How relevant offline stores will remain amid the growing popularity of online platforms? According to Gaurav Pahwa, Director of Lotus Electronics, offline stores will continue to be relevant as they offer individualized service and excellent after-sales care to customers.
Here are the edited excerpts from the interview:
Q: How relevant are offline stores like yours among the continuous popularity of online portals like Amazon and Flipkart?
Gaurav Pahwa: We have a strong presence both offline and online. However, as far as our offline stores are concerned, they will continue to remain relevant even after the popularity of online stores for multiple reasons. To start with, they provide an excellent consumer experience. Before making a purchase, customers can view, feel, and touch objects, which is decisive for objects like electronics. Second, you can get immediate satisfaction from physical stores. Customers can take their products home right away without having to wait for shipment. Adding to that, internet portals frequently fall short of the individualized service that our stores provide. In addition to this, offline stores have excellent after-sales care, making it convenient to avail of services like warranty claims, exchanges, and repairs. This guarantees a smooth and comforting consumer journey from point of sale to after-sale support.
Q: What are the current trends you are seeing in the tech retail market?
Gaurav Pahwa: Several trends are emerging in the tech retail market. First off, the significance of omni-channel retailing is growing. Whether they are making in-person or online purchases, customers want a seamless shopping experience, therefore integrating these channels is essential. Second, as more people are striving to enhance their living spaces by collaborating with technologies, smart home devices are becoming more and more popular. Another major trend is sustainability. There is a growing demand for items that are energy-efficient and ecologically friendly due to consumers’ growing awareness of environmental issues. Virtual reality and interactive displays are also revolutionizing retail spaces through improved in-store experiences, providing compelling purchasing environments.
Easy payments have also seen an increase in popularity due to the expansion of contactless and mobile payment solutions that speed up and simplify transactions. Customization is an additional region that is experiencing rapid expansion as merchants are using AI and data to customize offers and recommendations for each individual consumer. Also, wearable technology keeps gaining popularity as gadgets like fitness trackers and smartwatches are becoming more sophisticated and incorporated into everyday life.
Q: What are the most popular smartphone brands and models among your customers, and why do you think they are preferred?
Gaurav Pahwa: The most well-liked smartphone models and brands among our customers are OnePlus, Samsung, and Apple. Because of its excellent construction, user-friendly iOS ecosystem, and strong brand loyalty, Apple’s iPhone 15 Series is greatly liked. Consumers value the software upgrades’ regularity and smooth integration with other Apple devices, which improve the entire user experience.
The S23/S24 Series from Samsung are also quite popular due to their flagship camera setups. Furthermore, Samsung’s strong hardware and customization choices are big draws for customers looking for cutting-edge functionality.
OnePlus is well-known for providing flagship-level features at a comparative battery life, snappy performance, clear user interface, and high-quality camera. This makes OnePlus devices some of the most sought-after products.
These brands are in demand due to their track record for excellence, creativity, user-friendliness, and post-purchase assistance. However, it is important to note that every brand has distinct qualities that meet various consumer demands and tastes, guaranteeing a broad appeal among our varied customers.
Q: What are your future plans for expansion or new initiatives in the tech retail space?
Gaurav Pahwa: We have big and ambitious plans for future growth and new projects in the tech retail space. In order to increase our reach and provide our goods and services to more people nationwide, we are concentrating on national expansion. Improving our omni-channel experience is our top goal, guaranteeing a smooth transition between our online and offline channels for a more streamlined and simpler online and offline buying experience.
We also intend to broaden our product line to embrace the newest technologies and launch cutting-edge product offerings. Modern in-store technology, such as smart displays and virtual reality that will make the shopping experience more participatory and interesting.
In an effort to reward loyal consumers and promote repeat business, we are also improving our customer loyalty programs, along with strengthening our after-sales service.
Our goal is to maintain our position as a leader in the tech retail industry by offering our customers unmatched value and service through these initiatives.
Q: How do you foresee the tech retail industry evolving in the next five years, and how is your store preparing for these changes?
Gaurav Pahwa: The tech retail industry is expected to grow on a much greater level. To stay ahead of the curve, our stores are continually getting ready for these developments. Future shopping experiences will be greatly aided by the incorporation of AI. Using chatbots and virtual assistants, we are planning to use AI to provide individualized recommendations, expedite inventory control, and enhance customer service.
We also have plans for increasing our workforce in order to meet the dynamic demands of our customers. We are providing our employees with training and development opportunities to ensure they are up to date on the newest trends and technologies and are able to help and support our customers more effectively. We also understand how crucial it is to modify our product lineup while upholding price transparency in order to satisfy consumer demands. Through ongoing analysis of consumer preferences and industry trends, we select products that are both competitively priced and relevant.
Integrating omni-channel seamlessly is another important aspirational area. The customers’ buying experience is improved by seamless transitions between online and offline channels because they provide convenience, customization, and flexibility. It saves them time and hassle by making it simple to browse, buy, and return products across platforms.
Our goal is to provide customers with seamless online and offline purchasing so they can upgrade their lifestyle the way they prefer, without any hassle.
