LENSKART’S MARKETING STRATEGY

BIRT OF LENSKART
Lenskart was founded by Peeyush Bansal, Amit Chaudhury, and Sumit Kapahi in 2010 on Indian soil.
The beta version of Lenskart, named Flyrr.com, was launched in the United States, and when the brand was
a success, the same was launched in India.

Lenskart.com realized that the eyewear market was scattered, and big giants during the 2000s
like Amazon and eBay were not focusing on the eyewear market. Lenskart first started by
providing contact lenses to customers online, then added doctor-prescribed glasses and
sunglasses to the customers, and today the brand offers a lot of eye-related services to customers
and also has more than 550 physical outlets of Lenskart in almost every state of India.

Some of the major competitors of Lenskart are GKB Optical, Cool Winks, Specs Makers,
Deals4Opticals, Lens bazaar, Vision Express, and Titan Eye Plus, as well as the unorganized
players who have registered themselves on eBay and Amazon. The vision of Lenskart is to
provide "Vision to India" with its products and services.
Founders Of Lenskart

Peyush Bansal: He was born 26 April 1985 and holds a Bachelor’s Degree in Electrical

Engineering, IT Control & Automation, McGill University, Canada.

After completing his graduation in 2006 he completed his PGD in Entrepreneurship at IIM

(Indian Institute of Management), Bengaluru.

He joined Microsoft in the USA as a program manager shortly after completing his PG.

After serving there for about 11 months, he returned to India to follow his dream of being an

entrepreneur. Before Lenskart was launched, he had founded around five companies.

He founded Valyoo Technologies, his company during his IIM days. With Rs.

It was a huge success and attracted a staggering 25,00,000. It was an online classified portal that

students could use to solve their problems.

You can find part-time work, carpool, internship opportunities, coaching books, and many other

things.

He discovered that the eyewear market was very underdeveloped.

 In June 2009, he launched Flyrr.com, an online shop. It sold contact lenses and sunglasses.

The store was primarily focused on the US market, but he decided that he could replicate the

model in India and launch Lenskart in 2010.

Neha Bansal: She is also a co-founder at Lenskart. Before joining Lenskart, she was a partner in

Vinod Kumar and Associates.

Amit Choudhary: Cofounder of Lenskart. Amit Chaudhary, a Computer Science Engineer at

BITs Mesra in Ranchi, is also a co-founder.

He loves to travel and has a passion for it. He is a Kolkata native and attended Bharatiya Vidya

Bhavan School.

He has made revolutionary changes to the business through his deep understanding of

technology as well as his innovative ideas.

Sumeet Kapahi: a student at Delhi University, was previously a business development manager

for Luxottica India Eyewear Rayban before joining Lenskart as one of its co-founders.
Lenskart 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

Marketing Strategy Of Lenskart

1. Inventory Based

company system The business model is based on inventory. Lenskart provides thousands of

frame designs and 45+ quality lenses for customers.

The company reveals the designs to its suppliers. In the process of developing items, Lenskart is

focused on high-end design, durable, broad variety, ingenuity and even services like an in-depth

3D-based testing lab.

Lenskart utilizes German imported robotic technology that has resulted in Lenskart the sole

Indian company to manufacture products with a precision that can reach 3-decimals.
2. Advertisement on Google (Google ads)

Google advertisements are among the most efficient strategies for companies in the present

digital age.

Lenskart employs this strategy as well and also invests money in ads on Google. It makes use of

popular keywords such as frames, eyeglasses, sunglasses as well as computer-related glasses.

It also advertises its products by using overpriced Google Shopping ads, where the user can also

decide to take action.

Lenskart utilizes Google advertisements through video ads, display ads and app download

advertisements as well as others.

3. Social Media campaign

They use Facebook and Instagram advertisements to promote their services.

Lenskart also makes use of traditional advertisements such as TV ads, newspaper

advertisements, email marketing and many more.

These tin-based actions have allowed the brand to grow into a well-known and respected brand

of eyewear in India
4. Multi-channel retailer Business Model

The company analyzed Indian mentality and observed that many people are wary of purchasing

eyewear on the internet.

This is why it decided to establish bricks and mortar shops in India.

The company provides services that are available online as well as offline. It currently has 550+

locations spread across 30+ cities.

5. SEO

Lenskart Website is optimized for user-friendliness. The site has a solid seo and receives 1.8

million monthly visitors.

6. Concentrate on quality and cost Focus on quality and price

Lenskart was aware of the existing issues that existed in the Indian market. It was focused on

launching new and affordable products that did not compromise on the quality.

“Lenskart Blu” is one of their most innovative products that shield the eyes against harmful

ultraviolet radiation.

They also offer a wide selection of ultra-light, unbreakable and super-flexible glasses under the

style”Airflex” “Airflex”.
7. Celebrity endorsements

Lenskart’s products do not provide a cure for eyesight. However, they also provide a style

message for the customer.

So the brand promotes celebrities to appeal to the younger crowd.

First brand ambassador for Lenskart was Katrina Kaif followed by Bhuvan Bam.

Lenskart is associated with a variety of popular high-end brands such as Ray-Ban, Vogue, John

Jacobs among others.

It allows customers to have access to a broad variety of high-end products in one place.
8. Franchises that operate offline

In the year 2014 Lenskart began to open offline shops to advertise its products.

The company took on the franchise model to cater to customers across India.

The company has now more than 720 stores across India and is planning to expand its reach.

The franchise business model has boosted the presence on the internet of Lenskart with the least

expenditure.

In the event of the covid-19 pandemic the majority of businesses had to close their shops. and

then go online.

However, Lenskart did something bold by opening up more than 300 stores to create an overall

total of 1000 stores.

Lenskart is focused on bringing more customers via its stores that are not physically located.
9. Virtual reality technology

Lenskart gives a live experience to customers using its application.

The brand introduced its first-ever 3D test-on feature through a partnership with a start-up

company in California called Ditto.

The feature allowed the user the opportunity to test any image in virtual real-time.

Peyush Bansal believed the feature an extremely successful marketing strategy. It brought more

than 15,000 users each per day on the Lenskart website.

10. B2C model

B2C refers to Business-to-Customer. It is an e-commerce method which eliminates middlemen

in order in the sale of products.

Lenskart utilizes this strategy to sell its goods through its websites as well as its mobile

application.

This B2C model has allowed the company to create products that are affordable for everyone.

It gathers feedback from customers to better understand their behavior in marketing.

Lenskart has partnered with a variety of logistics firms, such as BlueDart, Delhivery, etc. for

quick delivery services.

It assures prompt and secure delivery of their products to customers.

11.Modern eye testing

Lenskart offers the latest in technology eye testing for its customers in their stores and at their

home.

The equipment used to test eyes is imported from the USA which is more efficient than

traditional equipment and tools employed in India.

The customer must book an appointment for testing their eyes and an experienced optometrist

will come to their home to complete the process of testing.

12. Discounts that are attractive

Lenskart has researched Indian attitudes and has realized that the local population is excited by

discounts.

This is why the company has exciting discount deals and offers.

They also offer special discounts, such as free eye exams, giving the first frame at no cost to new

customers and many more.

The test at home facility is a unique offer by itself. The specialist in eyewear carries with him the

most popular frames available for customers to test in their own homes.

Discounts and offers have proven to be among the most effective strategies for marketing and

have brought many customers to the site.

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.

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

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

Product Initiatives | Discovery & Selection

#1 VISIBILITY

Re-categorization & positioning of existing product portfolio

Pain Points

 Choosing eyewear for an occasion is difficult

 Unable to find glasses worn by celebs, influencers

 Unable to browse through looks (e.g. harry potter look)

 Low relevance in product listing

Solution Overview

1. Dynamic positioning of products on listing page

(Increasing the average order value)

Showing relevant products & offers on top based on users’ socio-demo data, thereby

personalizing the “discovery” experience for each user segment. An example would be to show

higher value products on top & reducing discount offers for affluent users.
Visibility — Dynamic positioning of products on the listing page

Impact Areas

 Reduced drop-offs

 Easy discoverability of products

 Higher connect with existing products

2. Introducing new product categories:

(Target: Fashionista, The Geek)

Creating higher engagement (with available products) by introducing new categorization to cater

to different audiences covering niche use-cases & occasions. Also connecting with audiences by

showing curated celebrity collections & popular looks.

New product categories & curated collections

#2 CENTRE MARKING | PROGRESSIVE LENS

Pain Points

 Faulty centre marking in progressive lenses leads to blurry vision, restricted eye movements

and neck pain

 Unpleasant user experience leading to bad user reviews, returns & replacements
MISALIGNMENT ISSUES FACED

Solution Overview

(Target: The Veteran)

Identifying near-perfect centre to ensure uncompromised vision in progressive lenses

 Facial Analysis

Leveraging Lenskart’s existing tech capabilities of Facial Analysis (Frame Size estimation)

to mark near-perfect centres

 Virtual assistance by an optician: Booking virtual appointments on the app and using an

optician’s help to mark centres.

Impact Areas

 Revenue & delivery Logistics (reducing returns & replacements)

 NPS/ Reviews/ After-sales services

#3 CUSTOMIZABLE FRAMES

Pain Points

 Difficult to search through several options for a perfect design in mind

 Unable to mix-match and create my own frame/look

Value Proposition

 Design your perfect frame from a plethora of customizable options

 Create your custom frame using our design studio

Solution Overview

(Target: Fashionista)

 Flexibility to create & share your design

 Refined way of searching for a near-tailored product

The user flow would consist of 3 stages — initial selection, customization studio and

confirmation.
Customizable Frames | Initial Selection
Customizable Frames | Customization Studio
Customizable Frames | Confirmation

Pre-rollout

 Voice of Customer

Conducting thorough end-user surveys, FGDs & 1–1 interviews with Power Users regarding the

feature’s usability and value

 A/B Testing & Pilot

Trying out the feature in targeted geographies for a limited set of users after testing it internally
 Setting up Instrumentation

Planning ahead to define success metrics, set up analytics, relevant dashboards & alerts for real-

time monitoring before the feature’s rollout to study its performance

RISKS

Technical

 Considerable increase in App size

 Unforeseen lags & glitches

Business

 Customers find the feature too complex to use or don’t find value in using the feature

 Logistic issues to assemble & supply for customized frames in time

Impact Areas

 Repeat users/ Stickiness

 Increased engagement (Avg time spent)

 Higher margins

Success Metrics
As a part of my approach, I had written a PRD for the above feature, which I haven’t included so

as to not make this too heavy.

Priority Grid | Impact vs Effort

Charting the action items (feature development in our case) on a Priority Grid (see below) helps

prioritize so as to create the maximum impact given the restraint of time & resources. Ideally, this

should be created in collaboration with tech & other business teams.

Variety of Products and Services
Lenskart was inspired by the "aur dikhao" ask of the Indian customer, which simply means no
matter how many options the sales representative shows a customer, the customer would still
want to see more products before making their purchase decision. Lenskart today has more than
5000 different styles and more than 45 different types of lenses to serve its customers. Lenskart,
along with the glasses and sunglasses, also provides the customer with contact lenses, an online
check-up, reading glasses, and other services.
Opening up of Physical Outlets

We are gradually moving towards technology and the digital world. Lenskart understood that
despite their efforts, customers were hesitant to buy eyewear products online or conduct check-
ups. As an answer to this, Lenskart opened up more than 550 shops all over India, and they were
widely spread over 30 cities in India. The Lenskart stores not only helped the company by
bringing in more sales and converting more customers, but they also built brand awareness
among consumers.

Pricing Points and Discounts

Lenskart has different pricing points to cater to the needs of its customers. The products vary in
price from Rs 345 to Rs 30,000. Along with this, Lenskart also provides extra discounts and
offers to its premium customers, and there is almost a year-round sale with almost 50% off on
the next purchase after the initial purchase. These initiatives and different price points bring
customers to Lenskart from various economic classes.
Lenskart and its Marketing Initiatives

Lenskart heavily invest in ads. Lenskart runs both online and offline ads. While doing the online
ads, Lenskart focuses on Google ads, Instagram ads, Facebook ads, and others. In Google ads,
Lenskart targets keywords like sunglasses, glasses, contact lenses, and others. Lenskart also runs
display ads and video ads on various other applications. When it comes to offline advertising,
Lenskart uses email marketing, newspaper ads, and others.

Lenskart, with its celebrity endorsements and positioning strategies, has changed the entire
game. Instead of seeing glasses as a measure to cure poor eyesight, Lenskart positions itself as
a fashion statement. A product that helps the user in diving their fashion, to further prove its
point, Lenskart uses celebrity endorsements for its products. Katrina Kaif, Karan
Johar, and Bhuvan Bum have been associated with the brand.
Lenskart and the Direct-to-consumer Business Model

Instead of adding in intermediaries and increasing the cost of the product, which may hamper the
quality of the product or the service, Lenskart as a brand is working with the customers directly.
Lenskart is opening up its branches in various cities and also selling manufactured products
directly to customers through an e-commerce platform

Customer Satisfaction:

Customer Satisfaction: Customer satisfaction Customer satisfaction is a term frequently used in marketing. It
is a measure of how products and services supplied by a company meet or surpass customer expectation.
Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose
reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." It
is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a
competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key
differentiator and increasingly has become a key element of business strategy. Within organizations,
customer satisfaction ratings can have powerful effects. They focus employees on the importance of
fulfilling customers’ expectations. Furthermore, when these ratings dip, they warn of problems that can
affect sales and profitability. These metrics quantify an important dynamic. When a brand has loyal
customers, it gains positive word-of-mouth marketing, which is both free and highly effective. Therefore, it
is essential for businesses to effectively manage customer satisfaction. To be able do this, firms need reliable
and representative measures of satisfaction. In researching satisfaction, firms generally ask customers
whether their product or service has met or exceeded expectations. Thus, expectations are a key factor
behind satisfaction. When customers have high expectations and the reality falls short, they will be
disappointed and will likely rate their experience as less than satisfying. For this reason, a luxury resort, for
example, might receive a lower satisfaction rating than a budget motel even though its facilities and service
would be deemed superior in 'absolute' terms. The importance of customer satisfaction diminishes when a
firm has increased bargaining power. For example, cell phone plan providers, such as AT&T and Verizon,
participate in an industry that is an oligopoly, where only a few suppliers of a certain product or service
exist. As such, many cell phone plan contracts have a lot of fine print with provisions that they would never
get away if there were, say, a hundred cell phone plan providers, because customer satisfaction would be far
too low, and customers would easily have the option of leaving for a better contract offer.

There is a substantial body of empirical literature that establishes the benefits of customer satisfaction for
firms. Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty.
Customer satisfaction data are among the most frequently collected indicators of market perceptions. Their
principle uses are twofold:

1. Within organizations, the collection, analysis and dissemination of these data send a message about the
importance of tending to customers and ensuring that they have a positive experience with the company’s
goods and services.

2. Although sales or market share can indicate how well a firm is performing currently, satisfaction is
perhaps the best indicator of how likely it is that the firm’s customers will make further purchases in the
future. Much research has focused on the relationship between customer satisfaction and retention. Studies
indicate that the ramifications of satisfaction are most strongly realized at the extremes. On a five-point
scale, individuals who rate their satisfaction level as '5' are likely to become return customers and might even
evangelize for the firm. (A second important metric related to satisfaction is willingness to recommend. This
metric is defined as The percentage of surveyed customers who indicate that they would recommend a brand
to friends. When a customer is satisfied with a product, he or she might recommend it to friends, relatives
and colleagues. This can be a powerful marketing advantage.) Individuals who rate their satisfaction level as
'1,' by contrast, are unlikely to return. Further, they can hurt the firm by making negative comments about it
to prospective customers. Concept identification: As organizations become increasingly customer focused
and driven by demand, the need to gain customer loyalty and retain their loyalty is critical. Customer
satisfaction is the most effective way to achieve customer loyalty. Customer satisfaction and loyalty share
many similar traits. Customer value is customer’s perception of the ratio of benefits to what he or she gives
to obtain those benefits. The framework consists of three parts:

1. Perceived Product Quality

2. Value-Based Pricing and

vices.

Due to its value-based customer service and offerings, the company has a strong reputation in
the market as an innovative and technology-forward online travel portal. However, as per my
research and analysis, I have concluded the following amount Lenskart:

• Operational excellence:Lenskart works on the best strategies to incorporate excellence in all

operational areas. For this, it continuously improves people's interactions, organization's
wellbeing, and effectiveness of processes.

• Integrity:Lenskart believes in delivering what they promise. Thus, it ensures that its words and
actions are consistent with each other and so, develops trust, accountability, and transparency.

• Innovation:The brand incorporates innovative ideas and strategies in its offerings by ensuring
technology and intelligence in its products and services, processes, and environment.

• Passion to Win:The company believes in a "positive attitude of can do" and encourages the
same into its team. Its belief system is based on nothing that is impossible. This attitude allows
them to work persistently in order to achieve their goals by keeping commitments.

• Respect for all: The value system of Lenskart works on giving respect to everyone as it
believes that every single individual who is being interacted with, deserves respect and
importance.

• Empowerment: Lenskart believes in empowering its team by allowing the freedom of thinking
and to incorporate innovations in their jobs.
• Teamwork and team spirit:The environment of Lenskart allows team members to effectively
utilize their capabilities towards achieving a common goal of superior customer services and
satisfaction. It believes in unity and encourages team spirit.

• Accountability: The Company works on the grounds of responsibility and accountability for its
commitments and quality of the outputs it provides to its stakeholders.

• Customer-centric approach:Lenskart always gives priority to its all customers i.e. both internal
and external customers. 4b. Recommendations:

• The company Lenskart can pitch its products for their customers which recently do not have a
great reach amongst the consumers.

• The company can avail gift vouchers to its potential customers and new customers so that they
can attract them to repeat their purchase.

• I would also want to recommend the reader of this project to consider the following challenges:

• Findings of the study should be based on the data collected from the sample respondents. There
is a chance of false data due to lack of seriousness of the respondents while filling the survey.

• The study should not be geographically restricted. It can have both, online and offline responses