Lifestyle uses tech-led strategy for retail growth
By Meenakshi Kumar
7 May 2019
Lifestyle Stores is using AI and IoT to increase customer conversions and purchase value. The retailer launched self-checkout kiosks at Mumbai, Delhi, Bengaluru, Chennai and Hyderabad outlets and virtual trial rooms in its Mumbai outlets last year. Lifestyle also launched a progressive app called Lifestyle Buddy, currently being piloted in Chennai and Pune, that lets shoppers scan QR codes at stores and place an order online or get customised offers and fashion/ beauty recommendations.
The Rs 4,000-retail chain brand is also adopting an omnichannel approach to scale up business besides using proximity marketing through Facebook and Google to target people within the vicinity of stores. Around 20 per cent of Lifestyle’s media spends each goes to digital and OOH, while print forms 50 per cent. Operated by Dubai-based retail and hospitality conglomerate Landmark Group, 40 per cent of Lifestyle’s retail footprint is in Tier-II and III cities such as Bhopal, Kota and Trichy. Unlike its competitors Shoppers Stop and Central, which have explored high street retail, Lifestyle continues to be present only at shopping malls. Its average store size is 40,000-45,000 sq ft.
The retailer, has 77 stores and plans to launch eight to 10 more stores in the current fiscal with an investment of Rs 20 crore planned per store. Lifestyle has nine private labels, including Melange, Code, Forca and Ginger that contribute about 30 per cent of overall revenues. While it houses many national and international brands, the focus is on digital-first brands Forca and Ginger to drive growth among millennals.