Topic Choice 1
Project Synopsis
for
“CULTFIT”
by
Anchal Kumari
Roll No.:
MCO22060
A PROJECT SYNOPSIS
Submitted to the
University of Mysore
for approval of Project towards partial fulfilment for the award of the degree of
" MASTER OF COMMERCE"
University of Mysore
YEAR - 2024
Background
Cultfit is a comprehensive fitness and wellness company that was founded in 2016 by
Mukesh Bansal and Ankit Nagori, who previously co-founded Myntra. I plan to choose a
project related to my interests in physical and mental fitness, drawing on the lessons and
tools I have learned from the University of Commerce curriculum.
From a customer perspective, Cultfit stands out due to its holistic approach to wellness,
which focuses not only on physical fitness but also on nutrition and mental health. The
platform offers a variety of fitness routines, including yoga, boxing, dance, and high-
intensity interval training (HIIT), catering to diverse fitness preferences. I am currently
evaluating new business opportunities in the service sector, and I have selected this topic for
my project.
Market Needs
There is a growing demand for convenient and flexible fitness solutions that accommodate
busy schedules. Cult Fit addresses this need by providing both physical fitness centres and an
online platform, allowing customers to work out from home. Its offerings, such as Mind Fit
for mental wellness and Eat Fit for dietary plans, promote holistic health. Cult Fit features a
diverse range of classes suitable for all fitness levels and offers affordable membership
packages that cater to different needs, providing both value for money and flexibility.
Strategic Aim
Cult Fit aims to offer a comprehensive platform for physical fitness, mental well-being, and
nutrition, catering to a diverse audience, from beginners to advanced fitness enthusiasts. The
goal is to make fitness an enjoyable and essential part of daily life, encouraging customers to
adopt an active lifestyle. Additionally, Cult Fit plans to expand its presence beyond major
cities to reach smaller towns and rural areas, making fitness services accessible to a larger
population.
Specific Aim
The primary objective of this research is to evaluate customer experience and satisfaction
with Cult Fit's services. This includes assessing the effectiveness of its fitness programs, the
usability of its app, and the impact of its holistic approach to fitness on customer health and
well-being. Additionally, the research will investigate how Cult Fit has adapted to the
changing needs of customers, particularly in response to the COVID-19 pandemic, as well as
how the company caters to both online and offline users.
Research
This assessment focuses on customer experiences with Cult Fit’s services, which include
both physical fitness centres and the online platform. It will evaluate the quality of classes,
the professionalism of trainers, and the overall user experience of the app and website.
Additionally, it will investigate the effectiveness of Cult Fit’s fitness programs in helping
customers achieve their fitness goals, such as weight loss, strength, and flexibility, as well as
their overall health and well-being. The assessment will also explore customer perceptions of
the mental wellness services (Mind Fit) and nutrition plans (Eat Fit) offered by Cult Fit. Are
these services useful? Do they complement physical fitness?
Furthermore, the analysis will look at how Cult Fit adapted its business model to
accommodate remote fitness during the pandemic and whether this shift has led to sustained
user engagement.
Literature Review
This text will review studies highlighting the growing importance of fitness and the
increasing trend towards holistic health, which encompasses physical fitness, mental
wellness, and nutrition. It will also examine the shift towards online fitness platforms,
particularly in the post-COVID-19 era.
The focus is on how customer expectations in the fitness industry have evolved, emphasizing
the demand for convenience, flexibility, and accessibility. Additionally, the analysis covers
the fitness industry in India, including customer preferences, the rise of digital fitness, and
the challenges that fitness platforms face in meeting customer needs.
Finally, the text will review literature on how consumers perceive digital fitness platforms
like Cult Fit, discussing both the challenges and benefits of virtual fitness classes.
Data Analysis
Surveys will be conducted to gather data from Cult Fit users regarding their satisfaction with
the platform. This includes evaluating the quality of its fitness classes, the effectiveness of its
mental wellness and nutrition services, and the ease of use of the mobile app. We will
analyse user engagement metrics from the Cult Fit app, such as the frequency of logins, class
participation, and user retention rates, to better understand how customers interact with the
platform and identify which services are most popular.
Additionally, we will compare the effectiveness of Cult Fit’s offerings with those of other
fitness platforms to determine whether customers feel they are receiving value for their
money. Finally, we will examine online reviews and customer feedback on social media, the
Cult Fit website, and third-party review sites to assess overall customer satisfaction and
identify common issues or complaints.
Research Methods
Surveys and questionnaires will be distributed to current and former Cultfit users to collect
measurable data on customer satisfaction, usage patterns, and preferences. In-depth
interviews and focus groups will be conducted with a smaller sample of users to gather
qualitative insights regarding their experiences, challenges, and feedback about the platform.
Additionally, publicly available reports, customer reviews, and feedback from Cult fit’s
social media platforms will be analysed to provide extra context and validate the findings.
Detailed case studies of individuals or businesses that have significantly benefited from
using Cult fit’s services will also be examined to showcase its impact on customer health and
well-being.
Conclusion
Cultfit has established itself as a leading fitness and wellness platform by providing a range
of services that cater to a diverse customer base. The company focuses on an integrated
approach to health, combining fitness, nutrition, and mental wellness, which effectively
meets the growing demands of health-conscious consumers. From the customer’s
perspective, Cultfit offers an easy-to-use platform that seamlessly blends online and offline
experiences, making fitness more accessible to a wider audience. However, there are areas
for improvement, such as expanding its services in tier 2 and tier 3 cities, enhancing the app's
functionality, and offering more personalized experiences.
Recommendations
Cultfit should prioritize providing personalized fitness plans that are tailored to individual
goals, considering factors such as fitness level, age, and lifestyle. With the growing demand
for fitness services in smaller towns, Cultfit should focus on expanding its presence in tier 2
and tier 3 cities, which offer significant growth potential.
To enhance the user experience, the app could be improved with additional features such as
detailed progress tracking, integration with wearable devices, and advanced fitness analytics
to help users monitor their performance effectively. As mental health becomes increasingly
important to overall wellness, Cultfit should continue to develop and promote its mind-fit
programs, offering more interactive and personalized mental wellness support.
Furthermore, strengthening customer support, providing more live interaction opportunities
with trainers, and increasing engagement through community-building features could
enhance customer loyalty and satisfaction.
Topic Choice 2
Project Synopsis
for
“LENSKART”
by
Anchal Kumari
Roll No.:
MCO22060
A PROJECT SYNOPSIS
Submitted to the
University of Mysore
for approval of Project towards partial fulfilment for the award of the degree of
" MASTER OF COMMERCE"
University of Mysore
YEAR - 2024
Background
Lenskart is a well-known Indian eyewear brand that was founded in 2010 by Peyush Bansal,
Amit Chaudhary, and Sumeet Kapahi. Initially, it started as an online retailer offering
glasses, contact lenses, and sunglasses. I plan to choose a project that aligns with my
interests in the health and fashion sectors, utilizing the lessons and tools I have learned from
my University of Commerce curriculum.
Over the years, Lenskart has expanded its operations by adopting an omnichannel approach,
which includes both online and offline stores. This strategy has made eyewear more
accessible to customers throughout India. Lenskart provides a wide range of products,
including stylish and affordable eyewear, while also emphasizing convenience, personalized
services, and high-quality lenses. I am currently evaluating new business opportunities in the
service sector, and I have chosen this topic for my project.
Market Needs:
The Indian eyewear market is experiencing rapid growth, driven by increased awareness of
eye health, a rising number of individuals with vision problems, and a shift towards e-
commerce. Lenskart has capitalized on this trend by providing affordable, fashionable, and
high-quality eyewear options. The convenience of online shopping, coupled with virtual try-
on technology, has positioned Lenskart as a leader in the eyewear sector. As cases of eye
problems continue to rise, there is an increasing demand for reliable and affordable eyewear.
The growth of e-commerce and the trend of shopping from home have further heightened the
need for online eyewear solutions. There is a strong demand for eyewear that is both
functional and stylish, particularly among millennials and Gen Z consumers.
Strategic Aim:
Lenskart aims to establish itself as India's foremost eyewear brand by providing a diverse
selection of high-quality eyewear products at affordable prices. The company is committed
to delivering a seamless and convenient customer experience. Additionally, Lenskart seeks to
strengthen its market presence in both urban and rural areas, making eyewear accessible to a
broad range of consumers.
Specific Aim:
The specific aim of Lenskart’s business strategy is to maintain growth through the
integration of technology and personalization in the eyewear shopping experience. This
includes:
Expanding its presence through both online and physical stores.
Offering innovative products like contact lenses, stylish eyewear, and customized
frames.
Providing superior customer service and virtual try-on features to enhance the
shopping experience.
Research:
The research focuses on analysing Lenskart’s approach to meeting customer needs,
particularly in terms of accessibility, affordability, and convenience. It also explores how
Lenskart has used technology, customer data, and innovative marketing strategies to cater to
the evolving demands of the eyewear market.
Literature Review:
Research shows a significant rise in e-commerce adoption in India, with eyewear being one
of the top categories driving this growth (Sahoo & Parida, 2021). Studies have highlighted
that consumers are increasingly seeking personalization in their eyewear, preferring options
that cater to both fashion and function (Chaudhary, 2020). The use of augmented reality
(AR) for virtual try-on technology has been identified as a key factor in online retail growth,
especially in the eyewear industry (Johnson & Rathi, 2020). Lenskart’s approach to offering
competitive pricing along with high-quality products aligns with studies showing that
affordability combined with quality is crucial to gaining market share in the Indian retail
space (Gupta, 2019).
Data Analysis:
Data analysis for this research focuses on Lenskart’s market performance, consumer trends,
and online reviews. Lenskart has increased its customer base by 50% over the last five years,
driven by both online and offline sales. Lenskart has reported a significant rise in revenue,
with an increase of 25% annually due to the growing preference for online shopping and its
innovative marketing strategies. Based on customer feedback and reviews, Lenskart scores
high in terms of product quality, delivery times, and the ease of the online shopping
experience. However, some customers have highlighted the lack of physical stores in smaller
cities as a barrier.
Research Methods:
A survey was conducted among Lenskart customers to understand their buying habits,
satisfaction levels, and preferences regarding eyewear. A case study of Lenskart’s business
model was analysed by comparing it with competitors such as Titan EyePlus and Specsavers.
Online reviews and social media feedback were analysed to gauge customer satisfaction and
identify areas of improvement. Financial and market reports from Lenskart were used to
analyse growth trends and market performance.
Conclusion:
Lenskart has positioned itself as a dominant player in the Indian eyewear market by
combining convenience, quality, and affordability. The company’s focus on integrating
technology, such as virtual try-ons and personalized frames, has enhanced customer
satisfaction. However, challenges remain in expanding its reach to smaller cities and
addressing price sensitivity among some customers. Overall, Lenskart’s business model of
blending online and offline retail has proven successful in capturing a broad market segment.
Recommendations:
Lenskart should consider opening more stores in smaller cities and rural areas where online
shopping penetration is lower. Lenskart could offer more variety in terms of custom frames
and eyewear accessories to cater to different customer preferences. To retain existing
customers, Lenskart could introduce loyalty programs or subscription services for eyewear
replacements and eye care. Although customer satisfaction is high, there is room for
improvement in delivery times, especially in non-urban areas. Ensuring a faster and more
reliable delivery process would further enhance the customer experience. Lenskart should
focus on offering sustainable and eco-friendly eyewear options, which could appeal to
environmentally conscious consumers and create differentiation in the market.
