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HERO 2019 INTERNSHIP PROGRAM

PROJECT REVIEW
PROJECT SCOPE
▪ Increasing sales of a store (sector 31 Gurgaon) by assortment &
inventory rationalization based on Catchment & Competition
▪ Customer Journey in the store
▪ Ideal assortment of eyewear based on sales & loss of sales

Support to category
1. Assisted in new model / concept
developments
2. Developing Kids range
3. Various decks for store communication
THROUGH PROJECT DELIVERABLES

▪ Understanding the customer and current market scenario


▪ Recommending Assortment mix for the store
▫ Assortment comparison with the nearest competition
▪ Suggest & Implement VM changes in the store
▪ Suggest & Implement levers to enhance customer experience
▪ Recommending assortment strategy for the brand
▫ Study market fashion trends in eyewear & come up with the
gaps in assortment
PROJECT PLAN
Week 1 Induction
Week2 Induction
Market Visits For understanding the competition & Consumer behavior & Studying consumer
Week3 buying behavior through Consumer Survey
Week4 Continued
Week5 Studying Market Trends & Assortment gaps in Lenskart
Week6 Studying the Assortment offered by the competition
Week7 Working on the Assortment Mix for the Brand
Week8 First Review
Week9 Focus on the Visual Merchandising of the store & Kids Collection
Week10 Focus on the customer experience based on various other parameters & Kids Collection
Week11 Focus on the customer experience based on various other parameters & Customer excellence
Week12 Mid Review & Kids Collection
Week13 Implementing VM Changes& Customer excellence
Week14 Customer Excellence programme
Week15 Customer Excellence programme
Week16 Final Review
THROUGH PROJECT DELIVERABLES

▪ Understanding the customer and current market scenario


▪ Assortment mix for the store
▫ Assortment comparison with the nearest competition
▪ Suggest & Implement VM changes in the store
▪ Suggest & Implement levers to enhance customer experience
▪ Recommending assortment strategy for the brand
▫ Study market fashion trends in eyewear & come up with the
gaps in assortment
SECONDARY RESEARCH
▪ The College of Optometrist:
▫ 43 per cent of people believe glasses make them look smarter
▫ 36 per cent, it’s about appearing more professional and
businesslike
▫ 21 percent of the people it is a medical need.
▪ A study of 2,000 adults by Vision Express
▪ 49 per cent of the people slip their glasses on for a casual outing or
any athleisure activity.
▪ As per the Euro Monitor’s Eyewear Edition 2018
▪ Eyewear is rapidly leaning towards fast-fashion

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CONSUMER SURVEY

▪ Two Stages
I. Consumer buying behavior in Eyewear
▫ Sample Size-400, Age 18-45yrs, residing in Delhi
NCR
II. Consumer Journey map at Lenskart
KEY TAKEAWAYS
▪ Respondents- 57% females & 43% Males
▪ USAGE-
▫ Prescription eyewear- 57%
▫ Non prescription eyewear- 22%
▫ Contact lenses- 21%
▪ Top 3 Eyewear brands-
▫ Titan(260)
▫ Lenskart (178)
▫ Vogue(141)
▪ 87% of the sample size are already Lenskart customers

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KEY TAKEAWAYS
▪ Top 3 factors affecting purchase decision(In the following
order)-
1. Frame Style(Shape)
2. Product Fashionability
3. Brand
▪ Factors affecting shopping experience(In the following
order)
1. Customer Service
2. After Sales Service
3. Variety Available,
4. Product Fashionability
5. Store Ambience

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DECISION MAKING &
STAGE AWARENESS ENGAGEMENT PRODUCT DELIVERY AFTER SALES SERVICE
PURCHASE
Hears from friends or
Compare & Evaluate Shortlisting products & Receive or Pick-up Shop Again, Share
CUSTOMER ACTIVITIES family,TV Ads, Print
Alternatives Placing an order the product experience
Media & Social Media
Repeat Good
Receive a good
Effortless & Seamless experience or faster
CUSTOMER GOALS Find the best option quality & Defect free
shopping experience resolution of
product
grievances
Word of mouth,
Customer Care
Word of mouth, Digital Retail Stores, Brand Store Staff or
TOUCHPOINTS Sales Staff & POS Executive and sales
& Social Media website, Digital & Delivery executive
staff
Social Media
Requires effort but Satisfied or Delighted or
EXPERIENCE Intrested & Curious Lengthy Process
excited Dissatisfied Disappointed
Make products to
match expectations Customer retention,
Make customer Aware To increase customer
BUSINESS GOAL Increase the footfall &Timely delivery of Turn customers into
of the brand presence conversion rate
the product in a brand advocates
good condition
Delivery time,
Footfall, Ratio of waiting time,
KPIs No. of people reached new to repeat ASP,ACV & Conversion % Returns & NPS
customers exchanges, Product
reviews

ORGANIZATIONAL Marketing campaign- Marketing campaign- Optimize shopping Optimize the


ACTIVITIES
Customer Delight
Online & Offline, PR Online & Offline, PR experience customer service
THROUGH PROJECT DELIVERABLES

▪ Understanding the customer and current market scenario


▪ Assortment mix for the store
▫ Assortment comparison with the nearest competition
▪ Suggest & Implement VM changes in the store
▪ Suggest & Implement levers to enhance customer experience
▪ Recommending assortment strategy for the brand
▫ Study market fashion trends in eyewear & come up with the
gaps in assortment
ASSORTMENT COMPARISON
(WITH Titan Eye +)

▪ Comparison is done based on the following factors:


▫ Exclusivity-Private Vs Manufacturer Brands
▫ Price
▫ Breadth & Depth

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EXCLUSIVITY

LENSKART TITAN
▪ Brands-Vincent Chase & ▪ Brands Titan, Fastrack &
John Jacobs are exclusive Dash(Kids) are exclusive
to the brand to the brand.
▪ The retailer also houses ▪ The retailer also houses
brands-Carrera, Rayban, brands-Bolon, Tommy
Oakley, Fossil & Vogue Hilfiger, Maui Jim,
Rayban, Carrera,
Disney, Vogue, Polaroid
& Nike.

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PRICE
▪ LENSKART ▪ TITAN EYEPLUS
▪ For the private brands the ▪ For the private brands the
price range in 999-6500 INR price range is 1000-4000
INR

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BREADTH & DEPTH
BREADTH & DEPTH (LENSKART)
BREADTH & DEPTH (TITAN)

RECTANGLE
14% 7% 3%3% AVIATOR
6%
ROUND
3% 10% CLUBMASTER
0%
3%
SQUARE
ROUND

15% CLUBMASTER
SQUARES
65%
AVIATOR
RECTANGLE
71%
CATEYE
CATEYE

15 VC Eye needs more fashion shapes


SUGGESTED ASSORTMENT MIX
MATERIAL CONTRIBUTION%

SHAPES % CONTRIBUTION ACETATE TR90 METAL

AVIATORS 15 45 0 55

RECTANGLES 27 40 50 10

SQUARES 20 50 40 10

CAT-EYE 15 60 15 25

ROUND 23 40 45 15

TOTAL CONTRIBUTION 47 30 23

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THROUGH PROJECT DELIVERABLES

▪ Understanding the customer and current market scenario


▪ Assortment mix for the store
▫ Assortment comparison with the nearest competition
▪ Suggest & Implement VM changes in the store
▪ Suggest & Implement levers to enhance customer experience
▪ Recommending assortment strategy for the brand
▫ Study market fashion trends in eyewear & come up with the
gaps in assortment
STORE LAYOUT

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Discussion Table

VC walls

Clinic Area
Cash Till

JJ walls

Branded
Contact Lenses

Creatives

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OBSERVATIONS & RECOMMENDATIONS
▪ More visible area is occupied by JJ brand
& Branded category
▫ Ok if it is the brand guideline for the
store, however the staff then needs to
showcase VC eye to the customer a
little better
▪ Non optimum usage of retail space
▫ The space can be converted to wall
display

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OBSERVATIONS & RECOMMENDATIONS

▪ VC Eye wall starts with Half rim & Rimless


styles& VC acetate collection is at the back of
the store which is not easily visible
▫ Should start with more attractive and
visible category (Acetate).
▫ Rimless and half rim doesn’t attract
customer walk-ins
▪ The backdrop doesn’t complement the product
displayed.
▫ Lighter & neutral tones should be used so
that the focus is on the product.

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OBSERVATIONS & RECOMMENDATIONS
▪ No clear dedicated section for Kids Eyewear
▫ Kids collection should be displayed with a proper section
header to avoid confusion
▪ VM guidelines not followed for displaying products
▫ Checklists to be introduced for the following
1) Housekeeping
2) VM
3) Uniform

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OBSERVATIONS & RECOMMENDATIONS

CURRENT ROD DISPLAY PROPOSED ROD DISPLAY


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THROUGH PROJECT DELIVERABLES

▪ Understanding the customer and current market scenario


▪ Assortment mix for the store
▫ Assortment comparison with the nearest competition
▪ Suggest & Implement VM changes in the store
▪ Suggest & Implement levers to enhance customer experience
▪ Recommending assortment strategy for the brand
▫ Study market fashion trends in eyewear & come up with the
gaps in assortment
OBSERVATIONS
▪ Poor Visibility of the store
▪ 60 percent of the footfall on weekdays are the customers coming to pick
up their orders.
▪ Activity: 25 people were asked to locate an optical shop in the market.
▪ Result: Only 6 out of 25 could locate Lenskart Store.

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OBSERVATIONS & RECOMMENDATIONS
▪ Customers asking for extra Eyewear
cases
▫ Eyewear cases can be
introduced as a product
category
▪ Store staff not pitching VC brand to
the customers looking for an
economical option.
▫ Enhance customer experience
through “Customer Excellence”

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CUSTOMER EXCELLENCE
3. PROMOTE THE
1. FOCUS ON THE IDEAL 2. REBUILD THE MODEL CUSTOMER EXCELLENCE
CULTURE
• Retailers try to appeal to a • Thinking deeply about the
diverse audience that question of how to “sell • Through Retail Excellence
dilute the experience and effectively?” • Corporate ethos linked
appeal strongly to • In a category where the directly with the brand
nobody. product is emotional, the identity and embraced at
• Focus on the fans, and store, the sales associates the highest executive
the rest will follow. and the digital experience levels
• For example- should all work together to • For example- Nordstrom
Abercrombie & Fitch elicit this emotion.
• For example -Apple

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THROUGH PROJECT DELIVERABLES

▪ Understanding the customer and current market scenario


▪ Assortment mix for the store
▫ Assortment comparison with the nearest competition
▪ Suggest & Implement VM changes in the store
▪ Suggest & Implement levers to enhance customer experience
▪ Recommending assortment strategy for the brand
▫ Study market fashion trends in eyewear & come up
with the gaps in assortment
ASSORTMENT GAPS

▪ Rimless & Half Rim Frames in –


Aviators
Cat-eye
Rounders
▪ Combination shapes
▪ Novelty shapes
▪ Prints – Florals, Abstracts etc.

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TRENDS RECOGNIZED-IN SHAPES

Oversized Frames Super Scaled-Cat-eyes Extended Rectangle Classic wire frames

Refined Aviators Hexagonal Frames Scholarly Rounds Novelty Frames


TRENDS RECOGNIZED-IN SHAPES

Geometrical Shapes

Subtle Cat-eyes Angled Cat-eye


TRENDS RECOGNIZED-IN COLORS

New Mid tones


Tinted Glasses Translucents

Blue tortoise Neutral Tinted Rounds


Bold Monotones
OTHER TRENDS

Bridgeless Opticals
Rimless Glasses Retro Inspired

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TRENDS RECOMMENDED

▪ Oversized frames
▪ Frameless designs
▪ Geometrical Shapes
▪ Novelty Shapes
▪ Retro inspired designs
▪ Bridgeless Opticals
▪ Bold tones, Monocolors & Translucents
▪ Refined Aviators

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KIDS COLLECTION

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CATEGORIES-AGE

TODDLERS (12 MONTHS-3YRS) KIDS (4YRS-8YRS)


SIZE : 40-41 SIZE : 42-43

PRE-TEENS (9YRS-12YRS)
SIZE : 44-45 TEENS (13YRS-16YRS)
SIZE : 46-47
MOST SELLING SHAPES & MATERIAL

SHAPES MATERIAL

ROUND
ACETATE

RECTANGLE
PLASTIC

WAYFARER
TR90
BUYING PARAMETERS

FOR KIDS FOR PARENTS


1. Range of Colors 1. Durability & Functional features
2. Range of shapes available 2. Warranty offered
3. Branded or licensed names 3. Variety of frame material
4. Variety of lens material
ASSORTMENT
SUMMARY(CURRENT)
COUNT OF PIDs

CATEYE OVAL RECTANGLE ROUND WAYFARER TOTAL PIDS

KIDS (3+YRS)
ACETATE 0 0 3 3 0
TR90 0 8 22 4 0
TOTAL 0 8 25 7 0 40
KIDS (5+YRS)
ACETATE 9 6 18 4 8
TR90 7 0 35 0 4
TOTAL 16 6 53 4 12 91
KIDS (8+
YRS)
ACETATE 8 0 15 0 0
TR90 3 0 35 3 4

TOTAL 11 0 50 3 4 68
GRAND
TOTAL 199
ASSORTMENT
SUMMARY(DESIRED)
AGE MATERIAL MODELS CATEYE OVAL RECTANGLE ROUND WAYFARER UNISEX GIRLS TOTAL PIDS

2 1 0 0 1 0 4 4 8
TODDLERS ACETATE

TR90 4 1 1 1 1 0 12 4 16

FLEX 4 0 1 1 2 0 12 4 16

4 2 0 1 0 1 8 8 16
KIDS ACETATE

TR90 4 1 0 1 1 1 12 4 16

FLEX 4 0 1 1 2 0 12 4 16

11 3 0 3 2 3 30 14 44
PRE-TEENS ACETATE

TR90 11 2 1 2 4 2 32 12 44

FLEX 4 0 2 1 0 1 12 4 16

7 3 0 2 1 1 16 12 28
TEENS ACETATE

TR90 7 1 1 1 2 2 24 4 28

FLEX 2 0 1 0 0 1 6 2 8

TOTAL 64 14 8 14 16 12 180 76 256


PROJECT PLAN
Week 1 Induction
Week2 Induction
Market Visits For understanding the competition & Consumer behavior & Studying consumer
Week3 buying behavior through Consumer Survey
Week4 Continued
Week5 Studying Market Trends & Assortment gaps in Lenskart
Week6 Studying the Assortment offered by the competition
Week7 Working on the Assortment Mix for the Brand
Week8 First Review
Week9 Focus on the Visual Merchandising of the store & Kids Collection
Week10 Focus on the customer experience based on various other parameters & Kids Collection
Week11 Focus on the customer experience based on various other parameters & Customer excellence
Week12 Mid Review & Kids Collection
Week13 Implementing VM Changes& Customer excellence
Week14 Customer Excellence programme
Week15 Customer Excellence programme
Week16 Final Review
THANK YOU
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