A

RESEARCH PROJECT REPORT

On

CUSTOMER’S PERCEPTION ON LENSKART

Submitted for the partial fulfillment for the requirement

for the Award
Of
Masters of Business Administration

Submitted By-

ARUSHI MANJHI

MBA 4th SEMESTER

SESSION 2022-2024

Under the guidance of

DR. ANJU BALA

Assistant Professor, Department Of MBA

ITS Engineering College, Greater Noida

Plot No. 46, Knowledge Park III, Greater Noida (U.P.)
Affiliated to Dr APJ Abdul Kalam Technical University (AKTU),
LUCKNOW
 DECLARATION

I ARUSHI MANJHI hereby declare that the project report entitled

“CUSTOMER’S PERCEPTION ON LENSKART” submitted for the partial
fulfillment of the requirement for the award of MBA is my original work and the
Project Report has not formed the basis for the award of any degree, diploma,
associate ship or other similar titles.

Date Student’s Name - Arushi Manjhi

Place Signature
 SCHOOL OF MANAGEMENT STUDIES
This is to certify that the Research Project Report (KMBN408) titled
“CUSTOMER’S PERCEPTION ON LENSKART’’ is an academic work done by
“ARUSHI MANJHI”, Roll No.: submitted in the partial fulfillment of the requirement
for the award of the Degree of “Master of Business Administration” from ITS Engineering
College, Greater Noida under my guidance & direction. To the best of my knowledge and
belief the data & information presented by him/her in the project has not been submitted
earlier. I appreciate that he has put in lot of efforts and delivered good results on his
research. I, on behalf of Institute, wish him success always.

Name of the Faculty - Dr. Anju Bala

Signature

Approved by A.I.C.T.E, Govt. of India and Affiliated to Dr. A.P.J. Abdul Kalam Technology University,

Uttar Pradesh, Lucknow

 ACKNOWLEDGEMENT

I would like to express my sincere gratitude to Dr. Anju Bala, my esteemed faculty
guide, for their invaluable support, guidance, and mentorship throughout the duration of
my MBA project. Their expertise, encouragement, and constructive feedback have been
instrumental in shaping this project and enhancing my understanding of the subject
matter.
I am truly appreciative of Dr. Anju Bala's dedication and commitment to excellence,
which has inspired me to strive for the highest standards in my academic endeavors. Their
unwavering support and insightful suggestions have played a significant role in the
successful completion of this project.
Furthermore, I would like to extend my gratitude to the entire faculty and staff of ITS
Engineering college, Greater Noida for providing me with the necessary resources and
conducive learning environment to pursue my academic goals.
Finally, I am deeply thankful to my family, friends, and colleagues for their
encouragement, understanding, and support throughout this journey.

Arushi Manjhi
 OBJECTIVES OF THE STUDY

1. To analyse the level of satisfaction towards lenskart online shopping.

2. To analyze various aspects of innovation by LensKart.

3. To find out the problems faced by the respondents towards lenskart online

shopping.

4. To identify the factors that influences the respondents to purchase the product

through lenskart online shopping.

5. To know various trends in Marketing of LensKart.

6. To study in brief about the nature and types of customers of LensKart.

 Table of Content

Chapter No. TOPIC Page no.

1 Introduction 01

2 Review of Literature 07

3 Research Methodology 09

4 Innovations of Lenskart / Product Designing 11

5 Customer Perception 19

6 Marketing Analysis 22

7 Data Analysis 27

8 Conclusion 54

9 Limitations 56

10 Bibliography 57
 INTRODUCTION

Today, one-third of the people in India require glasses. Even though only roughly
a quarter of those who have been diagnosed with vision problems actually wear
glasses, the term "need" applies to them. The numbers are astounding when we
add up the amount of people who wear glasses as a fashion accessory. These
customers are interested in having a variety of spectacles to match their outfits.
Over 1.5 million spectacles (15 lacs) are sold each day in India. The market is
extremely fragmented, with mom-and-pop stores predominating. This eyewear
industry has taken a new turn since 2010 when Lenskart was born. Lenskart
reimaged the eyewear industry in the country by transforming spectacles into a
fashion statement rather than a device for correcting poor vision.
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 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

1
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.
Lenskart’s mission is to become the “Maruti Suzuki” of the Indian eyewear
industry. The company has emerged as one of the best e-commerce companies. It
has online as well as offline distribution mediums. Lenskart earned the “Unicorn
Company Status” at the end of 2019.

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

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They focus on three parameters to delight the customer and increase their
perceived value:
• Great Quality: Lenskart is first of the eyeglass retailer to use robotic technique
to maintain the quality of glasses to three decimal places. These automated
machines allow to inspect lenses, find geometric center and load lens for edging
without need for finishing. Service level is very high and is focused towards
customer delight. Call center works on solving customer`s problem and
continuously improve on the basis of their feedbacks
• Variety: Lenskart is the biggest e-retailer of eyewear with over 5000 variations.
Some leading eyewear brands establish trust in Lenskart. They have partnered
with lenskart as one of their distribution channels. They have got an eyewear for
whole world, as they call themselves, catering to the demand of all demographics
from men, women, children to different situational demand like contact lens,
reading glasses etc.
• Value for money: A friendly neighbor with over presence in 80 locations and
continuously expanding, has emphasized over quality and price.

3
Company History
Lenskart was founded in 2010 by Peyush Bansal, a "techni" with no money but
an unwavering passion and determination to change the world. He studied at
McGill University in Canada with a B.E.-IT, Management & diploma. Automated
in 2006, then worked as a project manager at Microsoft Corporation in the United
States.After a year at Microsoft, he returned to India to pursue a graduate degree
in management from IIM-B. A third of the population of our country needs
glasses, but unfortunately they don't have them, which makes us the blind capital
of the world with more than 15 million blind people. In 2007, during his tenure
at IIM, Peyush launched "VALYOO Technologies" with his two co-founders
Amit Chaudhary and Sumeet Kapahi with SearchMyCampus as his first enterprise
portal. The goal is to truly integrate "valyoo" into users' lives by eliminating
retailers, establishing their own high quality manufacturing and supplying
directly to consumers across India. This will reduce costs while maintaining high
quality standards.com - Focuses on the US eyewear market. Flyrr's firm footing
prompted it to test the waters in India, launching Lenskart in November 2010.
Providing the best quality products at affordable prices has enabled us to grow
over 200% in the last 2 years and we are at the top of the list. Today there are 3
optical companies in India. We have come a long way from serving 30 customers
a day to over 3000 customers today. Our commitment to consumer satisfaction
and innovative technology has earned us strong support from those who believe
in our cause.They started selling only contact lenses and added glasses a few
months later. At the end of March 2011, they added sunglasses to their portfolio
and positioned themselves in the fashion accessories segment.

4
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

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6
 REVIEW OF LITERATURE

E-commerce is considered as the easiest and most convenient way of

conducting business, which evolves rapidly with change and upgradation in
mobile systems as well as internet and affects the way business is conducted.
Since websites like 'lenskart.com' focus on the sale of a single type of
product, its growth is highly questionable.
With reference to Nisha Channa and Sangeeta Goele's 'Future of E-commerce
in India' an overview of the future growth segments of Indian E-commerce
can be understood. According to the paper, it is difficult to predict the future
of E-commerce but various segments like travel and tourism, electronic
appliances, hardware products and apparel will show an exceptionally fast
rate of growth.
The paper discusses essential factors which will contribute to the growth of
the E-commerce Industry. Some of the factors include services like
replacement guarantee, shipment options, quick services and more which are
already being provided by 'lenskart.
'Understanding Digital Markets: Review and assessment' by Michael D.
Smith, Joseph Bailey and Erik Brynjolfsson explains that as the Internet
develops into a robust channel for commerce, it will be important to
understand the characteristics and price factors of electronic markets. The
study in this research has reviewed evidence that Internet stores are more
efficient than conventional storesregarding price levels. The same has been
noted further in the study with an understanding from the customer
perspective.
Another research by M.M.K. Sardana, 'Evolution of E-commerce in India
Challenges Ahead' researched that as e-commerce is growing, customers are
experiencing 'empowerment' in marketing. By that he meant that the market
players not only offer high end products at competitive prices but also
compete among themselves to satisfy customer needs through assured and
timely home delivery of products as well as return of goods at no cost to
customers leading to minimal profit margins. Hence, the researcher feels that
only those who have access to capital, technology and the means to develop
or hire adequate infrastructure would sustain. While Lenskart plans on
sustaining in the market it has changed the look of online shopping. And now,

7
its mission of providing clear vision to all Indians has gone a step ahead with
its offline stores. In an article by Priyanka Sahay. (VCCircle,2015), Peyush
Bansal, the CEO of lenskart.com, was interviewed to know what led to the
shutdown of his previous businesses, future plans and more. When asked
whether the reason behind it was funds, Peyush Bansal explained, "Lack of
funding was definitely not the reason for the shutdown. Indeed, eyewear
business itself is huge and we are seeing massive opportunities in the space.
The growth we are looking at from this segment is phenomenal. So, we are
planning to spend more time and energy on this business.…

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 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. The research
methodology includes the various methods and techniques for conducting a research.
Defining the Research Problem and Objectives: It is said that, “A problem well defined is
“Half solved”. The first step in research methodology is to define the problem and
deciding the research objective. The objective of my study is to know the consumer buying
behavior of personal care products of Himalaya.

RESEARCH DESIGN

A research design is the blueprint or framework for conducting a marketing research

project.It lays out the details of the procedures needed to obtain the information needed
to construct and resolve marketing research questions. The research design adopted in this
study is descriptive research. Descriptive research Descriptive research, also known as
statistical research, describes data and characteristics of the population or phenomenon
under study. This description is used for frequency, average, and other statistical
calculations. The study touches on everything that can be calculated and studied. But there
is always a limit to this. Research must have an impact on the lives of those around it.

The best way to understand data is to recognize specific examples of research or research
situations. Some examples –
Home inspection: A home inspection is usually done to assess the long-term condition of
a home. For example, IDinsight runs major household analytics projects in India to inform
social impact projects.

Telephone interviews: A researcher, commonly called an accountant, contacts the

respondents by telephone and asks questions based on a predetermined questionnaire.
Some companies use computers or tablets to record responses, a process called
computerized telephone interviewing (CATI).
Research and policy analysis: International development projects often use primary data
collection to answer questions such as:

9
 Is this program effective?
Can the impact be quantified?
What is the most influential factor in this development process?
For example, conducting a large-scale survey to evaluate the effectiveness of an employee
training program is one example of collecting basic data for research and analysis.

Area of the Study: The study conducted at Lenskart, Bangalore

Problem Statement: The study is mainly aimed to know the level of satisfaction
with respect to the services rendered
by Lenskart at their service by making a brief analysis of the current services and making
constructive improvement on them.
Duration of the Study: The study is carried for 14 weeks.

Sample Size: Total of 50 respondents were selected for the study. These people were
personally interviewed and questionnaire was given to them.

Sampling Method: Random customers were selected for the interview. Sampling Unit:
Sampling study was done on the customers of Lenskart, Bangalore.

Tools for Analysis: Structured questionnaire and percentage of the respondents.

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 INNOVATIVE FEATURES OF LENSKART

1. Augmented Virtual Reality

There’s a 3D AI technology on the app that allows customers to try on
different frames virtually and see which one suits them best. This has
provided convenience to customers; they no longer have to visit physical
stores if they don't want to. They can choose the correct frame from the
comfort of their couch.
2. Mobile vision correction technology.
It’s an eye exam that customers can conduct at home.
3. Tango Eye
Lenskart fostered a partnership with Tango Eye, an AI video analytics
solution.
This technology has helped the brand decode customer experiences with
the product and employees. Apart from quantitative input, this AI and ML
solution aids Lenskart in operational excellence, safety measures,
understanding buyer behavior, and bettering customer engagement.

4. AI-Powered Smart Glasses For The Blind And Visually Impaired

A software will be embedded in smart glasses, providing blind and visually

impaired users with a significantly more unobtrusive and hands-free way
to access the world around them.
Features of Lenskart

 Infinite variations and model of Eyewear.

 Find a frame that suits your style.
 Latest collection with fashionable trends.
 3D Try On.
 Replace Old Eyeglasses.
 Book Eye checkup at your own home.
 Shop from a range of 100% authentic brands.
 Order online and pay cash on delivery.
 Scan product barcodes with the camera.
 Live chat with the customer support team

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 PRODUCT DESIGNING

Product Initiatives | Discovery & Selection

#1VISIBILITY
Re categorizing & positioning of existing product portfolio

Pain Points

 Choosing eyewear for an occasion is difficult

 Unable to find glasses worn by celebs, influencers or stars

 Unable to browse through looks (e.g. harry potter look, Kabir Singh
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.

12
 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.

13
 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

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 +
MISALIGNMENT ISSUES FACED

Solution

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

15
  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

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Value Proposition

 Design your perfect frame from a plethora of customizable options

 Create your custom frame using our design studio

Solution
(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

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Customizable Frames | Customization Studio

Customizable Frames | Confirmation

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 CUSTOMER’S PERCEPTION

Product Initiative

..it all starts with research..

User Behaviour Research & Industry Trends

First-hand behavioural feedback of existing apps comes from app user reviews
(on Playstore/AppStore/website). It also acts as a quick validation and feedback
mechanism for new feature releases and changes tothe user journey.

Extensive research shows that 79% of users check reviews or ratings before
installing an app. Additionally, 50% of users wouldn't even consider
downloading an app rated 3 stars or less.
It is therefore imperative that brands constantly consult these reviews and try
to solve the main bottlenecks that users face when interacting with the product.
The style and tone of communication with the various judges becomes a key
element here.With a few negative reviews, I can categorize these pain points into
major buckets.
Google Playstore reviews

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Users unanimously pointed out issues in the app’s usability; finding
it complicated, glitchy and tough to use.

Investigating further on issues faced in online eyewear purchases and evolving

decision drivers, I could come up with a gist of insights that would help me
brainstorm in the right direction. Below were some of my findings:

“…hard to find glasses I really like and look good on me… takes a lot of time and
effort…”

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”

 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

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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.

User Persona Summary

Persona research should not be limited only to secondary research or

surveying a few family members & friends. As a PM, one must try and reach
out to users beyond one’s social circle (directly or indirectly) and then try to
create cohorts based on the surveyed data. For
brands having an online presence, it has become very easy to create user
cohorts based on rich information about their website behaviour and socio-
demo pointers using tools like CleverTap, Segment, WebEngage, etc.

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User Journey

Mapping out the user journey helps identify users’ key interactions and
touchpoints with the website/app, their queries and goals at each step in detail.
This exercise aligns all stakeholders to focus on a specific stage of the user
journey, helps narrow the scope and brainstorm solutions.

I focussed solely on the Discovery & Selection stage of the journey as the scope
of my solution. This refers back to our focus areas in the Growth framework
— Desirability & Increasing AOV.

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 Business & marketing strategy of Lenskart
Inventory-based business model – Lenskart offers 5,000+ designs of frames and
45+ different quality lenses for its customers. The company passes on the designs
to its manufacturers. While developing the products, the company focuses on
superior quality, durability, wide range, innovativeness, and services like a 3-D
testing facility. It uses German imported robotic technology, which has made
Lenskart the only Indian brand to make eyewear with an accuracy of up to 3-
decimals.

Wider choices, more inventory

Lenskart Company’s intensely sales-oriented business model helps retain

customers by offering the best of both worlds. The online stores maintain a
huge inventory of products, which is impossible in any physical store. Moreover,
the company kept adding new products that helped the business grow faster. The
company selling contact lenses only gradually moved over to spectacles and
eyeglasses.

More convenience for customers

The Lenskart franchise is an example of the company's efforts to provide

customers with the most convenient and comfortable buying experience. The

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company could bring the business to the customer's doorstep by operating through
franchises. The executives of the company come to the customer's house with a
bag full of products to select and pick up the order on the spot, while getting free
home delivery within 24-48 hours. It's like setting up a mobile store that serves
customers door to door.

Adapting to new technology has given Lenskart a competitive advantage that

offers different solutions for all types of customers. Online buyers can virtually
try on different frames during selection, almost in the same way as in a physical
store, making for a more satisfying buying experience.

• Advertising on Google – Google ads are the most powerful strategies for
businesses in today's digital age. Lenskart uses this method and invests in paid
advertising on Google. It uses popular keywords such as glasses, sunglasses,
frames and computer glasses. It also promotes its products through overpaid
Google Shopping ads, where the viewer can take action themselves. Lenskart uses
Google advertising through display ads, video ads, app download ads, and others.

• Social Media Campaign – They post Facebook and Instagram ads to promote
their products. Lenskart also uses conventional advertising such as newspaper
ads, television ads, email marketing and others. Through all these pewter steps,
the brand has become a well-known eyewear brand in India.

• Celebrity Endorsements - Lenskart products are not a cure for vision. But also
create a style statement for the user. Thus, the brand endorses popular
personalities to attract the young masses. Lenskart's first brand ambassador was
Katrina Kaif, followed by Bhuvan Bam. The brand is associated with popular
premium brands, such as Ray-Ban, Vogue, John Jacobs and others. This
facilitates customers to access a wide range of premium products under one roof.

• Franchising for offline stores - In 2014, Lenskart ventured into offline stores
to promote its products. It adopted the franchise model of serving people across
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India. It now has more than 720 stores across India and plans to expand further.
The franchise business model enhanced Lenskart's online presence with minimal
investment. During the covid-19 pandemic, most businesses had to close their
stores. And change to online mode. But Lenskart took a bold step by opening
more than 300 stores, bringing a total of 1000 stores. Lenskart focuses on
reaching more customers through its offline stores.

• Omni-channel retail business model – The company observed the Indian

mindset and found that people are hesitant to buy eyeglasses online. Thus, it
focused on setting up physical stores in India. The company offers services in
both online and offline modes. It now has more than 550 stores in more than 30
cities.

• B2C model - B2C refers to Business-to-Customer. It is an e-commerce strategy

that eliminates the middlemen to sell the products. Lenskart uses this technique

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to sell its products through its websites and mobile app. The B2C model has
helped the brand make its products affordable for everyone. It collects customer
feedback to understand their marketing behavior. Lenskart has cooperated with
many logistics companies, such as BlueDart, Delhivery, etc. for fast delivery
services. It ensures timely and safe delivery of its products to the customers.

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 DATA ANALYSIS

SWOT Analysis

STRENGHTS

1. Pricing can be a strong point if you sell your sunglasses cheaper than your
competitors.

2. Variety of styles you offer, such as designer glasses and styles that appeal to
different ages.

3. Experienced staff, that's another plus when it comes to your sunglasses

business especially if you have a retail background.

4. A willingness to educate consumers about the best type of UV protection or to

offer basic repair services free of charge so shoppers remember your store when
they need another pair.

5. Supplier access is another strength you want to add to your business.

WEAKNESS

1. Competition with common suppliers: If you only sell your sunglasses online
or in a store, it can be difficult to match the sales volume of competitors, which
can be a weakness if their greater number earns them better prices from common
suppliers.

2. Barriers to Entry: Depending on how much retail space is leased in your area,
the barrier to entry may be low, which can mean additional competition.

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3. Pricing: Selling sunglasses is a limited flexibility in pricing. If you go too high,
you risk losing business to the shops, newsstands, and department stores that cost
less.

OPPORTUNITIES

1. Opportunities for selling sunglasses include increased presence in an area with

sunny weather, or increased inventory leading up to the summer months.

2. If your business currently relies on a store or kiosk for sales, adding an online
store gives you a way to find even more buyers and an opportunity to expand your
business.

3. The ability to customize sunglasses with logos and graphics that don't obstruct
the person's eyesight, a new trend in the sunglasses industry, is another
opportunity to get noticed if you offer it earlier, cheaper or better than the
competition .

THREATS

1. A new sunglasses shop in the neighborhood is an obvious threat.

2. Department stores that expand their designs and styles, or a nearby kiosk that
can offer its wares at a lower price because its infrastructure costs are lower than
yours.

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3. A lack of skilled people willing to work in your store poses another threat. If
there are many other jobs in your area, you may have to pay more to attract
qualified retail workers.

COMPETITORS ANALYSIS

Lenskart competitors include both online and offline players. Even

traditional retailers specializing in eyewear are competitors of Lenskart.
With a market size of 18,000-20,000 crore INR, organized players barely
account for 9-10% of the market. The brands compete with a huge range
of low-priced products available both on the street and online.
The main competitors include:

1) GKB Optics:

GKB Optical is one of Lenskart's biggest competitors. Headquartered in

Kolkata, GKB.Opticals has about 70 stores across India and employs more
than 600 people. Like Lenskart, GKB optical is also active in the Retail
distributor space

2) COOLWINKS

Haryana Coolwinks, headquartered in Gurugram, is a leading online

eyewear brand offering a wide range of eyewear, prescription sunglasses
and specialty brands and lenses.

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3) Spec makers

Founded in 2007, the company is headquartered in Chennai, Tamil Nadu

and is a leading optical chain in South India with over 290 stores.

4) Titan Eyeplus:

Launched in the year 2007, Titan Eye Plus follows Tata's principles of
quality and trust. Titan Eyeplus has more than 550 exclusive stores in more
than 229 cities and offers a wide range of stylish and contemporary
eyewear.

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01: Features will be important in choosing your new glasses
Table:01
Features will be important in choosing your new No of Respondents Percentage
glasses N= 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

Features will be important in choosing your new glasses

0%
16%
24%

24%

16%

20%

Frames Durability Brand Lens Thickness Fashion/Trends Others

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

31
02: Type of optical glasses purchase do you prefers:
Table:02
Type of optical glasses purchase do you prefers No of Respondents Percentage
N= 50 (%)
Online 09 18
Offline 21 42
Both 20 40
Total 50 100

Chart:02

Type of optical glasses purchase prefered:

Online
18%
Both
40%

Offlin
e
42%

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

32
03: Satisfaction with the features of the Lenskart
Table:03
Are you satisfied with the features of the No of Respondents Percentage (%)
Lenskart N= 50
Agree 23 46
Strongly agree 24 48
Neutral 04 08
Disagree 00 00
Strongly disagree 02 04
Total 50 100

Chart:03

Interpretation:

Are you satisfied with the features of the

Lenskart
4
8 %
%

46
% Agree
Strongly
agree
Neutral
48
% Disagree

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

33
 04: Frames and lenses fit as per the respondent’s taste Table: 04
Frames and lenses fit as per the respondent’s No of Respondents Percentage (%)
taste: N= 50
Agree 28 56
Strongly agree 14 28
Neutral 08 16
Disagree 00 00
Strongly disagree 00 00
Total 50 100

Chart: 04

Frames and lenses fit as per the respondents

taste:

16
%

Agree
Strongly
56 Neutral
28 % Disagree
%
Strongly

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

34
05: Factors influence you to buy Lenskart Table:
05
The factors influence you to buy Lenskart No of Respondents Percentage (%)
N= 50
Price 13 26
Quality 26 52
Offers 09 18
Warranty 04 08
Others 00 00
Total 50 100

Chart: 05

The factors influence you to buy Lenskart

8%

26%

18%
Price
Quality
Offers
Warranty
Others

52%

Interpretation:
In Table 5 and Figure 5, 52 % of the respondents strongly agree that price was the factor that influence
them to buy Lenskart.
35
06: Experience with Lenskart about the quality of customer service received.
Table: 06
The experience with Lenskart about the quality No of Respondents Percentage (%)
of customer service received. N= 50
Very poor 01 02
Poor 00 00
Average 17 34
Satisfactory 27 54
Brilliant 05 10
Total 50 100

Chart: 06

The experience with lenskart about the quality of customer

service received.

10 2
% %

34 1
%
2
3
4
5

54
%

Interpretation:
In Table 6 and Figure 6, 54% of the respondents agree that they are satisfied with the quality of
customer service of Lenskart.

36
07: The level of satisfaction about the brand. Table:
07
the level of satisfaction about the brand. No of Respondents Percentage (%)
N= 50
Highly satisfied 31 62%
Satisfied 16 32%
Neutral 03 06%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 07:

The level of satisfaction about the brand.

6
%

Highly satisfied
Satisfied
32
% Neutral
Dissatisfied
Highly
62 dissatisfied
%

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

37
08: The level of satisfaction about the lens thickness. Table:
08
the level of satisfaction about the lens thickness. No of Respondents Percentage (%)
N= 50
Highly satisfied 15 30%
Satisfied 30 60%
Neutral 05 10%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 08:

Level of satisfaction about the lens thickness.

10%

30%

Highly
satisfied
Satisfied
Neutral
Dissatisfi
ed
Highly
dissatisfied

60%

Interpretation:
In Table 8 and Figure 8, 60 % of the respondents agree that they are highly satisfied with the lens
thickness of Lenskart.
38
09: The level of satisfaction about the frame colour. Table:
09
the level of satisfaction about the frame colour. No of Respondents Percentage (%)
N= 50
Highly satisfied 22 44%
Satisfied 19 38%
Neutral 09 18%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 09:

Level of satisfaction about the frame colour.

18
%

Highly satisfied
44 Satisfied
%
Neutral
Dissatisfied
Highly
dissatisfied

38
%

Interpretation:
In Table 9 and Figure 9, 44% of the respondents agree that they are highly satisfied with the frame
colour of Lenskart.
39
10: The source of awareness about the Lenskart.
Table:10
The source of awareness about the Lenskart No of Respondents Percentage (%)
N= 50
Friends 19 38%
Relatives 14 28%
Colleagues 12 24%
Social Media 07 14%
Advertising 08 16%
Total 50 100

Chart:10

The source of awareness about the lensakrt.

16
%

38
%
14 Friends
%
Relatives
Colleagues
Social
Media
24 Advertising
%

28
%

Interpretation:
In Table 10 and Figure 10, 38% of the respondents agree that they got to know about lenskart through
friends, 28% of them got to be aware by relatives.

40
11: The lenskart’s rate on the basis of value of money.
Table:11
The lenskart’s rate on the basis of value of money No of Respondents Percentage (%)
N= 50
Above expectation 34 68%
Below expectation 02 04%
As per expectation 14 28%
Total 50 100

Chart:11

The lenskart’s rate on the basis of value of money

28%

Above expectation
Below expectation
As per expectation
4%

68%

Interpretation:

In Table 11 and Figure 11, 68% of the respondents agree that experience of Lenskart in order for value
of money is above their expectation.
41
12: The ordering process of your most recent order placed with Lenskart. Table:
12
The ordering process of your most recent order No of Respondents Percentage (%)
placed with Lenskart. N= 50
Very poor 01 02%
Poor 03 06%
Average 11 22%
Satisfactory 27 54%
Brilliant 08 16%
Total 50 100

Chart:12

The ordering process of your most recent order placed with

lenskart.

16 2
% 6
% %

22 Very poor
%
Poor
Average
Satisfactor
y
Brilliant

54
%

Interpretation:
In Table 12 and Figure 12, 54% of the respondents agree that experience of lenskart in ordering
process of the last order was satisfactory
42
13: Satisfactory level of the skill and professionalism of the workforce that carries
out the work.
Table: 13
Satisfactory level of the skill and professionalism of No of Respondents Percentage (%)
the workforce that carries out the work N= 50
Highly satisfied 20 40%
Satisfied 18 36%
Neutral 12 24%
Dissatisfied 00 00%
Highly dissatisfied 00 00%
Total 50 100

Chart: 13

Satisfactory level of the skill and professionalism of the

workforce that carries out the work

24%

40%
Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly
dissatisfied

36%

Interpretation:
In Table 13 and Figure 13, 40% of the respondents agree that they are highly Satisfied with the skill
and professionalism of the workforce that carries out the work.
43
14: Worth to buy glasses from Lenskart. Table:14
Worth to buy glasses from Lenskart No of Respondents Percentage (%)
N= 50
Yes 48 96%
No 02 04%
Total 50 100

Chart:14

Worth to buy glasses from Lenskart

4%

Yes
No

96%

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

44
15: The Lenskart services which are really done well.
Table: 15
The Lenskart services which are really done well. No of Respondents Percentage (%)
N= 50
Assistance with eye power/prescription related 07 14%
queries/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

The Lenskart services which are really done well.

8 Assistance with eye

% 14 power/prescription
4 % related queries/issues
%
Knowledge of products
and services

Assistance with discounts

and
26 offers
32 %
% Time taken to resolve
query\issue

Ability to understand
questions
16 /queries
%

Interpretation:
In Table 15 and Figure 15, 32% of the respondents agree that the time taken to resolve query or issue
is done well by Lenskart.
45
16: The convince with the procedure at the time of purchasing Lenskart products.
Table: 16
The convince with the procedure at the time of No of Respondents Percentage (%)
purchasing Lenskart products N= 50
Agree 17 34%
Strongly agree 13 26%
Neutral 15 30%
Disagree 05 10%
Strongly disagree 00 00%
Total 50 100

Chart: 16

The convince with the procedure at the time of purchasing

lenskart products

10
%

34
% Agree
Strongly
30 agree
% Neutral
Disagree
Strongly

26
%

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

46
17: The staff delivers appropriate service to the customers.
Table: 17
The staff delivers appropriate service to the No of Respondents Percentage (%)
customers. N= 50
Excellent 21 52%
Good 28 56%
Neutral 01 02%
Average 00 00%
Below average 00 00%
Total 50 100

Chart: 17

2%

Excellent

52% Good
Neutral
56% Average
Below average

Interpretation:
In Table 17 and Figure 17, 56% of the respondents agree that the quality of the service delivered by
the staff is excellent to the customers.
47
18: The scale to repurchase the product at Lenskart Table:
The scale to repurchase the product at lenskart No of Respondents Percentage (%)
N= 50
Agree 37 74%
Strongly agree 05 10%
Neutral 08 16%
Disagree 00 00%
Strongly disagree 00 00%
Total 50 100

Chart: 18

The scale to repurchase the product at lenskart

16
%

1
10 2
%
3
4
5

74
%

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

48
19: Recommendation of the product to others. Table:
19
Recommendation of the product to others. No of Respondents Percentage (%)
N= 50
Yes 47 94%
No 03 06%
Total 50 100

Chart 19:

Recommendation of the product to others.

6%

Yes
No

94%

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

49
20: The satisfactory level with the overall quality of work carried out. Table:
20
The satisfactory level with the overall quality of No of Respondents Percentage (%)
work carried out N= 50
Very poor 00 02
Poor 05 00
Average 17 34
Satisfactory 18 54
Brilliant 10 10
Total 50 100

Chart: 20

The satisfactory level with the overall quality of work

carried out

10 2

34 Very poor
Poor
Average
Satisfactor
y

54

Interpretation:
In Table 20 and Figure 20, 54% of the respondents agree that they would like to
recommend lenskart product to others.
50
Findings:
1. 24% of the respondents agreed that they will check durability and fashion/

before purchasing new glasses from Lenskart.

2. 42% of the respondents prefer offline shopping method.
3. 48% of the respondents strongly agree that they are satisfied with features of
Lenskart.
4. 56 % of the respondents strongly agree that lenses and frames will fit as per their
taste.
5. 52 % of the respondents strongly agree that price was the factor that influence

them to buy Lenskart.

6. 54% of the respondents agree that they are satisfied with the quality of customer

service of Lenskart.
7. 62 % of the respondents agree that they are highly satisfied with the brand.
8. 60 % of the respondents agree that they are highly satisfied with the lens thickness
of Lenskart.
9. 44% of the respondents agree that they are highly satisfied with the frame colour
of Lenskart.
10. 38% of the respondents agree that they got to know about Lenskart through
friends.
11. 68% of the respondents agree that experience of Lenskart in order for value of

money is above their expectation.

12. 54% of the respondents agree that experience of Lenskart in ordering process of

the last order was satisfactory

13. 40% of the respondents agree that they are highly Satisfied with the skill and

professionalism of the workforce that carries out the work.

14. 96% of the respondents agree that its really worth to buy glasses from Lenskart
15. 32% of the respondents agree that the time taken to resolve query or issue is

51
 done well by Lenskart.
16. 34% of the respondents agree that the convince with the procedure at the time

of purchasing Lenskart products.

17. 56% of the respondents agree that the quality of the service delivered by the

staff is excellent to the customers.

18. 74% of the respondents agree that they would like to repurchase the product from
Lenskart.
19. 94% of the respondents agree that they would like to recommend Lenskart
product to others.
20. 54% of the respondents agree that they would like to recommend Lenskart
product to others.

52
Suggestions:
1. Company should improve the features of Lenskart.
2. Company should improve the quality of service to the customers
3. Considerable number of respondents facing some problems while shopping in

offline. This problem should be carefully observed, analyzed and settled.

4. Company should take maximum effort to offer the products with competitive

price because the price of the product plays a big role in purchase decision.
5. The offline shopping must be made known to consumers through different

methods of advertisements.

53
 CONCLUSION

Lenskart in the coming years would serve more customers and aspire to become a global
company keeping the main focus of manufacturing in India so that in India Lenskart can
generate a lot of employment opportunities. Though Lenskart has already provided a lot
of employment opportunities for the country people both in terms of retails and
manufacturing. Lenskart is planning to start eye technology in the next few years and is
willing to invest more than $2 million. One of its technology projects includes providing
the classes to the customers instantly on spot rather than wasting time waiting for the eye
checkup and delivery. With 550 stores across the country, Lenskart is the number one
brand in the Indian eyewear industry.
Providing more buying options to consumers was a masterstroke from the Lenskart
founder as it helped to establish Lenskart as a trustworthy brand and, at the same time,
allow consumers to trust the online buying process of eyewear products. The approach
was similar to selling a new concept first and then bringing consumers on board to enjoy
the convenience of buying eyewear products online.
Lenskart works as both an offline and online distribution channel and is one of the leading
e- commerce brands. Lenskart productions can be ordered by the customers through
Lenskart’s creatively designed physical offline stores. The brand is brought up a
revolution for the e- commerce eyewear industry by providing the facility of eye
checkups at home. In the year 2019 Lenskart becomes the unicorn company.
Lenskart has a widespread and fastest-growing business chain all over India, associated
with above 120 cities, above 500 profitable stores and also more than 50 lakh happy and
satisfied customers. It is registered under a parent company named Valyoo Technologies.
Lenskart app comprises the widest college of eyewear and its app is in the number one
position for online eyewear shopping. The collection includes computer glasses, reading
54
glasses, contact lenses, anti-glare, goggles, specs, and also gives the facility to try out the
eyewear at home followed by eye accessories and prescription glasses.

55
 LIMITATIONS

1. Small sample size was chosen due to the time constraint for the study.
2. The area of the study is restricted to online only. So the results may not be
generalized to other places.
3. The accuracy of the figures and data depends on the customers view.

56
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57