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Lenskart - Retail Strategy Analysis
Deep-dive analysis of retail strategy for Lenskart and comparison with Qcom and OneAthletics. Explored omnichannel retail operations and customer experience.
Retail StrategyOperationsOmnichannelCustomer Experience
Lenskart - Ins and Outs of Retail Strategy
Overview
Conducted comprehensive retail strategy analysis for Lenskart, India's leading eyewear retailer, as part of Term 4 coursework. The project examines how Lenskart has revolutionized the eyewear retail space through its omnichannel approach, comparing insights with Qcom and OneAthletics to understand broader retail trends.
Project Scope
Lenskart Analysis
- Business Model: Direct-to-consumer with owned manufacturing
- Omnichannel Strategy: Seamless integration of online and offline experiences
- Technology Integration: Virtual try-on, home eye tests, and AI-powered recommendations
- Supply Chain: Vertical integration from manufacturing to retail
Comparative Analysis
- Qcom: Electronics retail operations and customer journey
- OneAthletics: Sports retail and experiential marketing
- Cross-industry insights: Best practices applicable across retail verticals
Key Findings
Omnichannel Excellence
- Home eye testing connects online discovery with personalized service
- Virtual try-on reduces purchase friction for online customers
- Stores serve as experience centers and service hubs
- Seamless inventory management across channels
Operational Efficiency
- Vertical integration reduces costs and improves margins
- Data-driven inventory management minimizes stockouts
- Rapid manufacturing enables trend responsiveness
- Franchise model accelerates geographic expansion
Customer Experience
- 3D try-on technology addresses key online purchase barrier
- Free home eye test adds convenience and trust
- Comprehensive warranty and service reduces risk
- Personalized recommendations increase conversion
Strategic Recommendations
- Technology Investment: Continue innovation in AR/VR for enhanced online experience
- Service Differentiation: Expand premium eye care services in-store
- Market Expansion: Leverage proven model for international markets
- Brand Building: Strengthen brand positioning beyond value to lifestyle
Learnings
This analysis provides insights into how traditional retail categories can be disrupted through technology, vertical integration, and customer-centric omnichannel strategies. The principles apply broadly across retail sectors facing digital transformation challenges.