Lifestyle Stores: What are the Challenges Faced by Lifestyle Stores and How to Overcome Them

5 challenges faced by lifestyle stores and how to overcome them

By Vinisha Kataria | August 06, 2021

Vinisha is the Digital Content Manager at Pine Labs and brings with her, more than 10 years of professional experience.

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The onset of COVID-19 has severely impacted lifestyle stores due to a decline in consumer spending. When people are not stepping out, the idea of splurging on clothes and home decor items doesn't appeal to them too much. However, with a drop in COVID-19 cases, things have started to look up again and it is time for these businesses to hit the reset button and make things happen. As the lifestyle industry in India strives to adapt to the changes brought upon by the pandemic, such as frequent lockdowns and declining footfalls, it now becomes more critical than ever before for businesses to offer their customers an unmatched experience. Here, we go through five challenges lifestyle stores face in the changing scenario and how to overcome them.

1. Online or offline retail - India's retail sector, which contributes to 10% of the country's GDP, is a market worth an estimated $900 billion1. By the end of 2020, some lifestyle brands even reported a 120-150% increase in online sales compared to the year prior2. While India's e-commerce market is fast-growing, offline retail holds a significant share of the overall retail market. It is no longer a question of either/or when planning an offline or online retail presence. Today, Gen Z and millennials want the right goods at the right price and therefore will never restrict themselves to any one mode of shopping, be it offline or online. An increasing number of lifestyle retailers are therefore now opting for an omnichannel presence. Leaving this brick and click integration out of your scope would mean leaving out a large customer segment untapped. The hybrid models are the need of the hour and bringing them together is the best way to boost sales and maximise profits. With Pine Labs' omnichannel payment solutions, you can ensure that there are no transaction drops. You can create a seamless payment experience for your customers and a profitable one for your business.

2. Improving the in-store customer experience - Are you making your customers wait in long queues to get their orders processed? Well, that's certainly not the experience they are looking for. The contactless payment solutions by Pine Labs are just what you need to expedite the payment transaction experience at the point of sale and minimise customer wait time.

3. Generating repeat business - Do you have a sense of who your most loyal customers are? Customer loyalty solutions are proven to be effective to identify loyal customers and improve customer retention. Enhance the in-store experience with Pine Labs' tailor-made loyalty solutions that are made for your business. Identify your loyal customers, offer them loyalty points and win them for life!

4. Understanding customer perception around their business - Are you trying to decode your customers' perception of the shopping experience at your store? Capturing customer feedback is now easier than ever. You can now capture customer feedback right at the point of sale and unlock their perception of your services from Pine Labs Android PoS devices in the form of NPS on the spot! It will help you increase customer satisfaction, embrace correctional measures and thus, decrease customer churn.

5. Get Pay Later - If you aren't offering Pay Later at your retail store, it is high time to get it enabled on your Pine Labs PoS machine. As your customers become cautious and frugal during the pandemic, the no-cost EMIs by Pine Labs is just the affordability option they need to manage their monthly budgets.

Drive customers to your lifestyle store business by overcoming the challenges smartly. If you have any questions or want to know more about any of our payment solutions, please write to getstarted@pinelabs.com.

1 Source: https://www.financialexpress.com/brandwagon/how-fashion-and-lifestyle-industry-drew-a-survival-strategy-in-2020/2154832/

2 Source: https://www.financialexpress.com/brandwagon/how-fashion-and-lifestyle-industry-drew-a-survival-strategy-in-2020/2154832/