About the Client
Lenskart is India’s leading eyewear brand, revolutionizing the optical industry with its omnichannel approachcombining online and offline retail. With a strong presence across India, Southeast Asia, and the Middle East, Lenskart offers a wide range of prescription glasses, sunglasses, and contact lenses, backed by cutting-edge technology and AI-driven personalization.
As part of its global expansion strategy, Lenskart explored entering Thailand, one of Southeast Asia’s most promising markets. Before making a substantial investment, Lenskart needed to conduct a market feasibility studyto assess consumer demand, competitor landscape, ideal store locations, and pricing strategies.
To ensure a data-driven approach, Lenskart partnered with Aditya Group to conduct an in-depth market research and feasibility study, covering competitor analysis, pricing trends, and strategic retail locations across major malls in Thailand.
Challenges
- Understanding Market Demand & Consumer Behavior
Thailand is a highly competitive retail market, with established international and local eyewear brands. Lenskart needed insights into:
- Consumer preferences for eyewear brands and pricing sensitivity.
- Market demand for affordable yet high-quality eyewear solutions.
- Potential gaps in the existing market that Lenskart could capitalize on.
- Identifying the Right Retail Locations
As a new entrant, Lenskart required precise data on which malls and commercial areas had the highest potential footfall. This included:
- Competitor store locations and their performance.
- Shopping mall demographics and visitor behavior.
- Rental costs, store sizes, and strategic positioning within malls.
- Competitor Benchmarking & Pricing Analysis
Thailand has multiple global and regional eyewear retailers with established brands. To gain a competitive edge, Lenskart needed:
- Detailed analysis of competitor pricing and product offerings.
- Insights into promotional strategies used by competitors.
- Benchmarking against local and international eyewear brands.
- Mandatory Video Documentation of 100+ Competitor Stores
Lenskart required video documentation of over 100 competitor retail stores to:
- Analyze store layouts, customer engagement, and in-store experience.
- Evaluate strategic placements inside malls.
- Provide visual proof to assist leadership in decision-making.
Solution
To address these challenges, Aditya Group executed a comprehensive market feasibility study, leveraging its expertise in market research, competitor analysis, and business consulting.
- In-Depth Market Research & Consumer Insights
Our research team conducted extensive fieldwork across multiple locations, gathering critical data on:
- Consumer buying behavior and preferences for eyewear.
- Market trends, including online vs. offline purchasing patterns.
- Potential price sensitivity and demand for budget-friendly vs. luxury eyewear.
By conducting direct interactions with mall visitors and retail customers, we provided Lenskart with valuable insights into Thailand’s eyewear market potential.
- Competitor Mapping & Location-Based Analysis
We deployed a team to visit major malls across Thailand, mapping out:
- Competitor store locations, foot traffic, and store sizes.
- Pricing structures of key players like Ray-Ban, Oakley, and local brands.
- Malls with the highest potential for Lenskart’s target audience.
This data helped Lenskart identify the best malls and retail spaces for its entry strategy.
- Strategic Pricing & Positioning Report
Our team prepared a comprehensive pricing benchmark based on:
- Cost comparison of similar products from competitors.
- Promotional strategies and discounts offered in Thai retail stores.
- Revenue potential based on footfall and average customer spending.
This pricing intelligence allowed Lenskart to position itself competitively in the Thai market.
- Video Documentation of 100+ Competitor Stores
To fulfill Lenskart’s requirement, we:
- Captured high-quality videos of over 100 competitor stores in different malls.
- Recorded store layouts, customer engagement, and pricing displays.
- Mapped the exact locations using geotagged video data.
This visual documentation provided Lenskart with real-world insights into competitor strategies and ideal store placements.
Benefits
The market feasibility study conducted by Aditya Group enabled Lenskart to make an informed, data-driven decision about entering the Thai eyewear market.
- Data-Driven Market Entry Strategy
Lenskart received a detailed feasibility report with:
- Consumer demand analysis and spending behavior insights.
- Competitor pricing structures and in-store strategies.
- The best retail locations in Thailand for Lenskart’s stores.
This data-driven approach minimized risks and ensured strategic business expansion.
- Competitive Advantage with Real-Time Market Insights
By benchmarking against 100+ competitors, Lenskart gained a comprehensive understanding of:
- Strengths and weaknesses of existing players.
- Pricing trends and promotional strategies in Thailand.
- Gaps in the market where Lenskart could differentiate itself.
This provided a strong competitive advantage for its market entry.
- Optimal Store Location Strategy
With accurate retail mapping and mall foot traffic data, Lenskart could:
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- Choose high-potential malls with strong customer demographics.
- Negotiate better rental agreements with mall owners.
- Strategically position stores for maximum visibility and sales potential.
- Visual Market Intelligence through Video Documentation
The 100+ store video recordings allowed Lenskart’s leadership team to:
- Analyze competitor store layouts, customer flow, and engagement.
- Assess potential store locations remotely before investment.
- **Plan retail expansion with real-world visual insights.
This exclusive video intelligence helped reduce uncertainties and improve decision-making.
Lenskart’s partnership with Aditya Group for its market feasibility study in Thailand played a crucial role in its expansion strategy. By conducting extensive competitor analysis, pricing research, and strategic retail mapping, we provided Lenskart with data-backed insights to plan a successful market entry.
With 100+ competitor store videos and detailed location analysis, Lenskart was able to:
✅ Understand market demand & pricing trends
✅ Identify the best retail locations in Thailand
✅ Develop a competitive market entry strategy
✅ Make informed decisions backed by real-time visual data
This collaboration highlights Aditya Group’s expertise in market feasibility studies and business consulting for global brands looking to expand into new territories.