Consumerisum in Retailing

Consumerisum in Retailing

Consumerisum in Retailing

Consumerism in modern retailing of India

J .John Irudaya Sudhakar *

.. Research Scholar, Department of Management Studies, MS University, Tirunelveli

Abstract

India is currently the twelfth largest consumer market in the world .According to a study by McKinsey Global Institute, India is likely to join the premier league of the world's consumer markets by 2025, improving its position to the fifth. The lifestyle and profile of the Indian consumer is going through a rapid transformation. The population of India is young, energetic and full of enthusiasm This changes consumer's taste and lifestyle, automatically promising some advantage to organized sector. This makes the unorganized retail sector to restructure itself to withstand the increasing competition and to meet consumer expectations by moving with trends. The upper and middle- class population of today needs a feel good experience even if they have to spend a little more for that. People are moving towards luxury and want to experiment with fashion and technology. There is an increasing need of better apparels, cars, mobile phones and consumer durables.

Today, consumers are spoilt for choice and fully acknowledge that they rule the market. Manufacturers are left with no choice other then to cater their whims and give the consumer complete control of market trends. Indian consumers have a high degree of value orientation and thus brands need to strategically price their products to gain a foothold in India. Also the Indian consumer tends to associate himself with products that communicate the message of family values, traditions, care , affection and convenience.

Almost every corporate house forayed into the sector, believing it would bring them easy, definite return. Most retailers have come to realize the importance of customer service and are being proactive in removing barriers to their ability to deliver a superior shopping experience.But this growth is not going to happen is smooth way. Any change always comes up with some friction, and Indian retail sector is and will be witnessing the same friction.

Indian retail sector is still in its nascent form if we consider its full potential. While most of the developed market of US and Europe and also some SE Asian emerging market economies have reaped the benefits of modern retail, India has not yet entered into advanced phase of modern retail forms. Growing consumerism would be a key driver for organized retail in India.

Despite many research and publication, measures to improve and save consumerism, there is lack of empirical studies as it. A need to develop a customer centric retail format is needed to overcome this problem , to face changing consumer behavior and to attract, retain customers. This paper identifies the new way to suit the formats as to behaviors and consumer oriented.

Key words: Behaviour, formats, lifestyle, values, consumerism, spending pattern

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