and instil trust in them that they offer high-
quality goods at lower prices than their brick-and-mortar competitors.

Lenskart's offline shops, desktop platforms, and smartphone apps all performed
admirably. However, as opposed to their other sites, the mobile website converted the
fewest visitors into customers. As a result, the client used that touchpoint to guide
consumers to download their mobile apps as a stopgap solution before they could
devote the resources needed to fully redesign the website.
Lenskart - Future Plans:-
Lenskart India's vision, "Vision to India," aims to reach the masses by developing a
low-cost franchise model. Lenskart Lite is a model that will help them introduce the
framework in Tier 3 and 4 cities, as well as expand their presence in Tier 2 cities. It
also introduced regular contact lenses that can be quickly discarded. Lenskart's goal is
to provide affordable and simple eyewear solutions with the aid of their Aqualens
product. It would be extremely affordable to the daily masses who want both trends
and costs at just Rs.40 per day.

The main aim of Lenskart India is to close the distance between selected and
unselected lenses, and the company expects to open more than 500 stores in the next
two years. It aims to have 2,000 stores open by the end of the next five years.

Awards & Recognition

• Lenskart’s e-mail marketing campaign was included in the "honorable mention" in

the"Create and Design - E-commerce" category at Marketing Sherpa Email Awards
2014

• Peyush Bansal, Founder & CEO; Lenskart.com was one of the most searched
businessmenof the year in 2014

• Valyoo Technologies won The Red Herring Top 100 Asia Award 2012

20
 Chapter-3
Analysing The Growth Strategy Of
Lensekart
Lenskart offers over 5000 frames and glasses and more than 45
different kinds of high-quality lenses. The company follows an
inventory-led business model wherein equal sourcing is done from
India and China. Lenskart has its own team of designers and stylists
that keep a tab on the latest trends in the eyewear department, the
designs made by the team are then passed down to the manufacturers.

In order to reach the masses, they have also ventured into offline stores through
the franchises model. Lenskart currently has 500 stores across more than 66
cities, including in tier II and tier III locations such as Agartala, Tirupati,
Siliguri, Raipur, Haridwar and Varanasi, among others. They have balanced the
reach by spreading out across metro and non-metro locations and are currently
serving more than 4000 people in a day and looking at scaling it up to 200,000
people in the coming years.
There are 4 success factors in this industry that are quality of the product, the
product portfolio, the delivery time, and lastly the sales service. Lenskart has a
good value proposition that provides high-quality products at an affordable price.
They also have a team of 1000+ employees who operate on manufacturing, eye
technicians, custom service, technology, and logistics which further expand as
the growing demands.

The Omni Channel Method:-

Lenskart started off as an online business, but when they understood that the
Indian customers prefer to touch and feel the product before buying a high
21
Lenkart is known to give bundled offers like buying two at the cost of one or
cross offers like giving the first frame for free, real-time offers, personalized
recommendations, email coupons, etc. Lenskart has expanded to 80 cities which
are based on the franchise business model in which 35% of all revenue is shared
with the franchisee and an annual fee of 2, 00,000 lakhs.

Lenskart Funding:-
Lenskart has raised a total of $554.6 million in funding over 10 rounds. Their
latest funding was raised on May 16, 2021, from a Secondary Market round.
The company is funded by 15 investors - Kohlberg Kravis Roberts, Temasek
Holdings, SoftBank Vision Fund, Kedaara, Chiratae Ventures, T&R, Unilazer,
IFC, TPG, Adveq, IDG Ventures. Lenskart has four investments and their most
recent investment was on 13th October 2020 when Tango Eye and Ditto valued
at $500k each.

The total funding of Lenskart is $554.6 million which are:

• October 2011 raised $4 million in series A.

• December 2012 raised $10 million in series B.
• January 2015 raised $21.9 million in series C.
• May 2016 raised $60.1 million in series D.

22
 • September 2016 raised $2 billion in series E.
• January 2017 raised $240 million in a Secondary Market round.
• September 2019 raised $55 million in series F.
• December 2019 raised $275 million in Series G.
• May 2021 raised $95 million in the Secondary Market round.
Growth Drivers for Lenskart:-

• “The first frame is free” offer - where customers will pay for only the lens
on their first purchase. A good strategy to attract first-time buyers.
• “Try at home” – where customers can choose a maximum of 5 frames and
try them at home before making a final purchase. This has led to more
sampling by customers.
• Eye checkups by optometrists at home across cities have been introduced.
• They have been doing 1500 checkups a day and have a conversion of
50%.
• Innovation use of technology – developed a 3D facial visualizer where
customers can see how the frames will look on them.

Growth Framework:-
• Charting a framework that segments areas of growth (online sales in our
case) in buckets as shown below gives us a birds eye view and lets us
focus on a singular objective.
• For the nature of this case and limitations of public information around
Lenskart’s financials, my focus areas were organic growth involving
existing products. Going with any other bucket would have involved a lot
of assumptions.
• One of the focus areas under this is increasing the average order value
(AOV) of every purchase within the existing product catalogue.

23
The other one is on improving the Desirability of the brand (by building
smart & seamless product journeys) leading to an increase in transaction
volume.

24
These 2 growth areas would act as anchors to our overarching objective of doubling
online sales.

Growth Strategy

Positioning

Fashion Accessories [E-commerce]

• Playing a role in “wardrobing” — having the right pair of frames and

lenses for the right situation and occasion, whether the office, the gym
or a party.

• Consumers will own multiple pairs to suit their different lifestyles

• Can be clubbed with the user’s purchase journey of mainstream
fashion apparel

Positioning Statement

“For individuals who seek trending designs in eyewear solutions, Lenskart is the

leading online retailer that delivers a wide and fresh product portfolio, so they
can experience a perfect blend of comfort, convenience and style at an

affordable price because of Lenskart’s history of innovating in products & end-

toend shopping experience”

Target Segment

Capitalizing on Lenskart’s existing image as a cool & trendy eyewear brand

makes more sense to target Millennials (in urban & semi-urban markets).
They desire to look fashionable among their social circles, discuss likes &
interests openly and are comfortable in making frequent online purchases
25
with their increasing disposable income. Focussing on them would help
build a whole community around eyewear fashion as they’d help in
influencing & bringing in new customers for the industry.

Key market features

• Ability to constantly provide variability to the customer in terms of

product designs [Trending designs]

• App design & layout to resemble Lenskart’s trendy brand [Cleaner UI

and seamless UX]

• Being a trendsetter in innovative tech to constantly enrich users’

shopping experience.

Competitive Analysis of Lenskart:-

Lenskart's competitors include both online and offline players. Even traditional
retailers who specialize in eyewear are the competitors of Lenskart.
Competition is clearly heating up in this space with players like GKB, Lawrence
and Mayo, Titan Eye Plus, Bausch and Lomb, Vision express, Specsmakers,
Coolwinks, Deals4Opticals. Some manufactures like Ray-Ban, Essilor have their
own online stores.

26
Lenskart faces competition from e-commerce marketplaces like Amazon,
Flip kart, Paytm Mall, Snap deal which sell eyewear and impact its
business directly. With a market size of Rs. 18000-20000 crore, organized
players account for barely 9-10% of the market. The brands compete with a
vast variety of low-priced products available offline and online so the
challenge is to steer customers away from local opticians and keep them
loyal.

Findings

• After expert’s (doctor’s) recommendation, Fit, Price & Style are

found to be the primary drivers of purchase decisions in shopping
for Eyewear

Factors influencing purchase behaviour in prescription eyewear

• The layout of the website is very important to users. A messy

layout suggests a cheap product; users found those websites
“untrustworthy”

27
• Users want to see their favourite models wearing the styles so they
can imagine themselves wearing the style

• 50% of consumers believe the eyeglass shopping experience

would be improved by clear and upfront costs and good frame
selection.

• Users want highly detailed features (i.e. bridge sizes) so they know
the exact fit

• 60% of customers have never taken advantage of deals when

purchasing eyeglasses/ sunglasses. Rest 40% went after BOGO
offers

• User Persona Research

• The most fundamental purpose of a user persona is to serve as a
guideline and inspiration to design the product keeping a particular
demographic cohort in mind. All the information pertaining to the
users’ psychological state, lifestyle, behaviours and interests,
makes it possible to conceptualize what the product should be
doing and how it will be consumed. This exercise also helps in
prioritizing features not just on hunch, but on market feedback.
• For Lenskart, through secondary research on online trends and a
few user interviews, I could identify three user personas —
fashionista, the geek, and the veteran. Below is a summary of their
goals and pain points.

28
Data Analysis and Interpretation
01: Features will be important in choosing your new glassesTable:01
Features will be important in choosing your No of Percentag
newglasses Responden e(%)
tsN= 50
Frames 08 16
Durability 12 24
Brand 10 20
Lens Thickness 08 16
Fashion/Trends 12 24
Others 00 00
Total 50 100

Chart:01

29
Interpretation:
In Table 1 and Figure 1, 24% of the respondents agreed that they will check
durability andfashion/ before purchasing new glasses from Lenskart.

02: Type of optical glasses purchase do you prefers:

Table:02

Type of optical glasses purchase do you No of Percentag

prefers Responden e(%)
tsN= 50
Online 09 18
Offline 21 42
Both 20 40
Total 50 100

30
Chart:02

Interpretation:
In Table 2and Figure 2,18% of the respondents prefer online, 42% of the
respondents prefer offlineshopping method where as 40% of the respondents refer
both of the purchase method.

31
03: Satisfaction with the features of the Lenskart
Table:03
Are you satisfied with the features of No of Percentage
theLenskart Responden (%)
tsN= 50
Agree 23 46
Strongly agree 24 48
Neutral 04 08
Disagree 00 00
Strongly disagree 02 04
Total 50 100

Chart:03

Interpretation:
In Table 3 and Figure 3, 48% of the respondents strongly agree that they are
32
 satisfied with featuresof Lenskart.

04: Frames and lenses fit as per the respondent’s tasteTable:

04
Frames and lenses fit as per the No of Percentage
respondent’staste: Responden (%)
tsN= 50
Agree 28 56
Strongly agree 14 28
Neutral 08 16
Disagree 00 00
Strongly disagree 00 00
Total 50 100

Chart: 04

Interpretation:
In Table 4 and Figure 4, 56 % of the respondents strongly agree that taste fit as pet
33
 the lenses andframes.

05: Factors influence you to buy Lenskart

Table: 05
The factors influence you to buy Lenskart No of Percentage
Responden (%)
tsN= 50
Price 13 26
Quality 26 52
Offers 09 18
Warranty 04 08
Others 00 00
Total 50 100

Chart: 05

Interpretation:
In Table 5 and Figure 5, 52 % of the respondents strongly agree that price was the
factor thatinfluence them to buy Lenskart.

34
06: Experience with Lenskart about the quality of customer service received.Table:
06
The experience with Lenskart about the No of Percentage
qualityof customer service received. Responden (%)
tsN= 50
Very poor 01 02
Poor 00 00
Average 17 34
Satisfactory 27 54
Brilliant 05 10
Total 50 100

Chart: 06

Interpretation:
In Table 6 and Figure 6, 54% of the respondents agree that they are satisfied with
the quality ofcustomer service of Lenskart.
35
07: The level of satisfaction about the brand.
Table: 07
the level of satisfaction about the brand. No of Percentage
Responden (%)
tsN= 50
Highly satisfied 31 62%
Satisfied 16 32%
Neutral 03 06%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 07:

Interpretation:
In Table 7 and Figure 7, 62 % of the respondents agree that they are highly

36
 satisfied with thebrand.

08: The level of satisfaction about the lens thickness.

Table: 08
the level of satisfaction about the lens No of Percentage
thickness. Responden (%)
tsN= 50
Highly satisfied 15 30%
Satisfied 30 60%
Neutral 05 10%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 08:

Interpretation:
In Table 8 and Figure 8, 60 % of the respondents agree that they are highly satisfied
with the lensthickness of Lenskart.

37
09: The level of satisfaction about the frame colour.
Table: 09
the level of satisfaction about the frame No of Percentage
colour. Responden (%)
tsN= 50
Highly satisfied 22 44%
Satisfied 19 38%
Neutral 09 18%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 09:

Interpretation:
In Table 9 and Figure 9, 44% of the respondents agree that they are highly
satisfied with theframe colour of Lenskart.

38
10: The source of awareness about the Lenskart.
Table:10
The source of awareness about the No of Percentage
Lenskart Responden (%)
tsN= 50
Friends 19 38%
Relatives 14 28%
Colleagues 12 24%
Social Media 07 14%
Advertising 08 16%
Total 50 100

Chart:10

Interpretation:
In Table 10 and Figure 10, 38% of the respondents agree that they got to know
about lenskartthrough friends, 28% of them got to be aware by relatives.
39
11: The lenskart’s rate on the basis of value of money.Table:11
The lenskart’s rate on the basis of No of Percentage
value ofmoney Responden (%)
tsN= 50
Above expectation 34 68%
Below expectation 02 04%
As per expectation 14 28%
Total 50 100

Chart:11

Interpretation:

In Table 11 and Figure 11, 68% of the respondents agree that experience of
Lenskart in order forvalue of money is above their expectation.
40
12: The ordering process of your most recent order placed with Lenskart.Table:
12
The ordering process of your most recent No of Percentage
orderplaced with Lenskart. Responden (%)
tsN= 50
Very poor 01 02%
Poor 03 06%
Average 11 22%
Satisfactory 27 54%
Brilliant 08 16%
Total 50 100

Chart:12

Interpretation:
In Table 12 and Figure 12, 54% of the respondents agree that experience of
lenskart in orderingprocess of the last order was satisfactory

13: Satisfactory level of the skill and professionalism of the workforce thatcarries out
the work.

41
 Table: 13

Satisfactory level of the skill and No of Percentage

professionalismof the workforce that Responden (%)
carries out the work tsN= 50
Highly satisfied 20 40%
Satisfied 18 36%
Neutral 12 24%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 13

Interpretation:
In Table 13 and Figure 13, 40% of the respondents agree that they are highly
Satisfied with theskill and professionalism of the workforce that carries out the
work.

42
14: Worth to buy glasses from Lenskart.
Table:14
Worth to buy glasses from Lenskart No of Percentage
Responden (%)
tsN= 50
Yes 48 96%
No 02 04%
Total 50 100

Chart:14

Interpretation:
In Table 14 and Figure 14, 96% of the respondents agree that its really worth to buy
glasses from Lenskart

43
15: The Lenskart services which are really done well.

Table:
The Lenskart services which are really No of Percentage
donewell. Responden (%)
tsN= 50
Assistance with eye power/prescription 07 14%
relatedqueries/issues
Knowledge of products and services 13 26%
Assistance with discounts and offers 08 16%
Time taken to resolve query\issue 16 32%
Ability to understand questions /queries 02 04%
Professionalism and courteous of agent. 04 08%
Total 50 100

Chart:15

Interpretation:
In Table 15 and Figure 15, 32% of the respondents agree that the time taken to
resolve query orissue is done well by Lenskart.

44
16: The convince with the procedure at the time of purchasing Lenskart
products.
Table: 16

The convince with the procedure at the No of Percentage

time ofpurchasing Lenskart Responden (%)
products tsN= 50
Agree 17 34%
Strongly agree 13 26%
Neutral 15 30%
Disagree 05 10%
Strongly disagree 00 00%
Total 50 100

Chart: 16

Interpretation:
In Table 16 and Figure 16, 34% of the respondents agree that the convince with
the procedure atthe time of purchasing Lenskart products.

17: The staff delivers appropriate service to the customers.Table:

17
The staff delivers appropriate service to No of Percentage
thecustomers. Responden (%)
tsN= 50
Excellent 21 52%
45
 Good 28 56%
Neutral 01 02%
Average 00 00%
Below average 00 00%
Total 50 100

Chart: 17

Interpretation:
In Table 17 and Figure 17, 56% of the respondents agree that the quality of the
service deliveredby the staff is excellent to the customers.

18: The scale to repurchase the product at Lenskart

Table: 18
The scale to repurchase the product at No of Percentage
lenskart Responden (%)
tsN= 50
Agree 37 74%
Strongly agree 05 10%
Neutral 08 16%
Disagree 00 00%
Strongly disagree 00 00%
Total 50 100
46
 Chart: 18

Interpretation:
In Table 18 and Figure 18, 74% of the respondents agree that they would like to
repurchase theproduct from Lenskart.

19: Recommendation of the product to others.

Table:
Recommendation of the product to others. No of Percentage
Responden (%)
tsN= 50
Yes 47 94%
No 03 06%
Total 50 100

47
 Chart 19:

Interpretation:
In Table 19 and Figure 19, 94% of the respondents agree that they would like to
recommendlenskart product to others.

20: The satisfactory level with the overall quality of work carried out.Table:
20
The satisfactory level with the overall No of Percentage
quality ofwork carried out Responden (%)
tsN= 50
Very poor 00 02
Poor 05 00
48
 Average 17 34
Satisfactory 18 54
Brilliant 10 10
Total 50 100

Chart: 20

Interpretation:
In Table 20 and Figure 20, 54% of the respondents agree that they would like
to recommend lenskart product to others.

49
 Chapter-4.
4p’s InMarketing Mix
Lenskart Product Strategy:
The product strategy and mix in Lenskart marketing strategy can be explained
as follows:
Lenskart is a leading Indian ecommerce website specialising in eye-wear &
eyecare products. Lenskart through its online and offline stores sells
customized made to order spectacles, contact lenses and sunglasses as a part of
its marketing mix strategy for men and women of all age brackets. Some of the
popular brands include Ray Ban, Bausch and Lomb, Tag Heuer, Johnson and
Johnson, Spirit, Fastrack to name a few. Single, bivision, bifocal or progressive
spectacles and sunglasses can be made as per requirement simply by presenting
the prescription. Lenskart offers a one year warranty on its products and offers
glasses in three types- small, medium and large. Because it is common for
spectacle users to own more than a pair of glasses, Lenskart captures this
sentiment by positioning glasses as a statement fashion piece more than as an
item that customers need for their daily usage. Lenskart also sells other
accessories related to eye wear and care like spray solutions, contact lenses
solutions, wiping clothes, lenses case, eye wear stands and so on.
Lenskart Price/Pricing Strategy:
Below is the pricing strategy in Lenskart marketing
strategy:
To meet the demands of all existing income brackets in the market who are
willing to afford the purchase of eye wear online or through physical stores,
Lenskart offers value based pricing, in which products are priced depending on
the value they offer to the customers.
Products are available in value, or premium segment depending upon what is
the requirement of the user looking for the product. Since a lot of marginal
costs in the supply chain get surpassed when the store delivers to the customers
directly, a number of costs are cut down leading to a reduction in the prices of
spectacles by as much as 50%. Lenskart also offers a no questions asked
return policy, yet it has the lowest return rates in the industry accounting to
about 4%. Lenskart Place & Distribution Strategy:
Following is the distribution strategy in the Lenskart marketing
mix:
50
Lenskart, being an online brand, can be accessed everywhere. Predominantly,
an online store, over the past few years as part of its expansion policy in India, it
has expanded itself to a number of cities across the Indian subcontinent. 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.

Through the offline medium, they have expanded their reach by setting
up stores in more than 66 cities across India including tier I and tier II
cities like Agartala, Tirupathi, Siliguri, Raipur, Haridwar and Varanasi.

Lenskart Promotion & Advertising

Strategy:
The promotional and advertising strategy in the Lenskart marketing
strategy is as follows:
To keep the brand alive in the minds of the consumer, Lenskart
extensively promotes itself through Social media and offers 24x7 helpline
service to meet the best customer service requirements. Lenskart also
engages in email marketing like the initiative that they took up in
collaboration with netCore which specialises in email based marketing.
They have a range of schemes which make them extremely popular with
the users. Some of them are:

• 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.
Since this is a service marketing brand, here are the other three Ps to
make it the
7Ps marketing mix of Lenskart.

51
People:
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.
Physical Evidence:
Lenskart manifests itself as brand with high recall that has online stores as well
as offline stores. The logo is identifiable with customers of the young
generation. With Purab Kohli as the brand ambassador, they launched several
advertisement campaigns in an attempt to tap on the young market looking for
trendy eye wear. Hence this concludes the Lenskart marketing mix.

Process:
The Lenskart brand provides access to sophisticated technology that uses the
robotic technique to deliver micro-precision glasses with errors correct up to
0.00 degree. They import machines from a US based company called Welch
Allyn, which produces sophisticated machines which have the capability to
detect flaws in eyesight of a three-month baby as well.

52
 Chapter- 5
Conclusion or Suggestion

SUGGESTIONS:

• The fear of purchasing online by using a credit card would be reduced if

the companies and different banks collaborate and the banks maintain
online accounts directly.
• To boost the confidence of the existing and new online shoppers, the
government should provide adequate legal frame works to ensure
strengthen measures are taken against people who indulge in online fraud
• Most of the people other than students are not having awareness about
online shopping; the website merchant should take steps to create
awareness among the public.
• The online seller has to take maximum effort to offer the products with
competitive price because the price of the product plays a big role in
purchase decision.
• The online shopping website must be made known to consumers through
different methods of advertisements.
• The customers prefer the cash on delivery to make payment for their
lenskart shopping but some of the products are not coming with cash on
delivery option. To improve the effectiveness of online shopping this issue
must be addressed.
• Considerable number of respondents facing some problems while
shopping in online. This problem should be carefully observed, analysed
an settled.

CONCLUSION: The internet is “anytime, anywhere” media and the expanding

power of the internet has brought forth a new generation of interaction platform
between humans and computers. The current technological development with
respect to the internet has given rise to a new marketing system. The study
brought to the fact that most of the online shoppers are students and educated
people who have a positive perception towards online shopping, Risk
perceptions particularly concerns about online security, are deterring many
people from lenskart online shoppi

53
 Chapter-6
BIBLIOGRAPHY
REFERENCES FROM BOOKS

Gupta, S.P., Statistical Methods,Sultan Chand & Sons

Publisher, Third Edition,2011
Kothari,C.R., Research methodology-Methods & Techinques, New
Delhi, age International (P) Ltd., Publisher, Second edition,2009
Varma Agarwal., Marketing research, Forward Book Dept ,
2010.
Kotler Philip., Marketing Management, PHI Pvt.Ltd., New
Delhi, 2009

Websites:-

• www.lenskart.com
• www.bootcamp.com
• www.arno.unimass.nl/show.cgi?fid:2720
• www.study.com

54