Private and ConfidentialIndian Institute of Management - Kozikhode

EPGCMM-06

iPACE Model

Client - www.lenskart.com

ByS.N.NameRoll No.DesignationOrganization

1.Mr. Umesh R. SonawaneEPGCMM-06-024

Manager Corporate CommunicationsSahara India Pariwar

iPACE Framework for www.lenskart.com1. InformationLenskart is certainly more than just another online shopping website, it dons the status of complete eye care system present on an eCommerce platform. The website has a very busy and sales oriented layout with well-defined product categories. The user is asked to enter a particular section of the product in the first sight of home page only. The categories are- a. First Frame Free b. Eyeglassesc. Sunglassesd. Power Sunglassese. Contact lensf. Home eye check upg. Try at homeOnce a user reaches a particular product, Lenskart gives detailed information on the selected frame/lens/glasses. This product description has all the data required for making the user an informed decision. The product description comprises-a. Technicali. Brand Nameii. Product Typeiii. Frame Typeiv. Frame Shapeb. Generali. Genderii. Model No.iii. Frame Sizeiv. Frame colorv. Sizevi. Frame Materialvii. Temple Materialviii. Prescription Typeix. Product Warrantyx. Frame Stylexi. Condition

c. Pricing and product reviewd. Size chart and frame material guidee. Also watched and also purchased dataf. Certificate of authenticity and certificate of approval to sell from the manufacturer g. Differentiating points (how ordering from Lenskart is beneficial compare to local optician)h. Call while placing an order - if the user reaches till payment and feeds his/her mobile number, but do not buy the product, the user immediately gets a phone call from Lenskart to give further information and facilitating the sale.

2. Pricing - Product price mentioned in the description of the product is inclusive of taxes and shipping charges. Lenskart also has a provision of making payment in equal monthly installments (EMI). For eyeglasses category if user wishes to buy a frame along with lenses price differs as compared to only frame. Some of the unique features of the price partitioning strategy of Lenskart are mentioned below-

a. Shipping - Although shipping charges are included in the price shown, Lenskart does take extra care explaining the shipping procedure and its benefits. There is a section of the website called when will I get my order? which extensively talks about delivery timings for various product categories and sub-categories i.e. eyeglasses, eyeglasses with lenses, power sunglasses, prescription glasses, contact lenses etc. This section also answers questions like what if I am not happy with my frames fit? and what if I have issues with my prescribed power glasses? In both of these cases, Lenskart makes a personal call to the user to address the grievances.

b. Return policy - Lenskart follows clean return policy and takes return within 14-days with no questions asked. There are certain catch in this policy as below- i. The user has to inform them within 24-hours of post item delivered about the return.ii. Returned product will be examined for damage/originality/scratches and then approved/rejected for the claimiii. If the claim is approved, returns will be done in terms if store credits to the user which can be used for the future purchases. c. Price-match policy - Lenskart claims to provide eye-ware at the lowest cost and challenge the user if they can find the same product in the lower price by comparing to Lenskarts price. The hidden things in this policy are[footnoteRef:1] - [1: Lenskart website price-match policy]

i. All Claims will be processed (only) post the purchase has been made on the Lenskartii. For making the claim, the user has to send the competitor's website address along with the product/price details within 48 hours of making the purchase on Lenskart.iii. The products must be IDENTICAL. The product codes must match on both the websites. Same product with different and color or size will not qualify for the claim.iv. All claims must be sent with complete details at pricematch@lenskart.comv. Lenskart will take 3-4 business days to work on the claim and respond back to the user.vi. Claims will be valid only against a reputed Indian online retailer, no market places.vii. All refunds are at the sole discretion of Lenskart.com and is subject to change at any time without prior notice

3. Assortment - Portal offers a diverse range of assortment from both domestic and international brands. Working on an inventory model Lenskart team works with vendors and the majority of its business if from private labels. The team selects goods, design and stock them, the same is then presented on the portal and delivered to the consumer at the best value. Products are assorted as per category i.e. eyeglasses, power glasses, lenses etc. as per brands i.e. Oakley, Fast Track, Gucci, Ray Ban etc. Further, each of the product/brand/category is sub-divided as per its gender, colors and available customization. Supporting its sales promotions, Lenskart also have categories like hot offers and summer collections also some low cost menu like 1-day offers, discounted frames etc.

4. Convenience - Like all the leading eCommerce portals Lenskart also has operations 24/7/365, wish list, comparing the products, reminder facilities for the out of stock products, preferences and payment information gets saved once the user registers to the website.

What sets Lenskart apart are some of the unique convenience options they offer as below- a. Try at home - User can select upto 5 frames at a time for trial, all 5 frames gets delivered to the user to try in his home comfort and select one or more from them. The service takes Rs. 1/- per order, as a verification chargeb. Home eye checkup - User has to pay Rs. 100/- for this service. It offers eye checkup from a certified optometrist with all the equipment and service also brings 150+ frames to users house to choose from. c. First frame free - This is unique program Lenskart run to attract more users to their portal. The catch is they make frame free, but charge heavily for the glass.d. Virtual frame try - Use can upload own photograph captured from the webcam and see, how the frame will look on his/her own facee. Doctor locator - Portal help user to find out the nearest ophthalmologist doctorf. Buy only lenses - User can buy only lenses, Lenskart then picks up the frame from the user, fits the lenses and return the fitted eye-ware to the user.g. Offline store - Lenskart so far has 20 franchisee shops opened up which supports ground operations and many of the virtual facilities of the portal gets replicated in those stores 5. Entertainment - From the articles and interviews of Mr. Peyush Bansal, founder Lenskart, it was found that their mission of starting this portal was to have glasses on every face in India and moreover it should be bought from Lenskart. They are definitely living upto their mission by providing all the reasons for user to visit the portal and order an eye-ware of his/her choice. In order to keep it fresh and entertaining following are some of the utilities portal offers- a. Virtual studio - User can either select a model or upload/capture his/her snap and try the whole range of eyeglasses and power glasses and search for that perfect look. User can also share the snaps with the frame he/she selected on social portals and obtain their friends feedbackb. 180 degree look - For each product portal offers 180 interactive display, where a model wearing that particular glasses revolves 180 degrees with the mouse cursor. c. Live chat - Portal has a sophisticated live chat option, with specific categories of queries listed i.e. new order placement, product information, power related queries, order status, web issues and suggestions.d. Refer and win Rs. 1000 - User after his/her purchase (purchase compulsory) is asked to refer the portal to friends and user gets a voucher worth Rs. 1000/- on the first purchase made by the referred persone. Whats app fun - User can take a snap of the doctors prescription mentioning power glasses numbers and send it to the portal

6. Lenskart success and lacking grid- SuccessesLacking

a. Portals interactive utilities like virtual studio, 180 degree display and customizing of the glasses is really innovative and praised by many customers in their testimonials.b. Portal currently sells 1000 frames per day compared to 20 frames per day when it startedc. Portals most business is from positive word of mouth and referrals d. Apart from metros tier-II and tier-III cities are also responding well to the concept of ordering eye-ware onlinee. Eye-ware being mass product, huge range of well organized assortment helps portal cater to a larger audience, eventually benefitted from the volume of the businessf. Inventory model ensures each product goes through all the quality checks before delivered to the consumerg. Facilities like home eye check-up and doctor locator showcase portals social responsibility side h. Portals return policy plays a vital role in lowering the buying risk for consumersa. Complaint board has a long list of post-purchase service issues with Lenskart b. Broken frames and lenses with scratches is resulting into lot of angry customers posting their disappointment on social portalsc. The portals customer grievance is too complicated with the user being made to go through department to department on the phone or during the live chatd. There is still a large chunk of audience apprehensive about ordering eye-ware from online due to size and fitment issuese. Once a user orders the product, portal starts sending out mails and text messages for each stage update. This irritates the customer who only wants his product delivered properly and has no intention to know what all portal does for fulfilling that orderf. The eye - checkup service has lots of limitations i.e. service is limited to 2nd floor for non-elevator buildings which are not explicitly told at the firstg. Power glasses numbers are often wrong