Effect of corporate social responsibility on consumer retention for FMCG industries: a deep learning analysis of professional students of Odisha

Abstract

Corporate social responsibility (CSR) represents a form of international private business self-regulation that contributes to the social aims of a charitable, activist, or philanthropic nature through helping ethically based practices. The benefits from CSR like generating better public image, enhance in community support, enhance in market share, enhance in the satisfaction of the consumer, enhance in the exports, offering better quality services and products, and enhance in the productivity is not considered as the perception level consumers. This paper analyzes the effect of CSR activities on the fast moving consumer goods (FMCG) industries on the basis of the retention of the consumers of FMCG products. Initially, a questionnaire is prepared that consists of five categories. Each category is composed of more than ten questions. The information related to the questionnaire is obtained in the view of the professional students from Odisha. The customers are requested to fill the exact information as much as possible. Next, a higher-order statistical analysis is considered for realizing the behaviour of the categories. Additionally, the usage of deep learning called Optimized RNN (O-RNN) is used for predicting the customer retention in maintaining the CSR on FMCG industries. The improvement in the traditional RNN is done by optimizing the hidden neurons by the improved form of Sea Lion Optimization Algorithm (slno) called Modified slno (M-slno) with the intention of minimizing the error among the actual and the predicted outcome, hence it is called as O-RNN. The retention of the customers regarding the effect of CSR activities on FMCG companies and the benefits from CSR is investigated using the O-RNN prediction analysis against several traditional deep learning models as well as different statistical measures.