Advertising and Positioning

strategy in Lens kart

Introduction
There was a time when people with weak eyesight had to face social stigmas,
and many terms such as nerd, geek, four eyes were associated with them.
But Lenskart revolutionized the eyewear industry and the idea of wearing
spectacles. After all, Lenskart says, “specsy is the new sexy.” Spectacles
today have become a style statement, and people don’t remove but wear
them to look good. B

Origin of the tech-based aggregator of

eyewear
Lenskart was founded in 2010 by Peyush Bansal along with the co-founders
Sumeet Kapahi and Amit Chaudhary. The idea behind Lenskart was to
provide easy access to eyewear to 1/3 population of India which needed it.

Lenskart is delivering high-quality eyeglasses, contact lenses, sunglasses, etc

to millions of Indians at affordable prices. Not just eyewear, but it also offers
free eye checkup service at home.

This tech-based aggregator of eyewear started by serving 30 customers a

day and today serves more than 3000 a day. The value of Lenskart is $2.5 bn
(July 2021) today and is among the top 3 optical businesses in India. In
addition to this, Lenskart is planning to hire over 2,000 employees by the end
of 2022, which clearly depicts their growth. Before Lenskart, the sector of
eyewear was unorganized. Lenskart has revolutionized and organized the
eyewear sector in India.

The credit for their success goes to their innovative technology and their
omnichannel marketing strategy. Where there is a customer, there is
Lenskart.

So let us read about the spectacular Lenskart marketing strategy.

The Farsighted Lenskart Marketing

Strategy
Online + Offline presence
Lenskart does not just serve its customers on online platforms but also
through offline stores. The customers can avail of the services and products
by Lenskart from their brick and mortar stores, ordering online through their
app or website, and even booking eye checkup appointments at their homes.

As we stated earlier, Lenskart serves its customer using an omnichannel

strategy to spread across multiple customer touchpoints and offer a seamless
customer service and experience across all the touchpoints.

Introduction of inhouse spectacles

manufacturing
Lenskart sources its manufacturing material from china, and it carries out its
product manufacturing in a factory in Gurugram. The company signed up for
a new manufacturing facility in 2020, which would be spread across 4-5 lakh
sq ft. It is five times the size of its Gurugram based manufacturing facility.

By expanding its manufacturing, the company plans to increase its supply

and meet the demand of customers. By setting up their own manufacturing
unit, they cut the extra costs and also make their products affordable.
Additionally, the new plant will be completely automated which means a high
degree of accuracy and precision in manufacturing.

Google ads
Google ads are one of the most effective strategies to top the search results.
Lenskart targets different keywords eyeglasses, sunglasses, glasses, to get
paid search traffic from Google ads.

Also, Lenksart uses the Goggle Shopping ads to show their products directly
to users so they can take action.

There are more, such as display ads, video ads, and universal app download
ads. Well, that is the optimum utilization of Google ads.
Ads of all kinds
Lenskart leaves no space to place their ads. The brand runs targeted
Facebook ads and Instagram ads, and customers are more likely to see these
ads while scrolling their feed.

The brand also uses conventional marketing strategies such as newspaper

ads, billboards, television ads, and email marketing.

All these efforts have made lenskart a well-recognized brand in India among
all age groups.

Website SEO
Lenskart’s SEO game is as solid as its product range. Their website is SEO
friendly and therefore ranks at the top. The company targets keywords such
as “eyeglasses,” “spectacles,” “glasses,” “sunglasses,” and various other
keywords related to eyewear.

Lenskart’s SEO performance is so good that they get 1300K visitors per
month organically from Google.

High-quality product
Marketing does not always mean how you’re promoting, but it also focuses
on what you’re promoting. Lenskart focuses on both the product and
promotions. The eyewear that Lenskart offers is of high quality as they’re
made with innovative technology.

‘Lenskart blu’ is one of their eyeglasses range made from blu cut lenses that
protect eyes from harmful UV rays. In addition to this, their Airflex range has
ultra-light and super-flexible frames which do not break, no matter how rough
you use them.

Lenskart Marketing Strategy & Marketing Mix (4Ps)

Published by MBA Skool Team, Last Updated: December 09, 2017

Marketing Strategy of Lenskart analyses the brand with the marketing mix framework
which covers the 4Ps (Product, Price, Place, Promotion). There are several
marketing strategies like product innovation, pricing approach, promotion planning
etc. These business strategies, based on Lenskart marketing mix, help the brand
succeed.

Lenskart marketing strategy helps the brand/company to position itself competitively

in the market and achieve its business goals & objectives.
Let us start the Lenskart Marketing Strategy & Mix to understand its product, pricing,
advertising & distribution strategies:
Lenskart Product Strategy:
The product strategy and mix in Lenskart marketing strategy can be explained as
follows:

Lenskart is a leading Indian ecommerce website specialising in eye-wear & eyecare

products. Lenskart through its online and offline stores sells customized made to
order spectacles, contact lenses and sunglasses as a part of its marketing mix
strategy for men and women of all age brackets. Some of the popular brands include
Ray Ban, Bausch and Lomb, Tag Heuer, Johnson and Johnson, Spirit, Fastrack to
name a few. Single, bivision, bifocal or progressive spectacles and sunglasses can
be made as per requirement simply by presenting the prescription. Lenskart offers a
one year warranty on its products and offers glasses in three types- small, medium
and large. Because it is common for spectacle users to own more than a pair of
glasses, Lenskart captures this sentiment by positioning glasses as a statement
fashion piece more than as an item that customers need for their daily usage.
Lenskart also sells other accessories related to eye wear and care like spray
solutions, contact lenses solutions, wiping clothes, lenses case, eye wear stands and
so on.

Lenskart Price/Pricing Strategy:

Below is the pricing strategy in Lenskart marketing strategy:

To meet the demands of all existing income brackets in the market who are willing to
afford the purchase of eye wear online or through physical stores, Lenskart offers
value based pricing, in which products are priced depending on the value they offer
to the customers.

Products are available in value, or premium segment depending upon what is the
requirement of the user looking for the product. Since a lot of marginal costs in the
supply chain get surpassed when the store delivers to the customers directly, a
number of costs are cut down leading to a reduction in the prices of spectacles by as
much as 50%. Lenskart also offers a no questions asked return policy, yet it has the
lowest return rates in the industry accounting to about 4%.

Lenskart Place & Distribution Strategy:

Following is the distribution strategy in the Lenskart marketing mix:

Lenskart, being an online brand, can be accessed everywhere. Predominantly, an

online store, over the past few years as part of its expansion policy in India, it has
expanded itself to a number of cities across the Indian subcontinent. The company
through its online portal, delivers to more than 450 cities across India. They have
partnered with a number of third party vendors who are involved in rolling out
deliveries across locations for the Lenskart brand. These partners include BluDart,
Javas and Delhivery to name a few.

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

Lenskart Promotion & Advertising Strategy:

The promotional and advertising strategy in the Lenskart marketing strategy is as
follows:

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

 First frame free for the customers. Only payment for lenses of the first frame
 Exchange option for an old frame
 Try at home option for customers by ordering maximum 5 frames at home,
trying them and selecting
 Virtual try on through a try on a model’s picture
  Home eye check-up facility
 Doctor locator to find nearest ophthalmologist.

TV commercials and print ads have also helped Lenskart grow.

Since this is a service marketing brand, here are the other three Ps to make it the
7Ps marketing mix of Lenskart.
Suggest some innovative strategies for lens kart

Talking about the magical unicorns of India, there are some who have
revolutionized the industry they work in. One such revolutionary unicorn is
Lenskart, which has brought about some significant changes in the
eyewear industry.

Lenskart revolutionized the unorganized eyewear industry in India. Started

as an online portal for contact lenses, the company moved on to introduce
prescription glasses and sunglasses in its product range as well.

With cutting edge technology which provides 3D Try-on services and

online eye check-up services, Lenskart has now made its presence in the
offline market as well and operates in more than 550 stores across the
country now.

With the mission to become the Maruti Suzuki of the Indian eyewear
industry over the next ten years, Lenskart India keeps bringing in new and
innovative products and services in its range.

Lenskart India: How It All Began?

The company was founded by Peyush Bansal who started Lenskart in
2010 along with Amit Chaudhary and Sumeet Kapahi in 2010. Peyush,
who used to work at Microsoft, also founded the company Valyoo
Technologies, which is the parent company of Lenskart.

While pursuing his post-graduation in Management at IIM B, he launched

Valyoo Technologies with SearchMyCampus as the first business portal in
2007. The site aimed to offer solutions to different kinds of problems faced
by the students. It offered accommodation, books, internships, carpool
facilities, part-time jobs, etc.

While exploring this avenue, he discovered that the eyewear industry is

one of the neglected industries which had not been tapped by e-
commerce giants such as Amazon and EBay yet.

With this in mind, he launched Flyrr.com in the US, and after receiving a
positive response there, he decided to launch the platform in India. Thus,
Lenskart was launched in India in 2010.
Business Model of Lenskart
Lenskart India offers more than 5,000 styles of frames and 45 different
types of superior quality lenses to its customers. The designs are in line
with the latest trends in eyewear, courtesy of the in-house team of
designers, and stylists who keep a tab of the latest trends.

It follows an inventory-led business model where it passes on these

designs to its manufacturers. This, and the supply chain followed by
Lenskart, helps them to keep the cost of their products under control.

While developing their product, some of the things that the company
keeps in mind are the – superior quality of the product, a variety for the
consumers, product innovativeness, excellent marketing strategies, and
services such as a 3-D trial facility.

The brand’s focus is not just on the trendiness of the product but also on
its durability and quality. It uses robotic technology imported specially
from Germany, which allows Lenskart to be the only brand in India which
is able to make eyewear with up to 3 decimals of accuracy.

Catering to the Indian sentiment of – ‘aur dikhao’, Lenskart India has

over 5,000 styles of frames and over 45 types of lenses. They don’t just
offer reading glasses but also offer a range of the latest designer
sunglasses.

Lenskart has also revolutionized the eyewear industry by using cutting

edge technology. It offers services such as 3-D trial facilities in order to
make the process smoother for its customers. It also follows an aggressive
marketing strategy where it offers its first-time customers their first frame
free of cost.

Lenskart has changed its model over the years and follows an Omni-
channel retail model. In an Omni-channel retail model, the business offers
services both online as well as offline mode. Initially, it just had an online
presence, but soon it made its mark in the offline world as well. It now has
over 550 stores in 30+ cities across India.

The main agenda of Lenskart India behind opening up brick and mortar
stores was that Indian consumers were a little apprehensive of purchasing
eyewear online. The customers wished to try the product out in a physical
presence, and touch and feel it in order to be absolutely sure about its
quality.

Also, opening up physical stores helped the brand grow its business faster
and gain the trust of its customers. They used the Omni-channel to
convert their offline customers to online by offering them application and
portal facilities. This also helped them in strengthening their ties with the
customers.
Lenskart Funding and Valuation

Lenskart funding has been done by 12 investors that include PremjiInvest,

Kedaara Capital, Chiratae Ventures, TPG Growth, Ratan Tata of Tata Sons,
Rajeev Chitrabhanu, Adveq, Eqip Capital, IFC Venture Capital Group, etc. It
has managed to raise a sum of $459.6 million in over 9 funding rounds.

In December 2019, Lenskart raised $275 million from SoftBank Vision

Fund after which it reached a valuation of $1.5 Billion and had generated
a revenue of Rs. 486.26 crore in 2019.

The Eyewear Industry

Currently, almost 50% of the world population needs to wear glasses, and
in India alone, almost 1/3rd of the population requires them. However, out
of the 1/3rd, about 25% of them actually address their eye problem and
wear spectacles.

The eyewear sector in India is extremely unorganized. There are just

10,000 optometrists, whereas there is a requirement for about 40,000
optometrists. However, since the industry is moving towards becoming a
more organized sector, there is a lot of growth potential.

The industry had experienced a growth rate of 30% on a yearly basis in

the earlier years of its business, and currently, it is a $10 million market.
With more people becoming aware of their eye problems and people
buying spectacles to follow trends, more than 1.5 million spectacles are
sold in India each day.

Competition Analysis: What Makes Lenskart Stand Out?

Lenskart faces competition from both offline and online players. Some
of its main competitors are GKB Opticals, Coolwinks, Specsmakers,
Deals4Opticals, Lensbazaar, Vision Express, and Titan Eyeplus. Lenskart
also faces competition from e-commerce giants such as Amazon,
Flipkart, PayTM, etc. who also offer eyewear online.

The eyewear industry is highly unorganized. The organized part just

constitutes about 9-10% of the 18,000-20,000 crore market. Although
Lenskart has around 70% of the market share among the organized
players, its main challenge is to steer customers away from the
unorganized sector, which offers product knockoffs which are available at
low costs.

With an aggressive marketing strategy, different price points, and unique

and innovative products and services, Lenskart can win over its
competitors. The company currently has Bhuvan Bam as its brand
ambassador.
It also offers products at different price points, starting from Rs.345 and
reaching up to Rs.30,000, thus reaching customers from different
segments. It constantly needs to come up with innovative plans in order
to stay competitive and relevant in the long run. Some services like eye
check-up at home are really appreciated by the customers.

The Road Ahead

With its vision – ‘Vision to India’, Lenskart India seeks to reach the
masses by coming up with a low-cost franchise model. This model,
Lenskart Lite, would help them launch the system in Tier 3 and 4 cities
and also increase their reach in Tier 2 cities.

It also launched daily contact lenses which can be disposed of easily. With
the help of their product Aqualens, Lenskart’s aim is to provide affordable
and less complicated eyewear solutions. At just Rs.40 a day, it would be
extremely affordable to the regular masses who want both trend and cost.

Lenskart India’s main goal is to narrow the gap between selected and not
selected and plans on opening up more than 500 stores in the next two
years. It plans to reach a total of 2,000 stores by the end of 5 years.

Competitive Advantage
SWOT ANALYSIS
Competitive advantages allow companies to charge higher prices and to realize
greater profit margins than competitors. This, in turn, gives the company more capital
to invest in further growth and development of advantages. Competitive advantages
develop when a company matches its strengths and core competencies to the needs
of the markets it serves.

SWOT Analysis of Lenskart

1 An established and credible name in the online and offline optical industry

2 An huge range of premium eyewear brands and designs

3 Low investment, high return business proposition

4 Break-even periods of 12-15 months

5 Home eye check-up programs. This service is charged at some nominal fee

6 As per recent survey on spectacles prices lenskarts lenses cost 50% lesser

7 Money saving deals likes discount coupons, offers and vouchers

SWOT ANALYSIS
Weakness:

Unsatisfactory with services

Packing is not good

Competitive market

Strengths:

Providing a platform where people can order from a huge variety of sunglasses,

eyeglasses and contact lens.

Lenskart offers over 5,000 frames and glasses and more than 45 kinds of high

quality lenses.

The point of a SWOT analysis is to help you develop a strong business strategy by

making sure you’ve considered all of your business’s strengths and weaknesses, as

well as the opportunities and threats it faces in the marketplace.

S.W.O.T. is an acronym that stands for Strengths, Weaknesses, Opportunities,

and Threats. A SWOT analysis is an organized list of your business’s greatest

strengths, weaknesses, opportunities, and threats.

Strengths and weaknesses are internal to the company (think: reputation, patents,

location). You can change them over time but not without some work. Opportunities

and threats are external (think: suppliers, competitors, prices)—they are out there

in the market, happening whether you like it or not.

Business Model
Threats:
Global economy

Competition is high

Oppurtunities:

Growing demand

Global markets

Business Model Characteristics

INNOVATIVE FEATURES
1.Giving Freebies to Attract customers

First frame free: Lenskart gives first frame to its customer for free to encourage
customer to buy goods online. Lenskart provides large variety of frames, which
enables customer to make best selection. If customer is not satisfied, then can return
frame within 14 days of delivery.

2.Social Media Interactions and 24/7 helpline

3.Good blend of Products and services

4.Effective Delivery Mechanism

Exchange old frame for new: Customer can exchange their old frame with new one
by register with lenskart. On registration, coupon code is generated and customer to
courier their product to lenskart (courier cost borne by customer). Product is verified
for its quality, if product meets the criteria, then coupon code is shared with
customer. This code can be used by customer to make new purchase. However, if
quality check fails and customer wishes to have its product back, then courier
charges are borne by customer.

Virtual try-on: This feature enable customer to try frames on model's photograph.
Customer can also upload their own photo, try different frames on it and can share it
on social media for friends & family to comment on it.

Buying guide: To ensure that returns are minimized and customer has pleasant
experience buying glasses, lenskart provides extensive and detailed buying guide for
frames and lenses.
Competitive Advantage

SWOT ANALYSIS

Mr.Shaik Sadiq

Products and Services

Mr.M Kranthi Desai

FULL RIM
The different products offered by Lenskart are as follows:

1. Frames

2. Eye-Glasses

3. Sun-Glasses

4. Contact Lenses

Frame types

1. Rimless

2. Full Rim

3. Half Rim

Frames
RIMLESS
The ophthalmic frame is the part of a pair of spectacles which is designed to hold the
lenses in proper position. Ophthalmic frames come in a variety of styles, sizes,
materials, shapes, and colour’s

HALF RIM
Business Models
CONTACT LENS
SUNGLASSES
EYE-GLASSES
Glasses, also known as eyeglasses (formal) or spectacles, are frames bearing
lenses worn in front of the eyes. They are normally used for vision correction. Safety
glasses are a kind of eye protection against flying debris or against visible and near
visible light or radiation.

A contact lens, or simply contact, is a thin lens placed directly on the surface of the
eye. Contact lenses are considered medical devices and can be worn to correct
vision, or for cosmetic or therapeutic reasons.

No matter what the season might be, one does not really need a reason to flaunt a
pair of stylish sunglasses. Available in an assorted range and variety of styles,
patterns and colours, sunglasses have established a wide market for themselves
and are here to stay for a long time. Buy sunglasses online through Lenskart.com
and choose from a wide range of over 1,500 sunglasses.

SERVICES
Mr.M Sri Naga Manikantha

In December 2013 Lenskart introduced a home check-up program at a charge of Rs

100.[4] Under this program, an optical specialist is dispatched to the customer's
home via an online booking site. This program is currently offered by Lenskart in 7
major cities of India.

Investment Raised
and
Valuation
Mr.A.SantoshKumar

Products and Services

Understanding of the E-Commerce and
Background of the company
Mr.VIKAS RAPETI

Ms.KORRAPATI TEJASWI

Investments Raised and Valuations

1. Lenskart raised its first round of funding from IDG Ventures India (IDGVI) in 2011.

2. IDGVI Invested around 22 crore (US$3.6 million) in Valyoo Technologies, the

parent company

of Lenskart.com.

3. Lenskart has used the funding to invest in expansion to smaller towns and cities,
build offline

franchisees and range development.

4. It has 7 offline franchise owned stores under the brand name ‘Lenskart’

in Chandigarh, Pune, Agartala, Delhi and Goa, Lenskart plans to set up 100 retail
stores

across India to strengthen its offline presence.

5. The major contribution with respect to profits to the parent company(Valyoo

Technologies)

is through Lenkart(Approx.70%) and remaining is through the three subsidiaries

Watchkart,Bagkart and Jewelkart.

6. Incepted in 2010, in the last three years, the company has seen remarkable
growth with a 300%

increase in its turnover and an employee strength that currently stands at 150.

7. Recently, Lenskart has been funded by Ronnie Screwvala-led Unilazer Ventures

($10 million in

February 2013).

Future Plans and Growth Scenario

1. The parent company is planning to invest around Rs 25 crore a year towards its
expansion programme.
2. Lenskart plans to set up 100 retail stores across India to strengthen its offline
presence.

3. With respect to previous statistics, the growth rate of the company is

approximately 100%.

4. Being the only E-commerce business in Eye-wear industry, and finding a huge
growth opportunity in this sector, the company is planning to sell the remaining three
child companies Bagkart, Watch kart and Jewelkart.

5. As a company is planning to close the remaining three subsidiaries, Lenskart is

expected to reach 100cr revenue by 2015.

Understanding of the E-Commerce Business

and Background of Lenskart Company
E-Commerce
E-Commerce Practises
Global Trends and Distribution Channels
 In 2010, the United Kingdom had the biggest e-commerce market in the
worldwhen measured by the amount spent per capita.
 Among China, e-commerce presence continues to expand every year.
 Some estimates show that purchases made on mobile devices will make up
25%of the market by 2017.

It is trading in products or services using computer networks, such

as
the Internet. Electronic commerce draws on technologies such as
mobile
commerce, Internet marketing, online transaction processing ,
automated data
collection systems.
• Provides on websites with online catalogues, sometimes gathered
into
a "virtual mall”
• Buy or sell on websites or online marketplaces.
• Gather and use demographic data through web contacts and
social media.
• Use electronic data interchange, the business-to-business
exchange of
data.
• Use business-to-business buying and selling.
• Provide secure business transactions
Background of Lenskart
Awards and Recognitions
Lenskart’s e-mail marketing campaign was included in the "honorable mention"