Benefits of Fdi in Indain Retail Sector and Customer Perception of Organized r

7/29/2019 Benefits of Fdi in Indain Retail Sector and Customer Perception of Organized r

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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 - 6510(Online),

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

180

BENEFITS OF FDI IN INDIAN RETAIL SECTOR AND CUSTOMER

PERCEPTION OF ORGANIZED RETAIL OUTLETS IN HYDERABAD

K.VENKATESWARA RAJU1, Dr. SVSS SRINIVASA RAJU

2, Dr. D.PRASANNA KUMAR

3

1

Department of Management Studies, GRIET, Hyderabad, India2Department of Mechanical Engineering, VNR VJIET3KLU Business School, KL University, Vijayawada, India

ABSTRACT

Increased disposable incomes and Demographics shifting towards favorably towards higherretail spends made the Union Government of India make two key amendments that became a turningpoint in Indian retail landscape. First was the announcement on January 11, 2012 allowing 51percent 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 witha rider that retailers entering with FDI should source goods from Indian SMEs(Small and MediumEnterprise) which was a timely one paving the way for them to slowly become an integral part ofbig global supply chains as also strengthen Indias position as a sourcing hub. However, no foreigninvestment has taken place in the sector so far. Global retailers like Wal-Mart, Tesco and Carrefourhave been demanding further clarifications in the policy. To encourage them, the government onAugust 1, 2013 has decided to relax the policies related to mandatory sourcing, investment in back-end infrastructure and selection of cities. In case of mandatory sourcing from the small and mediumenterprises, a onetime $2 million investment ceiling for identification of SME was required for at thetime of engagement. As per the earlier norms, it was mandatory for the overseas investors to sourceat least 30 per cent of goods from SME, which has investment of less than $2 million. There wasambiguity 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 increasingFDI in this sector. The aim of the present study is to know customer perception on organized retailoutlets in Hyderabad. A total of 200 questionnaires have been circulated to customers at variousretail outlets in the City. Using SPSS software, cross table analysis, chi-square test data accrued isanalyzed. Results from this analysis portray various perceptions of customers on services atorganized retail outlets in Hyderabad.

Key Words: FDI, GDP, Demography, Customer Satisfaction, Income Levels, Age.

INTERNATIONAL JOURNAL OF MANAGEMENT (IJM)

ISSN 0976-6502 (Print)

ISSN 0976-6510 (Online)

Volume 4, Issue 4, July-August (2013), pp. 180-192 IAEME:www.iaeme.com/ijm.asp

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I. INTRODUCTION

The Indian Retail Sector is a Prized Destination for Global Retailers because of itshumungous size and low organized retail penetration. A very stable GDP growth coupled withincreasing 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 alsounnecessary shopping to self-indulge was frowned upon. Post liberalization, due to rise in disposableincomes, overseas trips and holidaying and increased internet penetration, buying non-essential itemsbecame not only acceptable as also splurging on luxury goods. The sheer size of the Indian consumermarket and its growth rate had become a very important differentiator in the top line and bottom-lineof 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 keydue to their potential sales that can be generated. Even the worlds biggest mobile set manufacturersare slugging it out in these two markets to stay at the top position. Supply chain mastery and efficientlogistic support will be the key drivers of competitive advantage and developing them with time willenable 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 diagramsbased on 1991 and 2011 data given below.

On Observation we can see how GDP increased from 10.8lk.Cr to 48.8lk.Cr, per capitaincome from 11535 Rs to 41129 Rs, Household savings from 104789 Cr to 1261332 Cr, FDI from0.13 billion $ to 30.3 billion $, Exports from 18 billion $ to 245 billion $, FOREX Reserves from 5.8billion dollar to 274 billion dollar, No. of Passenger cars from 0.18 million to 2.9 million, AirPassengers 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 inbuying a wide array of quality goods from various big organized retail formats.

VARIABLE 1990-91 2010-11

POVERTY RATE (%) 65% 35%

GDP(IN RS LAKH CRORES) 10.8 48.8

PERCAPITA INCOME(IN RS AT CONSTANT PRICES) 11535 41129

HOUSEHOLD SAVINGS(RS CR) 104789 1261332

TELEPHONE SUBSCRIBERS(MN) 0.5 862

FDI(BN $) 0.13 30.3

FOREX RESERVES(BN $) 5.8 274EXPORTS(BN $) 18 245

NO. OF PASSENGER CARS(MN) 0.18 2.9

AIR PASSENGERS(MN) 8.9 57


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

Figure1.1

5.8274

0

500

1990-91 2010-11

FOREX RESERVES(bn $)

18245

0

500

1990-91 2010-11

EXPORTS(bn $)

0.182.9

0

5

1990-91 2010-11

NO. OF PASSENGER CARS(mn)

8.957

0

100

1990-91 2010-11

AIR PASSENGERS(mn)

0.5

862

0

1000

1990-91 2010-11

TELEPHONE S UBSCRIBERS(mn)

0.1330.3

0

50

1990-91 2010-11

FDI(bn $)

65%35%

0%

100%

1990-91 2010-11

Poverty rate(%)

10.848.8

0

100

1990-91 2010-11

GDP(In lakh Crores)

11535

41129

0

50000

1990-91 2010-11

PerCapita Income(in Rs at constant Prices)

104789

1261332

0

2000000

1990-91 2010-11

Household savings(Rs Cr)

Age:60

8%

2006

Age:60

9%

2016


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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 from3.2 to 11.4 million in 6-12 lakhs bracket and from 13.8 million to 35.4 million in 2.4-6 lakhs incomebracket. This shows a rise in the income levels in this period(2006 2014).This is the most aptsituation 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 anoutcome or else a process. The outcome way characterizes that satisfaction is the end-state thatresults from consumption experience. On the other hand a process is considered to emphasize thecontribution 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. TheInterpretation from the Departments Index of Consumer Satisfaction is that satisfaction is relateddirectly to community policymakers (Pfaff 1973).Gordon Selfridge who was an American and also aformer associate of Marshall Field, journeyed London in late 1800s with a purpose of creating hisown empire of department stores. His founding principle was based on, The customer is alwaysright!(Cohen and Cohen 1980).Often attributed to Field, the philosophy made customer satisfactionas the very core of business. Another dairy store magnet from Connecticut, Stew Leonard also builton the same philosophy of Selfridge. His famous quotation is Rule#1: The customer is alwaysright.Rule#2: If the customer is ever wrong, reread Rule#1! was the basis of service rules followedin many retail stores even today.

III. OBJECTIVES OF THE STUDY

1) To Study the various aspects of Consumer buying behavior.2) 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 retailoutlets in Hyderabad. The Inferences from the study are based on the responses given by thecustomers in the city. This study will be helpful in understanding the behavior and buying

preferences of customers.

V. RESEARCH METHODOLOGY

5.1 Research designThe 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 statisticalresearch is used here for studying customer satisfaction and consumer buying characteristics. Themain goal of this Statistical research is to describe the data and characteristics about the subject thatis under study.

5.2 Area of the study

The study is conducted on regular customers and also people buying on occasions atorganized retail outlets in the city. The sampling frame used in this study included the customers ofMORE, BIG BAZAAR, VIJETHA, METRO, DMART, NMART, HERITAGE, LIFESTYLE outletsin 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 allrespondents to fill in the questionnaire, by self after explaining the various aspects mentioned in it. Itcontained both open and closed ended questions in a structured format very easy to understand on thefirst look.

5.4 Sampling Technique

As all possible items will be considered for research, sampling method that will be adoptedhere is convenience sampling. It is that type of non-probability sampling which involves the samplebeing drawn from that part of the population that is close to hand. That is, a population is selectedbecause 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 presentthe general characteristic of the population. In this study the population is infinite in nature, soresearcher adopted the convenience sampling technique.

5.5 Sample SizeThe Size of the sample taken in this study is 200.

5.6 Period of StudyThe study was done during June 2013 to August 2013 timeline.

5.7 Data UsageFor analysis and interpretation, only primary data is used. However for conclusion and

recommendations both primary and the secondary data along with the verbal knowledge andinformation although obtained from respondents, though they are outside the parameters ofquestionnaire were also included. The data collected from these sources were analyzed using varioustools like percentage analysis, chi-square test, cross table analysis method.


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5.8 Research InstrumentA 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 neededinformation for the study and cover all the aspects defined in the objectives.

5.9 ToolsSPSS 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 toolslike Chi-Square and cross tabling were used for the analysis.

VI. ANALYSIS AND INTERPRETATION

6.1 General Profile of the Respondents

Particulars ClassificationNo. Of

RespondentPercentage

GenderMale 76 38

Female 124 62Age 21 And Below 22 11

AgeAge From 22-35 76 38

Age From 36-60 68 34Age Above 60 Years 34 17

Below Rs 10,000 16 8Rs 10,000 - Rs

20,00066 33

Monthly IncomeRs 20,001 - Rs

35,00090 45

Above Rs 35,000 28 14School Level 10 5

Educational Graduate 54 27

Qualification ITI/ Diploma 52 26Post Graduate 84 42

One 42 21

Total Members In Family

Two 26 13Three 76 38Four 30 15

Five And Above 26 13

Pvt. Job 92 46

Profession Govt. Job 40 20Self-Employed 36 18

Others 32 16Below Rs 500 36 18

Average Monthly Rs 501- Rs 1,500 62 31Purchase At Organized Rs 1,501- Rs 3,000 66 33

Retail Outlets Rs 3,001- Rs 5,000 22 11Above Rs 5,000 14 7

Distance 34 17Pricing 36 18

Factor Influencing Selection Of

Retail StoreProduct Quality 54 27

Checkout Time 18 9Word Of Mouth 58 29


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InterpretationFrom 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% are21 years old and below, 38% are of the age group 22-35, 34% of the age group 36-60 and 17% areabove 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 toother factors Distance(17%),Pricing(18%) and Checkout time(9%). On the basis of EducationalQualification, 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 threemembers only. On the basis of monthly income,8% are below the income of 10,000,33% are in theincome 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 ofthe budgeted monthly income towards purchases in organized retail outlets. Only 7% of totalrespondents 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 HS S NUETRAL DS HDS

Visibility of Display of MRP, Discounts, Offers 26 16 43 12 3

Reception of Store Personnel towards you? 27 39 19 11 4

Quality of Service at Organized Retail Outlets? 36 31.5 32.5 0 0

Variety in Payment options provided? 26 33 16 9 16

Service provided through membership cards? 35 38 11 15 1

Visibility of the Billing Counter? 28 22 32 11 7

How is the Trolley service? 31 23 33 9 4How well is the product assortment? 23 27 33 15 2

Is the Checkout time taken even? 39 18 29 10 4

How is the Home Delivery service? 43 19 31 6 1

Easiness in locating the products at the Store? 17 23 33 25 2

Satisfied with Promotional offers at Store? 17 15 24 21 23

Satisfied with the quality of Products available at the Store? 31 32 23 12 2

How is the Ambience at the Store? 33 31 24 11 1

Is the Parking facility satisfactory? 34 21 36 7 2

Is shopping at the store a pleasant and Pleasurable Experience? 24 23 36 12 5What do feel about Size of the Store? 42 18 28 9 3

How is the availability of Products at the store? 27 28 17 17 11

Frequency of visit to the Store in a month? 28 19 29 16 8

What is the purpose of visit to the store frequently? 44 18 27 8 3


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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.

0

10

20

30

40

50

60

HS S N DS HDS


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CHI-SQUARE

INFERENCESince 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 andPerception 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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CHI-SQUARE

INFERENCESince 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 Cardownership 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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CHI-SQUARE

INFERENCESince 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 ofStore Personnel.

VII. OBSERVATIONS AND INFERENCE

From this study organized retail outlets are found to provide better service quality, moreassortments of products with broad range when compared to unorganized retail outlets. Almost allthe organized retail outlets customers are satisfied with service quality provided by them. They aresatisfied with reception of store personnel, discounts, product pricing, self service, home deliveryvisual 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 significantrelation between Education and perception of Quality and between Membership Card ownership andService Quality but there is no significant relation between Gender and Reception of StorePersonnel. Parking facilities and Trolley facilities are satisfactory. Most youngsters prefer weekendshopping, so they want all the facilities at the same place. So it is more preferable to havemultiplexes and hotels in the same complex in order to have more customers spend their quality timewith their families while coming on weekend shopping. Retail outlets will have to provide access tomore 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 toincrease loyalty of customers. Also retails outlets should be able to synchronize themselves to socialnetworking sites like Facebook and provide the updates on product assortments and promotionaloffers, discounts at their nearest store based on locale information. A similar tie-up between Wal-Mart and Face book is now underway in the United States.

In order to provide more services to customers retail organizations need more capital in theform of FDI and the various advantages are:

Access to new technology will reduce wastage across the Indian food supply chain which atpresent 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 bringbetter pricing norms to the Indian consumer. A very efficient supply chain to link smallmanufacturers and farmers directly with retailers is the need of the day to maximize value for allstakeholders.

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 buildingsophisticated supply chains. Also related service sectors like logistics, transportation and contributesignificantly 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. Alsopresent employees in the retail space gain access to equitable wages and benefits, also providing non-agricultural employment to rural youth and better quality living for farming community. It willdevelop associated sectors like transport, warehousing, real estate, entertainment, etc.

The existing domestic retail chains have expanded well within their reach. But for them tospread across the country and penetrate the rural retail landscape, much needed funds come at a veryhigh interest. FDI in retail will bring cheaper dollars in the form of equity. They can also access theforeign 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 andalso Indian goods also get exported to other retail markets. This will significantly boost our SMEexports and generate good revenue and employment locally. Allowing multi-brand FDI retail wasexpected to address the high rate of food inflation.

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Benefits of Fdi in Indain Retail Sector and Customer Perception of Organized r