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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),
  INTERNATIONAL JOURNAL OF MANAGEMENT (IJM)
Volume 4, Issue 4, July-August (2013)

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




     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 SME’s(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 India’s 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 back-
end 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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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 ninety’s,
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 world’s 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                                  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             274
                          EXPORTS(BN $)                                   18              245
                 NO. OF PASSENGER CARS(MN)                               0.18             2.9
                      AIR PASSENGERS(MN)                                  8.9             57




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                            FOREX RESERVES(bn $)                                        EXPORTS(bn $)

           500                                        274             500                                  245
                             5.8                                                   18
                0                                                       0
                           1990-91                  2010-11                     1990-91                  2010-11


                         NO. OF PASSENGER CARS(mn)                                AIR PASSENGERS(mn)

           5                                          2.9             100                                  57
                           0.18                                                   8.9
           0                                                            0
                         1990-91                    2010-11                     1990-91                  2010-11


                         TELEPHONE SUBSCRIBERS(mn)                                        FDI(bn $)
                                                862                                                       30.3
           1000                                                       50         0.13
                              0.5
                    0                                                  0
                            1990-91                 2010-11                     1990-91                  2010-11


                                  Poverty rate(%)                                  GDP(In lakh Crores)
                              65%                     35%                                                 48.8
           100%                                                       100         10.8
                0%                                                      0
                            1990-91                 2010-11                     1990-91                  2010-11


              PerCapita Income(in Rs at constant Prices)                          Household savings(Rs Cr)
                                                41129                                                         1261332
        50000           11535                                         2000000
                                                                                     104789
            0                                                               0
                          1990-91                   2010-11                         1990-91                   2010-11



         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
                        Age:<14                                                     27%
                         32%
                                     Age:15-59                                   Age>60           Age:15-59
                        Age>60         60%
                          8%                                                       9%               64%




                                                              Figure1.1


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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 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 Department’s 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 1800’s 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) 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 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.
5.4   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.

5.7    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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5.8  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.

5.9   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
                                                                     No. Of
                  Particulars                 Classification                        Percentage
                                                                   Respondent
                                                  Male                 76               38
                   Gender
                                                 Female               124               62
                                           Age 21 And Below            22               11
                                            Age From 22-35             76               38
                     Age
                                            Age From 36-60             68               34
                                           Age Above 60 Years          34               17
                                            Below Rs 10,000            16                8
                                             Rs 10,000 - Rs
                                                                        66              33
                                                 20,000
                                             Rs 20,001 - Rs
               Monthly Income                                           90              45
                                                 35,000
                                            Above Rs 35,000             28              14
                                              School Level              10               5
                 Educational                    Graduate                54              27
                 Qualification                ITI/ Diploma              52              26
                                             Post Graduate              84              42
                                                   One                  42              21
                                                   Two                  26              13
           Total Members In Family                Three                 76              38
                                                   Four                 30              15
                                            Five And Above              26              13
                                                Pvt. Job                92              46
                  Profession                    Govt. Job               40              20
                                             Self-Employed              36              18
                                                 Others                 32              16
                                             Below Rs 500               36              18
              Average Monthly               Rs 501- Rs 1,500            62              31
            Purchase At Organized          Rs 1,501- Rs 3,000           66              33
                Retail Outlets             Rs 3,001- Rs 5,000           22              11
                                            Above Rs 5,000              14               7
                                                Distance                34              17
                                                 Pricing                36              18
        Factor Influencing Selection Of
                                             Product Quality            54              27
                 Retail Store
                                             Checkout Time              18               9
                                             Word Of Mouth              58              29

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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                                  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    4
                How 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   5
               What 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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     60


     50


     40


     30


     20


     10


      0




                                        HS   S   N     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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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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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 day’s 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 Wal-
Mart and Face book is now underway in the United States.
        In order to provide more services to customer’s 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 doesn’t 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 non-
agricultural 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 partner’s 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.

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