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Retail Marketing in India

Retail Marketing in India

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Published by rameshcms09

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Published by: rameshcms09 on Jan 11, 2011
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Retail Marketing in India
The Indian retail industry is now beginning to evolve in the line with thetransformation that has swept other large economies. It witnessestremendous growth with the changing demographics and an improvementin the quality of life of urban people. The growing affluence of India’sconsuming class, the emergence of the new breed of entrepreneurs and aflood of imported products in the food and grocery space, has driven thecurrent retail boom in the domestic market.The concept retail which includes the shopkeeper to customer interaction, hastaken many forms and dimensions, from the traditional retail outlet andstreet local market shops to upscale multi brand outlets, especially stores or departmental stores. Though at this moment, it is still premature to say thatthe Indian retail market will replicate the success stories of names such asWal-Mart stores, Sainsbury and Tesco but at least the winds are blowing inthe direction of growth.Hence, focusing on two aspects of retail marketing i.e. Store Retailing and Non-store Retailing. Store Retailing as the departmental store, which is astore or multi brand outlet, offering an array of products in variouscategories under one roof, trying to cater to not one or two but manysegments of the society and Nonstore Retailing as the direct selling, directmarketing, automatic vending.
Therefore, this concept of retail marketing through departmental stores, whichis coming up in a big way in India was decided to be studied in detail,through an exploratory and conclusive research.The objective being to assess the various parameters that influences a buyer tovisit or shop at departmental store thereby contributing to its turnover (interms of sales and profits) hence leading to its overall success.The extensive research brought me to conclude that departmental stores aresoon emerging on the top priority lists, amongst the shopping spree inDelhi, as they seem to derive immense pleasure of convenience andexposure to variety under one roof, in their extremely busy lives, when theydon’t have time for things.Though some of the customers perceive departmental stores to be expensiveand only high income category’s cup of tea, the stores make constant effortsto induce them to at least visit the store at once during the sale period, or discount offers.Most of these stores believe in creating not just a marketing activity with itscustomers, but rather favor relationship building with him so as to convertfirst time customers into a client.Hence this document entails me through these aspects in great detail, helpingme to understand the concept of retail marketing through departmentalstores in Delhi. 
The word ‘retail’ means to sell or be sold directly to individuals. Retail isIndia’s largest industry, and arguably the one with the most impact on the
 population. It is the country’s largest source of employment after agriculture,has the deepest penetration to rural India, and generates more than 10percent of India’s GDP. However, retailing in India has so far, been mostly in the hand of small disorganized entrepreneurs. It is also India’s least evolved industries. Infact, it is not even considered a real industry. The industry suffers from lack of management talent, poor access to capital, unfavorable regulation and denial of access to best practices. The Indian retail industry is only now beginning toevolve in line with the transformation that has swept other large economies.Fifty years of restricting the consumer goods industry, a national mindset whichfavored denial over indulgence, and a fractured supply chain for agricultural products have all contributed to prevent the development of modern tenants based on scale advancements and consumer preferences.India has some 12 million retail outlets, but many of these act merely assubsistence providers for their owners and survive on a cost structure wherelabor and land is assumed to be free and taxes nil. Compare this with the globalretail industry, which is one of the world’s largest organized employers, is atthe cutting edge of technology, and which leverages scale and scope to offer value-added services to its customers.However, only recently has there been an awakening in this sector, with moreorganized retailers starting to make an impact. The liberalization of theconsumer goods industry, initiated in the mid-80s and accelerated through the90s has begun to impact the structure and conduct of the retail industry. Backed by changing consumer trends and metrics, liberalization in mindsets driven bymedia, new opportunities and increasing wealth, retailing in India, presents a

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