Consumer retention is the key success factor for any retailer in current competitive market. With a view to comprehend the competitive market scenario , the most upcoming suburb after the launch of many new retail outlets and malls, an effort was made to ascertain and analyze customer views and preferences for the same through process of Brand Recall. Also, a detailed study was made to understand the performance pattern of major competitors of Pantaloon shop.
In doing so, it was possible to assess the competition in the market, hence enabling us to position ourselves more effectively and strategize on a long term basis.
During the course of this project, I was also fortunate enough to be able to study the promotional campaigns carried out in the store. This report contains the findings arrived after detailed analysis of the data received through observations made at the competitor’s stores and personal interviews conducted with the customers at various department stores. Though not professionally equipped to suggest strategies to the pioneer of organized retailing in India, a sincere effort has been made to give some humble Recommendations for the organization at the end of the report which would benefit the firm in the long run.
The retail market is highly fragmented and is dominated by the innumerous, independent, owner managed shops. The modern day consumer is in the process of getting exposed to the organized version of retail. What distinguishes organized retailers is the presence in multiple locations and their ability to extract huge concessions from the manufacturers because of economies of scale.
Objectives of the Study
To determine a competitive analysis based on the customer perception.
Finding what the customer actually looks for in a store especially market.
Study of current consumer tastes & attitudes towards a store.
Finding for completely satisfying store from pantaloon to consumers.
Shoppers stop is one of the leading retail stores in India. Shoppers stop began by operating a chain of department stores under the name “ Shoppers’ Stop” in India. Currently shoppers stop has 26 stores across the country and three stores under the name Home stop. Shopper stop has also begun operating a number of specialty stores, namely Crossword Bookstores, Mothercare, Brio, Desi café, Arcelia. Shoppers Stop retailes a range of branded apparel and private label under the following categories of apparel, footwear, fashion jewellery, leather products, accessories and home products. These are complemented by café, food, entertainment, personal care and various beauty related services.
Consumers today can shop for goods and services in a wide variety of store. The most important retail store types, many of which are found in most countries, fall in eight categories:
Off price retailers
Carry a narrow product line with a deep assortment within that line.
Carry several product lines typically clothing, home furnishing, and household goods with each line operated as a separate department managed by specialist buyers or merchandisers.
Relatively large , low cost, low margin, high volume, self service operations design to serve the consumers total needs for food, laundry, and household maintenance product.
Relatively small store that are located near residential areas, are open long hour seven days a week, and carry a limited line of high turnover convenience product.
Sell standard merchandise at lower price by accepting lower margin and selling higher volumes.
Buy at less than regular wholesale price and charge consumer less than retail.
Average 35000 square feet of selling space and have traditionally aimed at meeting consumer’s total needs for routinely purchase food and non food items.
Sell a broad selection of high markup, fast moving, brand name goods at discount prices.
As we know in the present scenario there is a cutthroat competition in the retail market. The only way to survive in the market is to attract the customers more and more and to provide the best services available in the market. As it is discussed in this project about all the factors that are responsible for a positive attitude of a consumer to move to a particular shopping mall or a particular department store. New competitors are entering in to the Indian market. Competitors such as Shoppers stop, Tata, Westside are trying to create new ideas and implementation of them in order to attract the customer’s attention. So consumer behavior and consumer’s reaction is an important factor, which must be taken into consideration by every retailer.
Factors such as service, ambience, availability of merchandising, variety of merchandising, latest trends and fashion are the main factors which directs a customer to choose a particular department store for his/her shopping. In this research it has been found that even if one factor is missing in a particular store then the customer reacts very strongly. So it’s a must for every retailer to take care of every factor delicately to retain their loyal customers and attract new customers.
The trend today has been to combine shopping with various offering. Take a mall for example, apart from shopping there are food court, cinema theaters, and even in some, an amusement centre for children. Shopping has made people spend not just on their requirements of good to be bought but to look on the totality of the experience have a quick bite at Mc Donald’s in the mall or let the kids play fun game while one is busy shopping or even taking the family out to movie and having a dinner all under one roof. The benefits of this totality offering are that many venders get to have people patronized there offerings. While the shopping experience i.e. being enhanced, more business is got by the store at the venue. Shopping is no longer a one time agenda for people. Various options are opening up.
Shopping has become a more whole some experience today and the segment which “Feels” the need for the add-on offering is not complaining.