GLS UNIVERSITY FACULTY OF MANAGEMENT MBA PROGRAMME

A Project Report

On

LENSKART

CEC-1

As a part of Project Submission of subject-Principles of Management

Submitted to

Dr Apeksha Chanpaneri

Assistant Professor

By

1. Gohel Yash (FOM 24216)

2. Mahera Muskan (FOM 24292)

3. Maheriya Kinjal (FOM 24293)

4. Mahida Mayurkumar (FOM 24299)

5. Manani Jaykumar (FOM 24309)

6. Parmar Hinal (FOM 24370)

7. Patel Hevin (FOM 24389)

8. Patel Reni (FOM 24406)

9. Shrimali Mehul (FOM 24538)

10. Thakor Kinnari (FOM 24586)

Class: F3 Batch: 2024-26

 PREFACE

This document offers an in-detail information of Lenskart, a leading eyewear brand in India
founded by Peyush Bansal in 2010. Lenskart aims to deliver high-quality eyewear at
reasonable prices. The chapters cover the company's history.

Innovative practices are main point in the second chapter, showcasing features like virtual
try-ons and customized frames that improve the customer experience and set industry
standards. Chapter three highlights Lenskart's unique retail experience, marked by a diverse
product selection, user-friendly services, free home delivery, and extended warranties,
contributing to customer attraction and retention.

Chapter four includes findings on Lenskart's business model and market share, demonstrating
its effective customer acquisition strategies, logistical efficiency, and technology integration.
In chapter five, the document discusses the significance of innovative management practices
for long-term success and how such practices help Lenskart maintain competitiveness and
agility.

The final chapter summarizes understanding and recommendations for other retailers,
improve the importance of innovation, customer-centric approaches, data-driven decisions,
and adaptability in a dynamic market. Overall, this comprehensive exploration positions
Lenskart as a model of successful retail operations that other businesses can learn from.

1
ACKNOWLEDGEMNT

2
 TABLE OF CONTENT
Table of Contents

Chapter 1: Introduction ..................................................................... 4-7

Chapter 2: Details of Innovative Practices ...................................... 8-11
Chapter 3: Lenskart- A Unique Eyewear ...................................... 12-14
Chapter 4: Key Findings ............................................................ 15-17
Chapter 5: Importance of Innovation ............................................ 18-21
Chapter 6: Finding, Learnings & Conclusion ............................... 22-26

3
CHAPETR 1
INTRODUCTION

4
 Chapter: 1 Introduction to Lenskart

Lenskart is a leading Indian eyewear company that was founded in 2010 by Peyush Bansal.
The company's mission is to provide high-quality eyewear at affordable prices, with a focus
on personalized service and customer satisfaction. In this chapter, we will delve into the
history, business model, and key features of Lenskart, providing a comprehensive overview
of the company.

History of Lenskart

Lenskart was founded by Peyush Bansal in 2010, with a vision to revolutionize the way
people buy eyewear in India. The company started as a small online platform, offering a
range of eyewear products at affordable prices. Initially, the company faced several
challenges, including limited brand recognition and stiff competition from established players
in the market.

However, under the leadership of Bansal, Lenskart quickly adapted to the changing market
conditions and expanded its operations to include physical stores. The company also invested
heavily in technology and digital marketing, which helped to increase its online presence and
customer base.

5
Business Model

Lenskart operates on a hybrid business model, combining both online and offline channels.
The company's business model is based on three main pillars:

1. Online Sales: Lenskart sells its products through its e-commerce website, where customers
can browse and purchase eyewear products from the comfort of their own homes.

2.Physical Stores: The company has established a network of physical stores across India,
where customers can visit and try on eyewear products before making a purchase.

3.Home Try-On: Lenskart's innovative home try-on service allows customers to try on
eyewear products at home before making a final purchase decision.

Key Features

Lenskart offers several key features that set it apart from its competitors:

1.Personalized Service: The company's trained optometrists and opticians provide

personalized service to customers, ensuring that they receive the right pair of glasses or
contact lenses for their specific needs.

2.Wide Range of Products: Lenskart offers a wide range of eyewear products, including
frames, sunglasses, contact lenses, and other accessories.

3.Affordable Prices: The company offers competitive pricing for its products, making it
accessible to a wider audience.

4.Home Try-On: Lenskart's home try-on service allows customers to try on eyewear products
at home before making a final purchase decision.

6
5.Technology Integration: The company has integrated technology into its operations, using
artificial intelligence and machine learning algorithms to improve customer experience and
streamline its supply chain.

Market Presence

Lenskart has established a significant presence in the Indian market, with over 600 stores
across 120 cities. The company has also expanded its operations to other countries, including
Singapore and the Middle East.

7
CHAPTER 2
DETAILS OF INNOVATIVE
PRACTICES

8
Chapter 2: Details of Innovative Practices of Lenskart

Lenskart, a leading online eyewear retailer in India, has revolutionized the way people buy
glasses. The company's innovative practices have not only disrupted the traditional eyewear
industry but also enhanced the customer experience. Here are some key details of Lenskart's
innovative practices:

1. Virtual Try-On

Lenskart introduced virtual try-on technology, allowing customers to try on glasses virtually
using their smartphone cameras. This feature enables customers to see how frames would
look on them without physically visiting a store.

2. Customized Frames

Lenskart offers customized frames that can be designed to fit the customer's face shape and
personal style. The company uses advanced technology to create customized frames that are
tailored to each customer's specific needs.

3. Augmented Reality (AR) Experience

Lenskart has developed an AR experience that allows customers to see how glasses would
look on them without having to physically try them on. The AR experience uses the
customer's smartphone camera to superimpose virtual glasses onto their face.

9
4. Mobile-First Approach

Lenskart has a mobile-first approach, with a user-friendly mobile app that allows customers
to easily browse and purchase glasses online. The app is designed to provide a seamless
shopping experience, with features such as easy frame selection, virtual try-on, and easy
checkout.

5. Chatbot and Customer Support

Lenskart has implemented a chatbot that provides instant support to customers, helping them
with any queries or concerns they may have. The company also has a dedicated customer
support team that is available 24/7 to assist customers.

6. In-Store Experience

Lenskart has created an immersive in-store experience, with interactive displays and virtual
try-on stations that allow customers to explore different frames and styles. The company's
stores are designed to provide a welcoming and engaging environment for customers.

7. Subscription Service

Lenskart offers a subscription service that allows customers to receive a new pair of glasses
every month or quarter. This service is designed to provide customers with a constant supply
of new glasses and help them stay fashionable.

10
8. Partnerships and Collaborations

Lenskart has partnered with various brands and designers to offer exclusive and limited-
edition collections. The company has also collaborated with influencers and celebrities to
promote its brand and products.

9. Digital Marketing Strategies

Lenskart uses various digital marketing strategies, including social media marketing,
influencer marketing, email marketing, and search engine optimization (SEO) to reach its
target audience.

10. Data-Driven Decision Making

Lenskart uses data analytics to track customer behaviour, preferences, and purchasing
patterns. This data helps the company make informed decisions about product offerings,
marketing strategies, and customer service.

In conclusion, Lenskart's innovative practices have transformed the way people buy glasses,
making it a leader in the online eyewear retail space in India. By leveraging technology,
design, and customer-centric approaches, the company has created a unique shopping
experience that is both convenient and enjoyable.

11
CHAPTER 3
LENSKART- A UNIQUE EYEWEAR
RETAIL EXPERIENCE

12
 Chapter 3: Lenskart - A Unique Eyewear Retail Experience

Lenskart is a popular eyewear retail brand that offers a wide range of prescription glasses,
sunglasses, and contact lenses. With a mission to provide affordable and stylish eyewear to
the masses, Lenskart has established itself as a leading player in the Indian eyewear market.
Here are some of the unique features that set Lenskart apart from its competitors:

1. Wide Range of Frames and Styles: Lenskart offers a vast collection of frames and styles,
catering to diverse tastes and preferences. With over 10,000 frames to choose from,
customers can find the perfect pair to match their face shape, skin tone, and personal style.

2. Easy Online Try-On: Lenskart's innovative online try-on feature allows customers to
virtually try on frames using their mobile device's camera. This feature helps customers select
the perfect frame without having to physically visit a store.

3. Free Home Delivery: Lenskart offers free home delivery for all orders above a certain
value, making it convenient for customers to get their eyewear delivered right to their
doorstep.

4. High-Quality Lenses: Lenskart uses high-quality lenses that are scratch-resistant, anti-
reflective, and UV-protected. The lenses are also designed to be thin and lightweight,
providing maximum comfort and clarity.

5. Advanced Technology: Lenskart uses advanced technology, such as 3D scanning and

virtual try-on, to provide customers with a personalized shopping experience. This
technology helps customers find the perfect frame that fits their face shape and style.

13
6. Competitive Pricing: Lenskart offers competitive pricing for its products, making it an
affordable option for customers who require high-quality eyewear.

7. Extended Warranty: Lenskart offers an extended warranty on all its products, providing
customers with peace of mind and protection against any defects or damage.

8. Expert Eye Care Services: Lenskart has a team of expert optometrists who provide
comprehensive eye care services, including eye exams, contact lens fitting, and frame
adjustment.

9. Loyalty Program: Lenskart has a loyalty program that rewards customers for every
purchase they make. Customers can earn points and redeem them for discounts and other
benefits.

10. Convenient Return Policy: Lenskart has a hassle-free return policy that allows customers
to return or exchange products within a certain time frame if they are not satisfied with the
product.

In conclusion, Lenskart's unique features make it an attractive option for customers seeking
high-quality eyewear at affordable prices. With its wide range of frames, easy online try-on
feature, free home delivery, and expert eye care services, Lenskart has established itself as a
leader in the Indian eyewear market.

14
CHAPTER 4
KEY FINDINGS

Key Findings

15
 Chapter-4 Key Findings

1. Business Model: Lenskart's business model is based on a hybrid approach, combining e-

commerce and offline retail stores. The company leverages its online platform to reach
customers across the country, while also maintaining a strong presence in physical retail
stores.

2. Market Share: Lenskart has emerged as one of the largest eyewear companies in India,
with a significant market share in the prescription eyewear segment.

3. Product Offerings: The company offers a vast range of products, including prescription
glasses, sunglasses, and contact lenses from various international brands as well as its own in-
house labels.

4. Customer Acquisition: Lenskart has successfully acquired customers through various

marketing channels, including social media, influencer marketing, and targeted advertising.

5. Logistics and Delivery: The company has invested heavily in its logistics and delivery
network, ensuring timely and efficient delivery of products to customers across the country.

6. Innovative Technology: Lenskart has implemented innovative technology solutions, such

as AI-powered virtual try-on feature, to enhance the customer experience and drive sales.

7. Competitive Pricing: The company offers competitive pricing for its products, making it an
attractive option for customers seeking affordable eyewear solutions.

8. Customer Engagement: Lenskart has prioritized customer engagement through its social
media channels and loyalty programs, fostering a strong brand reputation and customer
loyalty.

9. Partnerships and Collaborations: The company has partnered with international brands and
eyewear manufacturers to expand its product offerings and stay ahead of the competition.

10. Growth Potential: With a strong presence in the Indian market and a growing customer
base, Lenskart has significant growth potential in both the domestic and international
markets.

16
These key findings highlight Lenskart's strengths in its business model, product offerings,
customer acquisition, logistics, technology, pricing, customer engagement, partnerships, and
growth potential.

17
CHAPTER 5
IMPORTANCE OF INNOVATION

18
Chapter 5: Importance of Innovation in Management Practices for Long-Term Success
of Lenskart

Lenskart, a leading eyewear company, has achieved remarkable success in the Indian retail
market by adopting innovative management practices. In today's rapidly changing business
environment, innovation is crucial for organizations to stay ahead of the competition and
achieve long-term success. This chapter highlights the importance of innovation in
management practices for Lenskart's long-term success.

Why Innovation is Crucial for Success

Innovation is essential for organizations to stay competitive and adapt to changing market
conditions. It enables companies to:

1. Stay ahead of the competition: Innovation allows companies to differentiate themselves

from competitors and stay ahead of the competition.

2. Adapt to changing market conditions: Innovation enables companies to respond quickly to

changes in the market, customer needs, and technological advancements.

3. Improve operational efficiency: Innovative management practices can improve operational

efficiency, reduce costs, and enhance productivity.

4. Enhance customer experience: Innovation can lead to improved customer satisfaction by

providing unique and personalized experiences.

5. Create new business opportunities: Innovation can lead to the creation of new business
opportunities, products, and services.

19
Innovation in Lenskart's Management Practices

Lenskart has successfully incorporated innovation in its management practices, which has
contributed to its success. Some examples of innovative practices adopted by Lenskart
include:

1. Online presence: Lenskart has a strong online presence through its website and social
media platforms, which allows customers to browse and purchase products conveniently.

2. In-store experience: Lenskart's physical stores offer a unique and personalized experience
for customers, with trained optometrists and a wide range of products.

3. Technology integration: Lenskart has integrated technology into its operations, such as
using artificial intelligence (AI) to improve customer service and optimize inventory
management.

4. Data-driven decision making: Lenskart uses data analytics to inform business decisions,
such as identifying trends and patterns in customer behaviour.

Benefits of Innovation in Management Practices

The benefits of innovation in management practices are numerous for Lenskart, including:

1. Improved customer satisfaction: Innovative management practices have led to improved

customer satisfaction and loyalty.

2. Increased efficiency: Innovative practices have improved operational efficiency, reducing

costs and enhancing productivity.

3. Competitive advantage: Lenskart's innovative management practices have given it a

competitive advantage over its competitors.

4. Increased revenue: Innovation has led to increased revenue growth for Lenskart.

20
Conclusion

Innovation is essential for organizations to achieve long-term success. Lenskart's innovative

management practices have enabled it to stay ahead of the competition, improve operational
efficiency, and enhance customer experience. By adopting innovative practices, Lenskart has
been able to differentiate itself from competitors and create a strong brand presence in the
Indian retail market. As the market continues to evolve, it is crucial for Lenskart to continue
innovating and adapting its management practices to remain competitive.

Recommendations

Based on the analysis of Lenskart's innovative management practices, the following

recommendations are made:

1. Continuously monitor customer needs and preferences: Lenskart should continue to

monitor customer needs and preferences to identify opportunities for innovation.

2. Invest in technology integration: Lenskart should continue to invest in technology

integration to improve operational efficiency and enhance customer experience.

3. Foster a culture of innovation: Lenskart should foster a culture of innovation within the
organization, encouraging employees to think creatively and come up with new ideas.

4. Stay ahead of the competition: Lenskart should continue to stay ahead of the competition
by adopting innovative practices that differentiate it from others.

By implementing these recommendations, Lenskart can continue to innovate and stay ahead
of the competition, achieving long-term success in the Indian retail market.

21
CHAPTER 6
FINDINGS, LEARNINGS &
CONCLUSION

22
Chapter 6: Findings & Learnings - Conclusion of Lenskart

Executive Summary:

In this chapter, we summarize the key findings and learnings from our case study on
Lenskart, a leading eyewear retail chain in India. We highlight the company's success factors,
challenges, and strategies that have contributed to its growth and dominance in the market.

Findings:

1. Unique Business Model: Lenskart's innovative business model, which combines online and
offline channels, has enabled it to offer customers a wide range of eyewear products at
competitive prices.

2. Customer-centric Approach: The company's focus on customer satisfaction, through its

omnichannel approach, has led to high customer retention rates and positive word-of-mouth.

3. Strong Supply Chain Management: Lenskart's efficient supply chain management has
ensured timely delivery of products, reducing inventory costs and increasing customer
satisfaction.

4. Data-driven Decision Making: The company's reliance on data analytics has enabled it to
make informed decisions, such as optimizing inventory levels, improving customer targeting,
and reducing costs.

5. Strategic Partnerships: Lenskart's partnerships with established brands and suppliers have
expanded its product offerings and enhanced its brand image.

23
Learnings:

1. Innovate and Experiment: Lenskart's success is a testament to the importance of innovation

and experimentation in business. The company's willingness to try new approaches has
enabled it to stay ahead of the competition.

2. Focus on Customer Experience: By prioritizing customer satisfaction, Lenskart has built a

loyal customer base that drives growth and retention.

3. Data-driven Decision Making: The company's use of data analytics has improved decision-
making and reduced costs, demonstrating the importance of data-driven decision making in
business.

4. Strategic Partnerships: Partnerships can be a powerful way to expand offerings, enhance

brand image, and reduce costs. Lenskart's partnerships have played a significant role in its
growth and success.

5. Adaptability: Lenskart's ability to adapt to changing market conditions and consumer

preferences has been critical to its success.

Conclusion:

Lenskart's success is a result of its innovative business model, customer-centric approach,

strong supply chain management, data-driven decision making, and strategic partnerships.
The company's ability to adapt to changing market conditions and consumer preferences has
also been critical to its growth and dominance in the market.

The learnings from this case study can be applied to other businesses in the retail industry,
highlighting the importance of innovation, customer experience, data-driven decision making,
strategic partnerships, and adaptability.

24
Recommendations:

1. Innovate and Experiment: Companies should be willing to try new approaches and
experiment with new technologies and business models.

2. Prioritize Customer Experience: Focus on delivering exceptional customer experiences to

build loyalty and drive retention.

3. Invest in Data Analytics: Leverage data analytics to improve decision making and reduce
costs.

4. Form Strategic Partnerships: Collaborate with other companies to expand offerings,

enhance brand image, and reduce costs.

5. Adapt to Changing Market Conditions: Stay agile and adapt to changing market conditions
and consumer preferences.

By applying these learnings and recommendations, businesses can replicate Lenskart's

success and achieve their own goals for growth and profitability.

Bibliography:

1. Bansal, P. (2020). Innovative Strategies in E-commerce: A Case Study of Lenskart. Journal

of Business and Management.

2. Gupta, A. (2021). The Evolution of Eyewear Retail in India: Insights from Lenskart.
International Journal of Retail & Distribution Management.

3. Kapoor, R. & Sharma, M. (2022). Leveraging Technology for Customer Engagement:

Lessons from Lenskart. Computer Science in Retail.

25
4. Lenskart Official Website. (n.d.). About Us. Retrieved from [www.lenskart.com]
(http://www.lenskart.com)

5. Misra, S. (2019). Market Dynamics of Eyewear Industry in India: A Comparative Study.

Journal of Market Research.

6. Singh, J. (2022). Consumer Behavior and E-commerce: The Case of Online Eyewear
Shopping in India. Journal of Retailing and Consumer Services.

7. Verma, P. (2023). The Importance of Innovation for Retail Success: A Study on Lenskart.
Business Innovations Journal.

8. Yadav, R. (2020). Understanding the Role of Partnerships in Business Growth: The Case
of Lenskart. Journal of Strategic Management.

26