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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) Volume

e 4, Issue 4, July-August (2013)

ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 4, Issue 4, July-August (2013), pp. 180-192 IAEME: www.iaeme.com/ijm.asp Journal Impact Factor (2013): 6.9071 (Calculated by GISI) www.jifactor.com

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BENEFITS OF FDI IN INDIAN RETAIL SECTOR AND CUSTOMER PERCEPTION OF ORGANIZED RETAIL OUTLETS IN HYDERABAD
K.VENKATESWARA RAJU1, Dr. SVSS SRINIVASA RAJU2, Dr. D.PRASANNA KUMAR3
1

Department of Management Studies, GRIET, Hyderabad, India 2 Department of Mechanical Engineering, VNR VJIET 3 KLU Business School, KL University, Vijayawada, India

ABSTRACT Increased disposable incomes and Demographics shifting towards favorably towards higher retail spends made the Union Government of India make two key amendments that became a turning point in Indian retail landscape. First was the announcement on January 11, 2012 allowing 51 percent ownership in Single Brand retail and the second was on September 14, 2012 which paved the way 51 percent ownership in multi-brand retail and made the sector come full circle. Both came with a rider that retailers entering with FDI should source goods from Indian SMEs(Small and Medium Enterprise) which was a timely one paving the way for them to slowly become an integral part of big global supply chains as also strengthen Indias position as a sourcing hub. However, no foreign investment has taken place in the sector so far. Global retailers like Wal-Mart, Tesco and Carrefour have been demanding further clarifications in the policy. To encourage them, the government on August 1, 2013 has decided to relax the policies related to mandatory sourcing, investment in backend infrastructure and selection of cities. In case of mandatory sourcing from the small and medium enterprises, a onetime $2 million investment ceiling for identification of SME was required for at the time of engagement. As per the earlier norms, it was mandatory for the overseas investors to source at least 30 per cent of goods from SME, which has investment of less than $2 million. There was ambiguity that what will happen if the investment of SMEs crosses $2 million. For the Indian Customer improving the Service Quality at Organized Retail Stores is also as important as increasing FDI in this sector. The aim of the present study is to know customer perception on organized retail outlets in Hyderabad. A total of 200 questionnaires have been circulated to customers at various retail outlets in the City. Using SPSS software, cross table analysis, chi-square test data accrued is analyzed. Results from this analysis portray various perceptions of customers on services at organized retail outlets in Hyderabad. Key Words: FDI, GDP, Demography, Customer Satisfaction, Income Levels, Age.
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

I. INTRODUCTION The Indian Retail Sector is a Prized Destination for Global Retailers because of its humungous size and low organized retail penetration. A very stable GDP growth coupled with increasing disposable incomes and demographic profile of aspiring consumers make it a favorite place not to be ignored by any multinational retailer. Prior to economic liberalization in the ninetys, shopping was viewed as only a functional activity meant only to buy essential goods and also unnecessary shopping to self-indulge was frowned upon. Post liberalization, due to rise in disposable incomes, overseas trips and holidaying and increased internet penetration, buying non-essential items became not only acceptable as also splurging on luxury goods. The sheer size of the Indian consumer market and its growth rate had become a very important differentiator in the top line and bottom-line of balance-sheets of most multinational companies. In order to increase the profit margins or sales, any MNC retailer has to be successful in the Indian and Chinese markets which together hold the key due to their potential sales that can be generated. Even the worlds biggest mobile set manufacturers are slugging it out in these two markets to stay at the top position. Supply chain mastery and efficient logistic support will be the key drivers of competitive advantage and developing them with time will enable any retailer to be agile and cost competitive. We can understand the impact of liberalization and the enormous growth potential of the Indian economy by studying the figures and diagrams based on 1991 and 2011 data given below. On Observation we can see how GDP increased from 10.8lk.Cr to 48.8lk.Cr, per capita income from 11535 Rs to 41129 Rs, Household savings from 104789 Cr to 1261332 Cr, FDI from 0.13 billion $ to 30.3 billion $, Exports from 18 billion $ to 245 billion $, FOREX Reserves from 5.8 billion dollar to 274 billion dollar, No. of Passenger cars from 0.18 million to 2.9 million, Air Passengers from 8.9 million to 57 million and Poverty Rate decreased from 8.9 million to 57 million. These are the indicators of increase in disposable incomes of consumers who will show interest in buying a wide array of quality goods from various big organized retail formats.

VARIABLE POVERTY RATE (%) GDP(IN RS LAKH CRORES) PERCAPITA INCOME(IN RS AT CONSTANT PRICES) HOUSEHOLD SAVINGS(RS CR) TELEPHONE SUBSCRIBERS(MN) FDI(BN $) FOREX RESERVES(BN $) EXPORTS(BN $) NO. OF PASSENGER CARS(MN) AIR PASSENGERS(MN)

1990-91 65% 10.8 11535 104789 0.5 0.13 5.8 18 0.18 8.9

2010-11 35% 48.8 41129 1261332 862 30.3 274 245 2.9 57

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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

FOREX RESERVES(bn $) 500 0 1990-91 2010-11 274 5.8 500 0 18

EXPORTS(bn $) 245

1990-91

2010-11

NO. OF PASSENGER CARS(mn) 5 0 1990-91 2010-11 2.9 0.18 100 0

AIR PASSENGERS(mn) 8.9 1990-91 57

2010-11

1000 0

TELEPHONE SUBSCRIBERS(mn) 862 0.5 1990-91 2010-11

FDI(bn $) 50 0 1990-91 2010-11 30.3 0.13

Poverty rate(%) 100% 0% 1990-91 2010-11 65% 35% 100 0

GDP(In lakh Crores) 10.8 1990-91 48.8

2010-11

PerCapita Income(in Rs at constant Prices) 41129 50000 11535 0 1990-91 2010-11

Household savings(Rs Cr) 2000000 0 1990-91 2010-11 1261332 104789

Demographics in India are also indicating a shift in Age Group population (Comparative charts: 2006 2016).We observe an increase from 60 percent to 64 percent in the 15 59 Age group as well as a decrease from 32 percent to 27 percent in the less than fourteen age group. Also we see an increase from 669 million people to 811 million people in the 15-59 Age bracket as also increase from 83 million to 118 million in the more than 60 Age bracket. This demographic shift is very suitable for Organized Retail sustainability as customers who show interest in shopping are the key for its success.
2006 2016

Age:<14 32% Age>60 8% Age:15-59 60%

Age:<14 27% Age>60 9%

Age:15-59 64%

Figure1.1

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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

Figure 1.2

Figure 1.3

From the figure 1.3 we can see a rise from 1.1 million households to 3.4 million with more than 24 lakhs annual income bracket , rise from 1.1 to 4.9 million in 12-24 lakhs bracket, rise from 3.2 to 11.4 million in 6-12 lakhs bracket and from 13.8 million to 35.4 million in 2.4-6 lakhs income bracket. This shows a rise in the income levels in this period(2006 2014).This is the most apt situation for any retailer as it can have access to more customers with disposable income. II. LITERATURE REVIEW The concept of Customer satisfaction (by Yi (1993)) was defined in two ways: either it is an outcome or else a process. The outcome way characterizes that satisfaction is the end-state that results from consumption experience. On the other hand a process is considered to emphasize the contribution of perceptual, evaluative and psychological attributes to satisfaction. The U.S. Department of Agriculture was among the list of pioneer organizations to have sponsored a survey on customer satisfaction and it is a study that seemed as a singular turning point in orientation. The Interpretation from the Departments Index of Consumer Satisfaction is that satisfaction is related directly to community policymakers (Pfaff 1973).Gordon Selfridge who was an American and also a former associate of Marshall Field, journeyed London in late 1800s with a purpose of creating his own empire of department stores. His founding principle was based on, The customer is always right!(Cohen and Cohen 1980).Often attributed to Field, the philosophy made customer satisfaction as the very core of business. Another dairy store magnet from Connecticut, Stew Leonard also built on the same philosophy of Selfridge. His famous quotation is Rule#1: The customer is always right.Rule#2: If the customer is ever wrong, reread Rule#1! was the basis of service rules followed in many retail stores even today. III. OBJECTIVES OF THE STUDY 1) 2) To Study the various aspects of Consumer buying behavior. To identify the critical factors that determines customer satisfaction in Organized Retail Outlets in Hyderabad. 3) To study growth prospects of Organized Retail in Hyderabad. 4) To study the attitude of customers towards Organized Retail Outlets. 5) To study the habits and buying patterns of Customers in Retail Stores.

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IV. SCOPE OF STUDY The study is conducted to understand the various aspects of customer in organized retail outlets in Hyderabad. The Inferences from the study are based on the responses given by the customers in the city. This study will be helpful in understanding the behavior and buying preferences of customers. V. RESEARCH METHODOLOGY 5.1 Research design The main aim of this survey is to know about customer perception on organized retail outlets and find various factors affecting their satisfaction. Descriptive research also known as statistical research is used here for studying customer satisfaction and consumer buying characteristics. The main goal of this Statistical research is to describe the data and characteristics about the subject that is under study. 5.2 Area of the study The study is conducted on regular customers and also people buying on occasions at organized retail outlets in the city. The sampling frame used in this study included the customers of MORE, BIG BAZAAR, VIJETHA, METRO, DMART, NMART, HERITAGE, LIFESTYLE outlets in Hyderabad. Questionnaires were distributed to randomly customers who visited the retail outlets. 5.3 Research approach Customer Survey and questionnaires method Survey method is used for collecting data from customers at retail outlets. We requested all respondents to fill in the questionnaire, by self after explaining the various aspects mentioned in it. It contained both open and closed ended questions in a structured format very easy to understand on the first look. Sampling Technique As all possible items will be considered for research, sampling method that will be adopted here is convenience sampling. It is that type of non-probability sampling which involves the sample being drawn from that part of the population that is close to hand. That is, a population is selected because it is readily available and convenient. The most popular data collection techniques include: surveys, secondary data sources or archival data, objective measures or tests and interviews. Sampling involves selection of individuals from the whole population, so there is a need to present the general characteristic of the population. In this study the population is infinite in nature, so researcher adopted the convenience sampling technique. 5.5 Sample Size The Size of the sample taken in this study is 200. 5.6 Period of Study The study was done during June 2013 to August 2013 timeline. Data Usage For analysis and interpretation, only primary data is used. However for conclusion and recommendations both primary and the secondary data along with the verbal knowledge and information although obtained from respondents, though they are outside the parameters of questionnaire were also included. The data collected from these sources were analyzed using various tools like percentage analysis, chi-square test, cross table analysis method.
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5.4

5.7

International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

Research Instrument A standard questionnaire is formulated for the collection of survey data from various customers. The Questionnaire is designed in such a way that it would collect all the needed information for the study and cover all the aspects defined in the objectives. Tools SPSS version 16 will be used to tabulate and analyze the valid responses. Initially, a comprehensive data file was created. Then, variables and their labels were defined. Statistical tools like Chi-Square and cross tabling were used for the analysis. VI. ANALYSIS AND INTERPRETATION 6.1 General Profile of the Respondents
Particulars Gender Classification Male Female Age 21 And Below Age From 22-35 Age From 36-60 Age Above 60 Years Below Rs 10,000 Rs 10,000 - Rs 20,000 Rs 20,001 - Rs 35,000 Above Rs 35,000 School Level Graduate ITI/ Diploma Post Graduate One Two Three Four Five And Above Pvt. Job Govt. Job Self-Employed Others Below Rs 500 Rs 501- Rs 1,500 Rs 1,501- Rs 3,000 Rs 3,001- Rs 5,000 Above Rs 5,000 Distance Pricing Product Quality Checkout Time Word Of Mouth 185 No. Of Respondent 76 124 22 76 68 34 16 66 90 28 10 54 52 84 42 26 76 30 26 92 40 36 32 36 62 66 22 14 34 36 54 18 58 Percentage 38 62 11 38 34 17 8 33 45 14 5 27 26 42 21 13 38 15 13 46 20 18 16 18 31 33 11 7 17 18 27 9 29

5.8

5.9

Age

Monthly Income

Educational Qualification

Total Members In Family

Profession

Average Monthly Purchase At Organized Retail Outlets

Factor Influencing Selection Of Retail Store

International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

Interpretation From the above table, we infer that 38% of the total respondents are male and 62% are female. On further classification according to age group, we find that of all the respondents 11% are 21 years old and below, 38% are of the age group 22-35, 34% of the age group 36-60 and 17% are above 60 years. From the responses collected Product Quality(27%),Word of the mouth(29%) are the major factors that are influencing the customer to select the retail store to visit when compared to other factors Distance(17%),Pricing(18%) and Checkout time(9%). On the basis of Educational Qualification, 5.5 percent are school pupil, 23.5 % are ITI/Diploma, 34.5% are graduates and 36.5% are post graduates respectively. We observed that 38% of respondents (majority) family size is three members only. On the basis of monthly income,8% are below the income of 10,000,33% are in the income level of Rs 10,000-Rs 20,000, 45% are in the income level of Rs 20,001-Rs35, 000 and 14% are above the income level of Rs 35,000. Most of the respondents (51%) spend Rs1, 500-Rs5, 000 of the budgeted monthly income towards purchases in organized retail outlets. Only 7% of total respondents are spending more than Rs 5000 from their budgeted monthly incomes. 6.2 Customer satisfaction levels of various parameters of service provided at organized retail outlets Table 6.2
PARAMETER Visibility of Display of MRP, Discounts, Offers Reception of Store Personnel towards you? Quality of Service at Organized Retail Outlets? Variety in Payment options provided? Service provided through membership cards? Visibility of the Billing Counter? How is the Trolley service? How well is the product assortment? Is the Checkout time taken even? How is the Home Delivery service? Easiness in locating the products at the Store? Satisfied with Promotional offers at Store? Satisfied with the quality of Products available at the Store? How is the Ambience at the Store? Is the Parking facility satisfactory? Is shopping at the store a pleasant and Pleasurable Experience? What do feel about Size of the Store? How is the availability of Products at the store? Frequency of visit to the Store in a month? What is the purpose of visit to the store frequently? HS 26 27 36 26 35 28 31 23 39 43 17 17 31 33 34 24 42 27 28 44 S 16 39 31.5 33 38 22 23 27 18 19 23 15 32 31 21 23 18 28 19 18 NUETRAL 43 19 32.5 16 11 32 33 33 29 31 33 24 23 24 36 36 28 17 29 27 DS HDS 12 11 0 9 15 11 9 15 10 6 25 21 12 11 7 12 9 17 16 8 3 4 0 16 1 7 4 2 4 1 2 23 2 1 2 5 3 11 8 3

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60

50

40

30

20

10

HS

DS

HDS

Figure 6.3 6.4 Chi-Square Test 6.4.1. Is There a Relation between Education and Perception of Quality? Hypothesis: 1 H0= There is no significant relationship between Education and Perception of Quality. H1=There is significant relationship between Education and Perception of Quality.

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CHI-SQUARE

INFERENCE Since the calculated value is more than the table value, we reject the null hypothesis and accept the alternate hypothesis. Therefore there is a significant relation between Education and Perception of Quality. 6.4.2. Is there a Relation between Membership Card ownership and Service Quality? Hypothesis: 2 H0= There is no significant relationship between Membership Card ownership and Service Quality. H1=There is significant relationship between Membership Card ownership and Service Quality.

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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

CHI-SQUARE

INFERENCE Since the calculated value is more than the table value, we reject the null hypothesis and accept the alternate hypothesis. Therefore there is a significant relation between Membership Card ownership and Service Quality. 6.4.3. Is there a Relation between Gender and Reception of Store Personnel? Hypothesis: 3 H0= There is no significant relationship between Gender and Reception of Store Personnel. H1=There is significant relationship between Gender and Reception of Store Personnel.

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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013)

CHI-SQUARE

INFERENCE Since the calculated value is less than the table value, we accept the null hypothesis and reject the alternate hypothesis. Therefore there is no significant relation between Gender and Reception of Store Personnel. VII. OBSERVATIONS AND INFERENCE From this study organized retail outlets are found to provide better service quality, more assortments of products with broad range when compared to unorganized retail outlets. Almost all the organized retail outlets customers are satisfied with service quality provided by them. They are satisfied with reception of store personnel, discounts, product pricing, self service, home delivery visual merchandising, and faster checkout times, parking facility and variety of modes of payment; easily accessible store layout. By using Chi-Square test it is made clear that there is a significant relation between Education and perception of Quality and between Membership Card ownership and Service Quality but there is no significant relation between Gender and Reception of Store Personnel. Parking facilities and Trolley facilities are satisfactory. Most youngsters prefer weekend shopping, so they want all the facilities at the same place. So it is more preferable to have multiplexes and hotels in the same complex in order to have more customers spend their quality time with their families while coming on weekend shopping. Retail outlets will have to provide access to more number of credit cards from a wide array of banks as now a days plastic currency is replacing hard currency and almost all customers prefer it. More customers can be given membership cards to increase loyalty of customers. Also retails outlets should be able to synchronize themselves to social networking sites like Facebook and provide the updates on product assortments and promotional offers, discounts at their nearest store based on locale information. A similar tie-up between WalMart and Face book is now underway in the United States. In order to provide more services to customers retail organizations need more capital in the form of FDI and the various advantages are: Access to new technology will reduce wastage across the Indian food supply chain which at present doesnt have the required number of warehouses, handling techniques, beneficiation plants
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and cold-storage plants to improve or maintain the quality of the produce locally available and bring better pricing norms to the Indian consumer. A very efficient supply chain to link small manufacturers and farmers directly with retailers is the need of the day to maximize value for all stakeholders. Multi-national retailers come first in tax-compliancy and pay huge taxes to the Government Exchequer. Organized retail will facilitate generation of significant taxes by way of building sophisticated supply chains. Also related service sectors like logistics, transportation and contribute significantly to the exchequer in the way of indirect taxes like service tax, etc. Allowing new retailers will generate huge employment by way of new staff hiring. Also present employees in the retail space gain access to equitable wages and benefits, also providing nonagricultural employment to rural youth and better quality living for farming community. It will develop associated sectors like transport, warehousing, real estate, entertainment, etc. The existing domestic retail chains have expanded well within their reach. But for them to spread across the country and penetrate the rural retail landscape, much needed funds come at a very high interest. FDI in retail will bring cheaper dollars in the form of equity. They can also access the foreign partners technology and good industry practices to improve their retail operations. Indian Consumers can gain access to more products from across the globe with best prices due to better procurement policies. Here sourcing of goods will be done from so many countries and also Indian goods also get exported to other retail markets. This will significantly boost our SME exports and generate good revenue and employment locally. Allowing multi-brand FDI retail was expected to address the high rate of food inflation. REFERENCES
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