Abstract
Retailing being one of the fastest growing sectors is facing tremendous competition from domestic as well as foreign players. Customer retention is an area of serious concern for online as well as offline retailers in the Indian economy, driving players in the Indian business scenario to bring radical change in their CRM practices which affects their customers perception. Retailers are highly concerned in identifying the key drivers of service execution that model customer shopping satisfaction and enhance loyalty. Customer satisfaction & loyalty is an outcome of sound customer relationship management practices. Thus, to ensure the prolong survival in the highly aggressive retail business environment customer centric approach is hour’s need. This paper critically analyses Customer’s perception towards CRM practices with reference to organized retail in India. Major parameters such as reliability, product attributes, customer service, convenience and ambience are identified to evaluate the customer perception towards CRM practices. The relevance of each parameter is analyzed with special reference to both the formats of organized retailing i.e., online & offline. For in-depth analysis of each parameter in both the formats of retail, they are further divided into sub-parameters. A survey is conducted for collecting data about customers perception towards these parameters. A statistical tool two-way ANOVA is used to analyze the variation in customer perception between online and offline retail. Based on analysis and major findings of research a conceptual model is also being proposed to get a pictorial view of how these parameters are affecting customers perception towards online & offline retail.
Highlights
Customer Relationship Management is basically a philosophy and strategic process & system which lay emphasis to identify and build loyalty with high valued customers
Data analysis reveal that there is no significant difference in customer perception towards CRM practices in online and offline formats of retail
This research concludes that CRM practices are important in shaping customer perception towards retail
Summary
Customer Relationship Management is basically a philosophy and strategic process & system which lay emphasis to identify and build loyalty with high valued customers. As a comprehensive strategy and process of securing, holding, and associating with selective customers, it creates superior value for the company and the customer. Organizations should work for creating a pleased customer and, for building reliability and loyalty among customers for unmatched paybacks as the cost of creating a new customer is remarkably high as compared to that of retaining an existing one. Retailing in India is gradually inching its way to becoming the boom industry. The whole concept of shopping has changed in terms & format and consumer buying preferences, bringing a revolution in retail industry
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
