INTEGRATED MBA-5YEAR Program

(School of management Studies)

TOPIC
LENSKART
(Individual Report)

SUBJECT:
Introduction E-commerce Business

Submitted To:
Professor Manjo Padaiyachi
NAME:- SOLANKI JAINAM
ROLLNO:- 68
GROUP NO:- 12
 Company Overview:

Company Background: Lenskart is an Indian eyewear retailer founded in 2010 by Piyush Bansal.
It quickly became a major player in the industry by offering a wide range of eyeglasses and
sunglasses online. Lenskart's innovative virtual try-on technology and home trial service set it
apart, allowing customers to try glasses before purchase. Over the years, the company
expanded its offerings to include contact lenses and its own line of prescription eyewear.
Lenskart's blend of online and offline retail channels, along with notable investments, fueled its
rapid growth and established it as a dominant player in the Indian eyewear market.

Core business: Lenskart is an eyewear company that sells eyeglasses, sunglasses, and contact
lenses. Lenskart is Asia's largest eyewear company, with more than 1,500 stores in 175 cities
across India, Singapore, and Dubai. The company's primary source of revenue is the sale of
eyewear products. Lenskart offers over 5,000 styles, including prescription specs, sunglasses,
contact lenses, specs frames, reading glasses, blue-light glasses, and other eye accessories.
 Market Analysis:
Target market

Lenskart's primary engaged audience falls within the age brackets of 18-24 and 25-34.The 18-24
age group constitutes the largest consumer base, making up approximately 38.74% of the
audience.Approximately 35.96% of their audience falls within the age group of 25-34. This
suggests that millennials and GenZ are their primary clientele.The age group of 35-44
constitutes 12.01% of Lenskart's consumer base, and they are the leading contributors to
engagement.Regarding gender demographics, the majority, comprising 62.30%, are male, with
the remaining 37.70% being female consumers.

Market Size & Growth:

Lenskart is an eyewear retailer that has seen a growth in revenue from 3 billion rupees in 2018
to 15 billion rupees in 2022. The company has over 100,000 customers per month and books
around 50,000 orders per day. Lenskart has developed strategic partnerships with key players
in the eyewear industry. Lenskart is ranked 7th in the care products market in India, with over
US$75 million in 2023. This accounts for 0.0–5.0% of eCommerce net sales in this category.

Lenskart is planning to expand into tier 2 markets like Jaipur, Pune, Chandigarh, and Cochin,
where it has seen good responses. The company is also focusing on the Middle East and
Southeast Asia, where it has a controlling stake in the Japanese eyewear brand Owndays

Competitor Landscape:

The key competitors include titan Eyeplus, Coolwinks, Specsmakers:

Titan Eyeplus: Titan Eyeplus is a subsidiary of Titan Company Limited, a prominent Indian
conglomerate. It offers a wide range of eyewear products, titan Eyeplus has a significant
presence in both online and offline channels. Coolwinks . The company focuses on providing
affordable eyewear options to customers through frequent discounts and
promotions.Specsmakers: Specsmakers is a Chennai-based eyewear company that operates
both online and offline stores. It specializes in offering affordable eyewear solutions, including
prescription glasses, sunglasses, and frames.

Lenskart uses innovative technology to enhance the customer experience. Its virtual try-on
feature allows customers to see how different frames will look on their face, making it easier
for them to find the perfect pair of glasses
 Business Strategy:
• Value Proposition:
Affordable pricing: Lenskart provides high-quality eyewear at affordable prices, making it
accessible to a broader customer base.

Variety and style: The company offers a wide range of eyewear products, including numerous
designs, materials, and lens options.

Convenience: Lenskart’s online platform, home try-on service, and physical stores make
purchasing eyewear easy and convenient.

Quality: The company maintains strict quality control measures, ensuring that its products meet
the highest standards.

Customer service: Lenskart’s customer support is responsive and proactive, addressing

customer concerns and queries promptly.

• Marketing & Sales:

Lenskart is an online eyewear retailer that uses a multi-channel digital marketing strategy to
promote its products and attract new customers

Google adsLenskart uses Google ads to target keywords like "eyeglasses", "sunglasses", and
"glasses".

Social mediaLenskart uses social media platforms like YouTube, Facebook, and Instagram to
promote its business.

Email marketing:Lenskart uses email marketing to increase website traffic, online sales, and
brand awareness.

Partner with influencers;Lenskart partners with fashion influencers, celebrities, and other
brands to expand its reach and enhance its image.

Personalized promotionsLenskart uses personalized promotions to drive online sales.

Lenskart also uses advertising campaigns, discounts, and free home trials to alleviate concerns
associated with online eyewear purchases. The company has a 30% market share in the
eyewear industry.
• Partnerships:
Lenskart is an Indian eyewear retailer that sells a wide range of products, including eyeglasses,
sunglasses, contact lenses, and accessories. The company has a strong online presence and also
operates a network of offline stores across India. Lenskart has partnered with a number of
ecommerce platforms to sell its products, including Nykaa, Myntra, Amazon and Tata Cliq.
These partnerships have helped Lenskart to reach a wider audience and strengthen its online
presence.
 Technology Platform:

● Technological Infrastructure:

• E-commerce platform for online operations

• CRM system for managing customer interactions
• Data analytics tools for insights
• Virtual try-on technology for AR/VR
• Inventory and supply chain management software
• Marketing automation tools Hardware:

• Servers and data centers

• POS systems for brick-and-mortar stores
• AR/VR devices
• Network infrastructure

• E-commerce Platform:
Lenskart.com is an e-commerce portal that sells eyeglasses, sunglasses, and contact lenses. It is
considered the leading e-commerce portal for eyewear in India. Lenskart has partnered with
ecommerce platforms like Nykaa, Myntra, and Tata Cliq to strengthen its online presence

• Digital Tools:
Lenskart leverages mobile technologies through its app, offering features like virtual try-on and
easy payments for seamless shopping. It optimizes its website and app for mobile devices,
ensuring usability. Utilizing cloud services, Lenskart manages data efficiently and hosts its digital
services for reliability and scalability. Additionally, it employs virtual try-on tech, data analytics,
and CRM tools to enhance customer experience and drive sales.
 Payment Gateways
• Payment Options:
Like all e-commerce companies Lenskart provide all the Digital Payment Options vis-a-vis Credit
Card, Debit Card, Net Banking, UPI QR, PhonePe, GooglePay, PayTM, etc to their customers,
and additionally, they also support Cash-on-Delivery option which is a must for any ecommerce
company in India.

Lenskart has several security measures in place to protect customer data and financial
information, including:

Security Measures: Secure Sockets Layer (SSL) software: Encrypts information entered by
customers

OTPs: Customers are prompted to enter an OTP before taking prescriptions or uploading eye
test results online or offline

Authentication: Records are retrieved via authentication

Physical, electronic, and procedural safeguards: Comply with relevant laws in the United Arab
Emirates

• User Experience:
User experience (UX) is the overall experience a user has when interacting with a website or
digital product. UX takes into account factors such as ease of use, visual appeal, effective
interaction, and the overall satisfaction of the user. Lenskart uses research methods to analyze
customer behavior, preferences, and decision-making processes, and uses technology such as
AI and augmented reality to improve the overall customer experience. For example, Lenskart
allows users to try on glasses in a 3D virtual space using their phone cameras
 Legal and Regulatory Environment

• E-commerce Framework:
In India, e-commerce activities are governed by various laws and regulations, including the
Information Technology Act, 2000, which provides legal recognition for electronic transactions
and governs issues such as electronic contracts and digital signatures. Additionally, the
Consumer Protection Act, 2019, regulates e-commerce transactions to protect consumers'
rights and interests, including provisions related to product liability, unfair trade practices, and
consumer grievances.

• Licensing & Approvals:

While there are no specific licenses required solely for operating an e-commerce platform like
Lenskart, certain regulations may apply depending on the nature of the business activities. For
example, Lenskart may need to comply with taxation laws, including Goods and Services Tax
(GST) regulations, as well as any applicable state-specific regulations related to business
registration and compliance.

• Legal Challenges:
Lenskart, like other e-commerce companies operating in India, may face regulatory challenges
related to compliance with various laws and regulations governing e-commerce operations.
This could include challenges related to data protection and privacy compliance, consumer
protection laws, intellectual property rights, and competition regulations. Additionally, changes
in regulations or legal interpretations may pose ongoing compliance hurdles for Lenskart's
ebusiness operations.
 Operational Model:

• Logistics & Supply Chain:

Lenskart has a strong supply chain and logistics support, including a warehouse management
system (WMS), an order management system (OMS), and an inventory management system
(IMS). These systems cater to manufacturing operations, interface with partners and vendors,
and provide a single source of truth for all orders. The systems also include put-away and
picking systems that use algorithms and automation to minimize hassle

• Technology Integration:
Lenskart employs automation to streamline tasks like order processing, inventory management,
and customer service, reducing manual effort and errors. Utilizing AI, Lenskart delivers
personalized recommendations, predictive analytics, and fraud detection, enhancing customer
experiences. Additionally, IoT devices and sensors track inventory, monitor shipments, and
optimize warehouse management, enabling real-time data collection for improved
decisionmaking and operational visibility throughout Lenskart's supply chain and logistics
operations.
 Financial Overview
• Financial Performance:
Lenskart India reported revenue of INR 967 Cr in FY2020, with a profit of INR 18 CrThe
company earned about INR 884 Cr from its sales in India, while INR 9.3 Cr came from intl
marketIt expects to lead the Singapore market by the end of 2021 and earn about $30 Mn (INR
217 Cr) in revenue

• Funding Sources:
Lenskart has 42 institutional investors, including SoftBank Vision Fund, Unilazer Ventures, TPG,
ChrysCapital, and Abu Dhabi Investment Authority. In June 2023, ChrysCapital invested $100
million in Lenskart, bringing the total capital to almost $850 million in the last year. Lenskart
also has 9 angel investors, including Kris Gopalakrishnan. Lenskart's primary source of revenue
is the sale of eyewear products, such as frames, lenses, sunglasses, and contact lenses

• Future Outlook:
Lenskart's future likely involves expanding its online and offline presence, investing in
technology for improved operations, and diversifying its product offerings. Customer
experience enhancements, strategic partnerships, and acquisitions may also be priorities. The
company's financial projections and investment plans are expected to align with its goal of
maintaining leadership in the e-commerce sector while adapting to market dynamics and
consumer demands.
 SWOT analysis

STRENGTH
• No big Competitor
• Advanced and patented technology usage
• Strong presence in the e-commerce business
• Strong brand portfolio
• Strong identify & brand image
• Trendy store layout
• High quality products WEAKNESS
• Indian public is still not open to purchase eye-gear online
OPPORTUNITY
• Expansion in new markets: international markets
• Development of new concepts
• Increasing online sales THREATS
• Competitive or fluctuated e-commerce
• Change in government regulations
• Product prices may be too high for certain demographic groups to afford
 Future Prospects and Expansion Plans:

• Growth Strategies:
Lenskart, an online eyewear retailer, has used a variety of growth strategies to build brand
awareness, increase sales, and attract new customers. These strategies include:

Customer-centric policies

Lenskart offers a 14-day return policy, free home trials, and other services that help build trust
and loyalty

Digital marketing

Lenskart uses a multi-channel strategy that includes search engine optimization, social media
advertising, email marketing, influencer marketing, and personalized promotions

Vertical supply chain

Lenskart sources products directly from manufacturers, which helps keep costs low

Online platform

Lenskart has invested in advanced technologies to provide customers with a seamless online
shopping experience and personalized recommendations

Partner collaborations

Lenskart has strategically collaborated with fashion influencers, celebrities, and other brands to
expand its reach and enhance its image

• Innovation & Future Projects:

Lenskart is focused on adopting new technologies and exploring innovative business models.
Future projects include enhancing virtual try-on with AR/VR, leveraging AI for personalized
recommendations, and expanding home eye test services. Sustainability initiatives are also a
priority, aiming to incorporate eco-friendly practices. Lenskart plans to integrate additional
services and products to create a seamless eyewear ecosystem. By staying at the forefront of
technological advancements and embracing new business opportunities, Lenskart aims to
enhance customer experiences and maintain its position as a leader in the e-commerce
eyewear industry.
 Customer Experience & Engagement
Some say that Lenskart's website and app provide a user-friendly experience, with engaging
visuals, flexible filters, and a good order tracking system. However, others say that the checkout
process is complicated, the benefits of gold membership are not clear, and the app can be hard
to navigate.

Social media engagement is essential for Lesnkart's success. By diversifying content with
product showcases, user-generated content, behind-the-scenes glimpses, and industry news,
Lesnkart can captivate its audience. Interactive posts like polls, quizzes, and stories encourage
active participation, enhancing brand interaction. Timely responses to comments, messages,
and mentions demonstrate attentiveness and build customer trust. Encouraging usergenerated
content promotes a sense of community and authenticity, strengthening brand loyalty.

In email marketing, segmentation allows tailored content and offers, while personalized
recommendations based on purchase history and preferences increase engagement. Exclusive
offers make subscribers feel valued, while compelling subject lines boost open rates.

Personalization extends to the website with dynamic content and personalized communications
addressing customers by name and providing relevant recommendations. Loyalty programs and
feedback mechanisms further deepen customer engagement, fostering lasting relationships
with Lesnkart.

Lenskart employs a proactive approach to handle customer feedback and online service issues.
They gather feedback from various channels like online reviews, surveys, social media, email,
and live chat. Their customer service team is trained to address inquiries and complaints
promptly and professionally, aiming for timely resolutions to ensure customer satisfaction and
loyalty. Additionally, Lenskart offers compensation or incentives for customers experiencing
service issues and maintains a dedicated technical support team to address website-related
issues swiftly.
 E-Business Technologies

Lenskart has embraced the power of artificial intelligence (AI). By harnessing AI, Lenskart can
efficiently process vast amounts of data and provide personalized recommendations to
customers. By combining high-quality pictures captured by customers with anonymized data
from other users, Lenskart’s AI algorithms can accurately determine glasses that would
complement an individual’s facial features. This AI-driven approach has significantly reduced
the time customers need to spend in finding the perfect pair of glasses.

Another area where technology has made a significant impact is in personalized

recommendations. Lenskart’s advanced systems can differentiate recommendations for
different users based on their unique profiles and purchasing behavior. This enables Lenskart to
offer tailored suggestions not only for individuals but also for their spouses or children,
ensuring a truly personalized shopping experience.

Lenskart's mobile app and website are optimized to improve customer experience and
contribute to repeat sales. The app has a virtual try-on feature that allows customers to see
how glasses would look on them without having to try them on physically. The app also
encourages users to visit nearby stores for prescription updates, creating a synergy between
online and offline channels
 Sustainability & CSR

As a part of their sustainability and responsibility initiatives across the country, Lenskart has
organised a number of eye care camps in the last few years, in different parts of India. A large
majority of people have benefitted from these camps across cities

Lenskart has also collaborated with the Swades Foundation, which works for the empowerment
of rural India, to give away spectacles to people in Raigad, Maharashtra. Reaching an exciting
milestone with your help, Lenskart have distributed one million pairs of glasses.

Lenskart's sustainability and CSR initiatives, such as eye care camps and collaborations with
organizations like the Swades Foundation, bolster brand loyalty. These efforts cultivate a
positive brand image, forge emotional connections with customers, build trust and credibility,
differentiate Lenskart in the market, and stimulate positive word-of-mouth marketing. Overall,
they showcase Lenskart's commitment to social responsibility and contribute to long-term
customer loyalty
 Conclusion and Recommendations:

Lenskart, a leading eyewear retailer founded by Piyush Bansal in 2010, has become a dominant
force in India's eyewear market. It caters primarily to millennials and Gen Z, with a strong
presence in India, Singapore, and Dubai. Despite competition from players like Titan Eyeplus
and Coolwinks, Lenskart's innovative technology, especially its virtual try-on feature, sets it
apart.

The company's business strategy focuses on affordability, variety, convenience, quality, and
exceptional customer service. Leveraging advanced technology like virtual try-on, CRM, and
data analytics, Lenskart ensures a seamless shopping experience. Its financial performance is
robust, with substantial funding from investors.

Lenskart's strengths include its technological prowess, strong brand portfolio, and commitment
to quality. Opportunities lie in international expansion and increasing online sales. However, it
faces threats from competitive e-commerce markets and regulatory changes.

To maintain leadership in the industry, Lenskart should enhance user experience, strengthen
social media engagement, optimize email marketing, focus on sustainability and CSR, invest in
AI and personalization, and expand internationally, particularly in emerging markets like the
Middle East and Southeast Asia. These strategies will solidify Lenskart's position and drive
future growth.
 Bibliography

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https://www.linkedin.com/pulse/case-study-digital-marketing-strategy-lenskart-
brandstrategist https://worktheater.com/dissecting-the-lenskart-business-model
https://www.lenskart.com/ https://blog.lenskart.com/lenskarts-next-suppy-chain-
management-system https://www.business-standard.com
https://digitalwithsree.com/lenskart-case-study