Project Report

On

“A study on Impact of Promotional Strategies of Lenskart on consumers in Nagpur”

A report submitted to Rashtrasant Tukadoji Maharaj Nagpur University, in partial fulfillment of the
requirements for award of the degree of Bachelor of Business Administration, Specialization in Marketing
Management

Academic Session 2021-22

Submitted By:
Piyush Premchand Koliya
BBA- Year III- Semester VI

Under the Guidance of:

Dr. Prasanna Shembekar

Tirpude Institute of Management Education

1, Balasaheb Tirpude Marg, Civil Lines, Sadar,
Nagpur - 440001
 CERTIFICATE

This is to certify that Piyush Premchand Koliya is a bonafide student of Tirpude Institute of Management
Education, Nagpur, and is studying Bachelor of Business Administration course (B.B.A) –III year. He has
completed his project titled “A study on Impact of Promotional Strategies of Lenskart on consumers in
Nagpur”

This project is submitted to Rashtrasant Tukdoji Maharaj Nagpur University in partial fulfillment of academic
requirements for the degree of Bachelor of Business Administration, for the session 2020-21.

I find the work comprehensive, complete and of sufficiently high standard to warrant its presentation.

Dr. Prasanna Shembekar

Dr. Lalit Khullar Guide
Director

Place: Nagpur

Date:
 ACKNOWLEDGEMENT

I take this opportunity to convey my gratitude to those who provided me help during the course of my study.
It is indeed a great pleasure to express my sincere thanks and sense of gratitude to Dr. Prasanna Shembekar
for his valuable guidance, timely help and suggestions and constant encouragement during my project work.

I am deeply indebted and grateful to the people who shared their opinion & experience with me in order to bring
out this research project successfully one.
There are many who offered me help and support in numerous ways. I wish to express my gratitude to all those
who have helped me throughout this research work to complete it successfully.
However, I accept the sole responsibility for any possible errors of omission and commission.

Place - Nagpur Piyush Premchand Koliya

Date - BBA - III

 DECLARATION

The work presented in this project report titled A study on Impact of Promotional Strategies of Lenskart on
consumers in Nagpur has been carried out by me under the guidance of Dr. Prasanna Shembekar during the
academic year 2021-22.
I solemnly declare that this work has not been submitted in part or full for other course conducted by
Rashtrasant Tukdoji Maharaj Nagpur University or any other University for any other purpose.

Place - Nagpur Piyush Premchand Koliya

Date - BBA - III
 INDEX

Sr.no CONTENTS Page No.

1 Introduction to topic

2 Introduction to Industry

3 Company profile

4 Objectives of study

5 Hypothesis of study

6 Scope of study

7 Limitations of study

8 Research methodology

9 Data analysis and Interpretation

10 Findings & Suggestions

11 Conclusion

12 Bibliography

13 Annexure-1: Questionnaire format

 CHAPTER - 1

INTRODUCTION TO TOPIC
Importance of Promotional Strategy
Promotion is an attempt by marketers to inform, persuade, or remind consumers and B2B users to influence
their opinion or elicit a response. Most firms use some form of promotion. Because company goals vary widely,
so do promotional strategies. The goal is to stimulate action from the people or organizations of a target market.
In a profit-oriented firm, the desired action is for the consumer to buy the promoted item. Promotional goals
include creating awareness, getting people to try products, providing information, retaining loyal customers,
increasing the use of products, and identifying potential customers, as well as teaching potential service clients
what is needed to “co-create” the services provided. Lenskart focuses on three parameters to delight the
customer and increase their perceived value:
Promotional goals include creating awareness, getting people to try products, providing information, retaining
loyal customers, increasing the use of products, and identifying potential customers, as well as teaching potential
service clients what is needed to “co-create” the services provided.
 CHAPTER - 2

INTRODUCTION TO INDUSTRY
Lenskart is an Indian optical prescription eyewear retail chain, based in the city of New Delhi, India. As of
September 2020, Lenskart had 500+ stores in over 40 cities in India. Its manufacturing facility in New Delhi
manufactures 3 lakh glasses a month.
The company had a valuation of $1 billion by December 2019 after Softbank invested around $2
million. Peyush Bansal, a former Microsoft employee, founded Lenskart in 2010 along with Amit Chaudhary
and Sumeet Kapahi. In 2020, Lenskart generated total revenue of ₹1,000+ crore. Financial backers of Lenskart
include TPG Growth, International Finance Corporation and Advance Management.
Ratan Tata and Kris Gopalakrishnan have also invested in Lenskart. In March 2018, Wipro’s Chairman Azim
Premji invested ₹4 crore in the group, taking the valuation of the company to ₹3,000 crore.
In 2018, the company became profitable (EBITDA). Lenskart launched the eyewear brand John Jacobs in
2017. The company is in talks with Japanese group SoftBank as well as the private equity firm Kedaara Capital
for investment. In October 2017, Lenskart's first brand ambassador was Katrina Kaif. In March 2019, the
company hired Bhavan Bam as their first male brand ambassador.
Lenskart was founded in 2010 by Piyush 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.

Lenskart focuses 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 centre 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 neighbour with over presence in 80 locations and continuously expanding, has
emphasized over quality and price.
 CHAPTER - 3

COMPANY PROFILE
Lenskart is a leading e-commerce for eyeglasses. It was founded by ex-Microsoft techie Piyush Bansal in
2010.Valyoo Technologies is the parent company under which it is registered. Delivery of Lenskart product is
diversified to over 450 cities in India. It started off by selling contact lens only but later diversified the product
range to eyeglasses, contact lenses, sunglasses for both men and women. Lenskart is a one of the ecommerce
companies of India that is operating in both online and offline distribution channel. Customers can order over
their online portal www.lenskart.com or from their uniquely designed offline store. Lenskart app is the no.1
shopping app for eyewear as it has the widest collection of specs, sunglasses, goggles, frames, anti-glare, contact
lenses, reading glasses, computer glasses, try glasses at home, prescription glasses, and eye accessories. Lenskart
is revolutionizing the eyewear industry through first of its kind ‘Home eye check-up’. It`s business model
operates bridges the gap between different touch points i.e. It gives the customer an Omni channel experience
where a customer can order either from store or from online medium.
Lenskart Promotional and Marketing Strategies:

Lenskart Advertisement Strategy:

Google ads

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

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. All these efforts have made Lenskart a
well-recognized brand in India among all age groups. The brand also uses conventional marketing strategies
such as newspaper ads, billboards, television ads, and email marketing like the initiative that they took up in
collaboration with net Core 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.

Adding premium brands to your product catalog can enhance any platform’s authenticity and value. Lenskart
offers a wide range of premium eyewear brands such as John Jacobs, Ray-Ban, Oakley, Vogue, and many more
on their platforms. The customers can access various premium brands on a single platform.

Eye grabbing Offers:

What excites the customer about any product or service is what they “offer.” The Lenskart marketing strategy
includes various schemes and offers that attract more customers to its platform.

Some of their popular schemes are:

• Free eyesight testing

• Offering the first frame free to new customers

• 5 frame trials, 2 frames at ₹2500

• Home trial where their eyewear specialist carries 100 bestselling frames for trial

• Free Lenskart Gold membership for 3 months

• 50% off on Vincent chase, Candyland collection

• Lenskart Pro offer

So, these are some of the offers, which they use to attract new customers and retain the existing ones.

Celebrity Endorsement:

Lenskart has completely revolutionized the eyewear segment in India and now eyewear is associated with style
rather than a cure to poor eyesight. In order to do so, they roped in a few celebrities who were known for their
style statement.

Lenskart’s first brand endorsement was done by Katrina Kaif in 2017 followed by Bhavan Bam in 2019.

Frame trial using Virtual Reality

Lenskart enhances its customer service by making its customers’ experience as real as possible, even on its app.
In 2015 Lenskart launched its 3D try-on feature by partnering with a California-based start-up named Ditto.
Using this feature, the customer can try their frames in virtual reality.

This feature is the most popular in its audience and even its founder Peyush Bansal claimed that this feature
brings around 15,000 every day on their platform.

Eye Testing using Modern technology

Eye testing is a crucial service associated with eyewear. So how can Lenskart miss on this service?

Lenskart offers an eye testing service. The customers can get their eye checkups done at Lenskart stores or even
at their homes. The customers can book an eye test appointment, and an optometrist will visit them and perform
their eye test at home.

Talking about their eyesight technology, they use new-age equipment imported from the USA,

which is much smaller and lighter as compared to the conventional eyesight testing equipment.

Lenskart Digital Marketing Strategy

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. It is
using tools like Optimizely and Target to increase their conversion rates.

Cloud

Lenskart is using Adobe marketing cloud for launching many different campaigns from a single platform. It is
helping them in managing content and customer insights.
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.

Business Model of Lenskart

B2C Model

Lenskart operates on an inventory driven business model with a B2C concept, sourcing equally from India and
China. It is in-house stylists and designers keep up with the latest eyewear trends. The manufacturers are then
given these designs. By controlling the entire supply chain, the company is able to keep costs down. Lenskart has
also ventured into offline stores via the franchisee model to meet the masses.

Omni-Channel Strategy

Lenskart started off as an online business, but when they understood that Indian customers prefer to touch and feel
the product before buying a high involvement product, this is when they shifted to Omni Strategy. As it was
important for them to leverage technology to actively engage their customers and adopt to the ever-changing
consumer expectations.
With this strategy, the company focuses on delivering the right product, at the right time and at the right place. For
Lenskart, customer engagement is more important as they help their customers get a shopping experience tailored as
per their preference. Lenskart is trying to keep itself close to the customers and increasing trust by providing a value
proposition.

Nearly 22 percent of digitally influenced consumers in 2014 said that digital drove them to spend more across all
categories. By 2015, about 33 percent of digitally influenced consumers cited spending more Consistent high
customer service for valuable customers

58% of customers will never do business again after a bad experience and 63% of consumers are influenced by
recommendations from friends or family. Hence it is extremely important to provide relevant customer experience
across all channels.
SWOT ANALYSIS OF LENSKART
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.

Strengths
Customer engagement: Customers are engaged with experiences that are one-of-a-kind. Shopping experiences are
tailored to each customer’s preferences. Based upon the adaptive, Customer 360o profile, tailor the shopping
experience.

Increase interaction: With unique value proposition as home eye checkup, they are trying to keep themselves close
to the customers cause and increase trust.

Higher Basket Conversion: Increased average basket size through a deep understanding of what the customer needs
and wants. Personalized offers to sell related and popular items.
Lenskart is known for bundling offers like buy 2 at the cost of one or cross selling offers like first frame free,
exchange old frame for new, virtual try-on, try-at-home, and doctor locator.
They focus on following parameters to delight the customers and increase their perceived value:
• Great Quality
• Variety
• Value for Money

So, we can see that Lenskart is able to provide the benefits that customers perceive as valuable to them. Hence, it
provides “Value”.

1. Outsourced Operations: Outsourcing operations helped Airtel in lowering its cost. But on the other
hand, they are running the risk of being dependent on some other companies which may affect its
operations.

2. Venturing into African operations: Although it’s been 4 years that Airtel has acquired Zain’s Africa
business, but Airtel is still struggling to turn around the unit which was bought at a whopping 9 billion
dollars.
 CHAPTER - 4

OBJECTIVES OF STUDY
OBJECTIVES OF THE STDY

 To Study the distribution system of Lenskart.

 To Find out average delivery time of the product of Glassware of Lenskart.

 To study the Marketing strategy of Lenskart.

 Judging the Growth of the Business.

 To Put some findings. Suggestions and conclusions of distribution process in Lenskart ltd.
 CHAPTER-5

HYPOTHESIS OF STUDY
1. The distribution system of Lenskart is dense and the products are delivered to the consumers in the right
time.

2. The average delivery time of Lenskart Ltd is relatively less.

3. The channels of distribution of Lenskart Ltd.

4.To study the social economic characteristics of the respondents.

5.To identify the factors that influences the respondents to purchase the product through lenskart online
shopping.

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

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

CHAPTER-6
SCOPE OF STUDY

SCOPE OF STUDY
The study is completely focused upon the objectives. The results obtained from the objectives will be helpful to
the organization in knowing the different opinions of the customers about the company’s services. This study
also tells a lot about the consumer preference for the services of Bharti Airtel Ltd and will be helpful for the
company to take steps towards solving the issues related with the services offered. In addition, this will be
useful in finding out valid steps to trigger growth in the company. Lastly, the study will also be a corner stone
for improving ideas to bring up positive results in the customer’s satisfaction. The study was undertaken at
Nagpur by surveying customers to elicit their opinions on various parameters affecting their satisfaction level.
This study covers factors like price consciousness, valued services and brand perception.
 CHAPTER - 7
LIMITATIONS OF STUDY
 This sample size was too small when we take the universe into the consideration,
which is very big.

 The survey was done in a part of Nagpur city hence if generalizations are to be made for
whole city, some derivations might occur.

 Though the data is collected in a best possible way but still in no way the above figures depict the
performance of the company.

 Segmentation is based on age group only.

 The big retailers are not ready to fill up the questionnaire.

 Shortage of time is also a reason for incomprehensiveness.

 Most of the information was taken from secondary sources being based on the previously printed data.

 Feedback may not be very reliable owing to difference in opinion.

 CHAPTER - 8
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY

Research, particularly in social contains endless word spinning and too Many
quotations end result though may be far from expectations. In context of
planning and development it is to be noted that it significant lies in quality than
quantity.

Therefore, eventually proper attention has to be paid to designing to appropriate

methodology throughout so as to improve the quality of their search.

Research type:

This type of result is descriptive research. Descriptive research includes Surveys and fact
findings enquiries of different kinds. The major purpose of Descriptive research is
description of the state of affairs, as it exists at pre-sent.

Research Design:

The survey was conducted for the Tata motors where a questionnaire was filled from
the retailer and consumers. The population and the samples were evenly divided in
such a
manner so as to extract the best possible result within the given limitation.

Sampling unit: Retail outlets.

Sample size: I retail outlet.

Areas covered: Nagpur city.

Method of data collection:

There are several methods of data collection available but, one of the most
common methods is
questionnaire method, which was found appropriate for this research, for the
making this
project.
Questionnaires: are one of the most commonly used methods

• It is cost- effective.

• It is time-effective

The questionnaire was designed by and also with the help of panel members of LENSKART

Determination of sources of data collection:

A list of retailers was generated area wise and later on contacted Individually.

Sampling procedure:

1. The procedure employed for conducting the survey is on random basis.

2. The database was referred for carrying out the survey. First the areas to be covered
were decided and then the sheets, his/her view relating to his expectation, which
would provide related relevant insights as to what did the customer expect.

Tools for the data collection:

For the collection of primary data one to one interview method with the help of
well-Structured questionnaire with both and closed ended question were used.
The survey of all retailers was concluded and their responses were taken down
carefully with the help questionnaire.

Tools for data analysis:

For the purpose of analyzing the data statistical tools such as weighted average
method and percentage analysis were used. For better understanding the raw
data tools like bar graphs and pie charts were used.
 CHAPTER – 9
DATA ANALYSIS AND INTERPRETATION
CHAPTER- IV

DATA ANALYSIS AND INTERPRETATION

AGE GROUP OF THE RESPONDENTS

S.NO. AGE No. of respondents Percentage

1 Below 20 Years 14 7

2 21-30 Years 76 38

3 31-40Years 72 36

4 Above41 Years 38 19

INTERPRETATION

The above table shows that 38% of the respondents belongs to the age group of 21-30 years, 36% of the
respondents belongs to 31-40 years, 19% of the respondents belongs age Above 41 years and 7% of the
respondents belongs to the age group of below 20 years.

It is concluded that, majority (38%) of the respondents belong to the age group of 21-30 years.

CHART NO. - 4.1

AGE GROUP OF THE RESPONDENTS

 CHAPTER – 10
FINDING AND SUGGESTION
FINDINGS
PERCENTEGE ANALYSIS
 Majority (38%) of the respondents belong to the age group of 21-30 years.
 Most (77%) of the respondents are male.
 Maximum (77%) respondents are Married.
 Majority (41%) of the respondents are college level.
 Majority (28%) of respondents are doing business.
 Majority (36%) of the respondent’s monthly income is Rs 20,000- Rs 30,000.
 Most of the respondents have been aware from colleagues of Lenskart online shopping.
 Most 34% of the respondents are buying lenses in lenskart online shopping.
 Most (32%) of the respondents stated that less than a year touch with in lesnkart. .
 Most 39% of the respondents are using lense and contact lense.
 Most 63% of the respondents are purchased in offer days.
 Most 33% of the respondents are wearing daily wear contact lenses.

SUGGESTIONS:
 The fear of purchasing online by using a credit card would be reduced if the companies and
different banks collaborate
and the banks maintain online accounts directly.
 To boost the confidence of the existing and new online shoppers, the government should provide
adequate legal frame
works to ensure strengthen measures are taken against people who indulge in online fraud
 Most of the people other than students are not having awareness about online shopping; the
website merchant should
take steps to create awareness among the public.
 The online seller has to take maximum effort to offer the products with competitive price because
the price of the
product plays a big role in purchase decision.
 The online shopping website must be made known to consumers through different methods of
advertisements.
 The customers prefer the cash on delivery to make payment for their lenskart shopping but some
of the products are not
coming with cash on delivery option. To improve the effectiveness of online shopping this issue must
be addressed.
 Considerable number of respondents facing some problems while shopping in online. This
problem should be carefully
observed, analysed an settled.
CHAPTER – 11
CONCLUSION
CONCLUSION

The internet is “anytime, anywhere” media and the expanding power of the internet
has brought forth a new generation of interaction platform between humans and
computers. The current technological development with respect to the internet has
given rise to a new marketing system. The study brought to the fact that most of the
online shoppers are students and educated people who have a positive perception
towards online shopping, Risk perceptions particularly concerns about online security,
are deterring many people from lenskart online shopping.
 CHAPTER – 12
REFRENCES AND BIBLOGRAPHY
REFERENCES FROM BOOKS
 Gupta, S.P., Statistical Methods,Sultan Chand & Sons Publisher, Third Edition,2011
 Kothari,C.R., Research methodology-Methods & Techinques, New Delhi, age International (P)
Ltd., Publisher,Second edition,2009
 Varma Agarwal., Marketing research, Forward Book Dept , 2010.
 Kotler Philip., Marketing Management, PHI Pvt.Ltd., New Delhi, 2009

WEBSITES
 www.arno.unimass.nl/show.cgi?fid:2720
 www.ibimapublishing.com
CHAPTER – 13
ANNEXTURE
QUESTIONAIR
Survey on impact of promotional strategies of Lenskart on
consumers in Nagpur
1) How often do you purchase Spectacles and Lenses?
a. In a year c. More than a year
b. Less than a year d. 2 or 3 years

2) When you needed spectacles, how did you go about purchasing it?
a. Offline
b. Online

3) How do you feel purchasing spectacles from Lenskart app?

a. Very Satisfied c. Neither satisfied nor
b. Satisfied dissatisfied
d. Very dissatisfied
e.

4) How would you describe yourself in relation to modern technology?

a. Online Purchase Is Favorable
b. Online Purchase is Unfavorable

5) Have you used mobile apps to buy spectacles?

a. Yes
b. No

6) When did you last buy glasses from Lenskart?

a. Less than a year ago c. 6 Months ago
b. 1 year ago d. More Years ago

7) What aspect do consumers consider most while purchasing spectacles from

Lenskart?
a. Fashionable c. More Variety
b. Latest Design d. Others
e.

8) Where did you buy sunglasses?

a. Sunglasses Brand's own b. Specialty sunglasses
website store
 c. Online Retailers (eBay, d. Others
Zappos etc.)

9) Currently the warranty period of Lenskart products is six months, do you think
that warranty period must be extended to one year?
a. Yes
b. No

10) Thinking about replacing your eyeglass lenses, what would you prefer?
a. Tokai Lenses by c. Crizal Prevencia Lenses
Lenskart d. Drivewear Transiton
b. Kodak Eyeglass Lenses Lenses

11) Is Lenskart return policy customer friendly or supportive to the user?

a. Yes
b. No

12) Aside from having scratched lenses, what was the main reason you bought the
replacement lenses?
a. Needed darker lenses for sensitive eyes
b. I wanted a color enhancing tint (i.e., Prizm, Color Pop, etc.)
c. Eye protection for work
d. Other

13) How much did you pay extra for replacing lenses from Lenskart?
a. 20% c. 50%
b. 30% d. Nil

14) How comfortable are you buying products online from a company you know?
a. Extremely Comfortable
b. Moderately Comfortable
c. Least Comfortable
d. Not at all Comfortable

15) Have you tried purchasing lenses online before?

a. Yes
b. No

16) Which one is preferable in terms of cost?

a. Lenskart c. Titan Eye plus
b. GKB Optical d. Specsmakers
17) Leave us a note below if you would like to tell us about Lenskart.
_____________________________________________________