Retailing Strategies and Multichannel Marketing on Consumer Experience

Abstract

Over the last ten years, the retail industry and its surroundings have undergone significant transformation. The majority of the changes are brought on by shifting demographics and modifications in the retail industry, such as the opening of Carrefour and K-Mart, among other things. This is concentrating on the relative significance of the numerous items bought through organized retail locations and the choice of format, preference for Private Label brand, and acceptability level as well. India's retail market is now estimated to be about USD 200 billion, of which organized retail (i.e., contemporary commerce) accounts for 3%, or USD 6.4 billion. By 2015, organised retail is anticipated to increase at a rate of 25 to 30 percent annually and reach $40 billion. At these levels, organised retail might account for up to 9% of total retail sales. In India, the idea of private labels is still in its infancy, but it is becoming more and more widely accepted. A Global Private Label Consumer Study by AC Nielsen found that 56% of Indian respondents thought private labels were a suitable substitute for manufacturer brands. Private brands are a relatively new phenomena in India, according to AC Nielson research titled "Asia pacific Retail and Shopper Trend" from 2006, however they are a trend that is gaining on quickly. This study found that 69% of Indian consumers who shop at supermarkets or hypermarkets are aware of private brands.