Title - Retail Management in India:
Case Study Big Bazaar
Table of Contents
1.
Introduction
The India Retail Industry is the
largest among all the industries, accounting for over 10 per cent of the
country GDP and around 8 per cent of the employment. The Retail Industry in
India has come forth as one of the most dynamic and fast paced industries with
several players entering the market. But all of them have not yet tasted
success because of the heavy initial investments that are required to break
even with other companies and compete with them. The India Retail Industry is
gradually inching its way towards becoming the next boom industry.
The total concept and idea of shopping has undergone an attention drawing change in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retailing has entered into the Retail market in India as is observed in the form of bustling shopping centers, multi-storied malls and the huge complexes that offer shopping, entertainment and food all under one roof. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing workingwomen population and emerging opportunities in the services sector are going to be the key factors in the growth of the organized Retail sector in India. The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer businessmen to enter the India Retail Industry.
The total concept and idea of shopping has undergone an attention drawing change in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retailing has entered into the Retail market in India as is observed in the form of bustling shopping centers, multi-storied malls and the huge complexes that offer shopping, entertainment and food all under one roof. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing workingwomen population and emerging opportunities in the services sector are going to be the key factors in the growth of the organized Retail sector in India. The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer businessmen to enter the India Retail Industry.
In India the vast middle class and
its almost untapped retail industry are the key attractive forces for global
retail giants wanting to enter into newer markets, which in turn will help the
India Retail Industry to grow faster. Indian retail is expected to grow 25 per
cent annually. Modern retail in India could be worth US$ 175-200 billion by
2016. The Food Retail Industry in India dominates the shopping basket. The
Mobile phone Retail Industry in India is already a US$ 16.7 billion business,
growing at over 20 per cent per year. The future of the India Retail Industry
looks promising with the growing of the market, with the government policies
becoming more favorable and the emerging technologies facilitating operations
.
India
is the country having the most unorganized retail market. Traditionally it is a
family livelihood, with their shop in the front and house at the back, while
they run the retail business. More than 99% retailers function in less than 500
square feet of shopping space. The
Indian retail industry has expanded by 10.6 per cent between 2010 and 2012 and
is expected to increase to US$ 750-850 billion by 2015, according to a report
by Deloitte. Food and Grocery is the largest category within the retail sector
with 60 per cent share followed by Apparel and Mobile segment.
Purchasing power of Indian urban consumer is growing and branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches, Beverages, Food and even Jewellery, are slowly becoming lifestyle products that are widely accepted by the urban Indian consumer. Indian retailers need to advantage of this growth and aiming to grow, diversify and introduce new formats have to pay more attention to the brand building process. The emphasis here is on retail as a brand rather than retailers selling brands. The focus should be on branding the retail business itself. In their preparation to face fierce competitive pressure, Indian retailers must come to recognize the value of building their own stores as brands to reinforce their marketing positioning, to communicate quality as well as value for money. Sustainable competitive advantage will be dependent on translating core values combining products, image and reputation into a coherent retail brand strategy.
Purchasing power of Indian urban consumer is growing and branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches, Beverages, Food and even Jewellery, are slowly becoming lifestyle products that are widely accepted by the urban Indian consumer. Indian retailers need to advantage of this growth and aiming to grow, diversify and introduce new formats have to pay more attention to the brand building process. The emphasis here is on retail as a brand rather than retailers selling brands. The focus should be on branding the retail business itself. In their preparation to face fierce competitive pressure, Indian retailers must come to recognize the value of building their own stores as brands to reinforce their marketing positioning, to communicate quality as well as value for money. Sustainable competitive advantage will be dependent on translating core values combining products, image and reputation into a coherent retail brand strategy.
There
is no doubt that the Indian retail scene is booming. A number of large
corporate houses Tata’s, Raheja’s, Piramal’s, Goenka , have already made their
foray into this arena, with beauty and health stores, supermarkets,
self-service music stores, newage book stores, every-day-low-price stores,
computers and peripherals stores, office equipment stores and home/building
construction stores. Today the organized players have attacked every retail
category. The Indian retail scene has witnessed too many players in too short a
time, crowding several categories without looking at their core competencies,
or having a well thought out branding strategy.
1.1.
Objectives
To
perform a Project Report there must be certain objectives in front of the
student, which will show a specific way to work on Project Report. In reality
objectives is nothing but a part of future planning and effective planning is
half work done, when we see objectives for working on Project Report we can
effectively utilize our strength, time and team management.
Specifically
the objectives of the report can be listed as:
Ø To
identify and understand the significance of retailing in the current business
environment
Ø To
develop guidelines to build a retailing business
Ø To
identify the competition in the market and develop strategies for retailing
business accordingly
Ø To
identify significant characteristics of the end consumer, understand its
significance for the retailing business and develop strategies accordingly
Ø To
identify the paradigm shifts in retailing business with increasing scope of
technology / e-business and develop strategies accordingly
To read more…….
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