Decoding Retail Realities: Traditional Retailers' Outlook on Sales Erosion to Modern Retail Economy
Abstract
The traditional retail landscape in Indian metropolises has changed significantly in the last several decades, mostly due to the modern retail economy's growth, including corporate chain stores and e-commerce sites. Small merchants have been gradually displaced as a result of this paradigm shift, which has been exacerbated by changed Foreign Direct Investment (FDI) laws that have brought significant money into the Indian market, as well as a rise in consumer disposable income and the wave of digitalization. This study explores small merchants' consequences as they contend with the growing power of organized retail and e-commerce behemoths. Despite earlier research studies mostly focusing on the organized trade's exponential rise due to changing customer behavior, this paper fills this gap by illuminating the traditional retailer’s perspective towards the contemporary retail landscape and highlighting the threats to small businesses with a traditional focus. The study uses empirical analysis using tools like SPSS and SEM models to examine the initial troubles faced by small retailers of fast-moving consumer goods (FMCG), highlighting the difficulties they face in competing with the powerful forces of deep discounting, massive sales events, and evolving consumer tastes. This exploratory research analyzed the undermining factors like utilitarian and hedonic, purchasing patterns, menaces, hindrances, pecuniary and location as reasons for the retail paradigm from traditional to modern trade. The outcome emphasized that utilitarian factors like ambience, experience, status, variety, payment modes, single-store distribution and assortment are the drivers behind the explosion of traditional trade by the modern trade in retail economy.
References
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[2] Ahmad, Irfat, and Shailja Dixit. 2021. Role of technologies in revamping the supply chain management of kirana stores." In Blockchain Applications in IoT Ecosystem, pp. 275-287. Cham: Springer International Publishing, 2021. DOI: https://doi.org/10.1007/978-3-030-65691-1_18
[3] Ahmad, Tauseef, and N. Vays. 2011. The impulse buying behavior of consumes for the FMCG products in Jodhpur. Australian Journal of Basic and Applied Sciences, 5(11): 1704-1710.
[4] Ali, Ahsan, and Khair Muhammad. 2021. Impact of promotional tools on consumer buying behavior: A case of FMCG industry. Journal of Marketing Strategies, 3(1): 44-67. DOI: https://doi.org/10.52633/jms.v3i1.34
[5] Arora, Shivani, and Adheesh Budree. 2016. Basket loyalty tussle amongst Indian online retailers. In 2016 International Conference on Information Technology (InCITe)-The Next Generation IT Summit on the Theme-Internet of Things: Connect your Worlds, pp. 12-16. IEEE, 2016. DOI: 10.1109/INCITE.2016.7857580
[6] Arya, Preeti. 2018. A Study on the behavior of rural consumers towards FMCG products. Advance and Innovative Research (2018): 125.
[7] Bascur, C., and Rusu, C. 2020. Customer experience in retail: A systematic literature review. Applied Sciences, 10(21): 7644. DOI: https://doi.org/10.3390/app10217644
[8] Bhagat, Shikha, and Shilpa Sarvani Ravi. 2018. Analysis of Health Drinks: What is Satisfying Consumer's Thirst? Indian Journal of Marketing, 48(9): 40-54. DOI: 10.17010/ijom/2018/v48/i9/131441
[9] Bhatia, Hitesh, and Daxay Soni. 2010. The Retail business in India:-revolution or evolution? A perspective towards the history and modernization of retail business in India. Journal of Business and Retail Management Research 4(2). DOI: https://doi.org/10.24052/JBRMR/31
[10] Bhattacharyya, R. 2012. The opportunities and challenges of FDI in retail in India. IOSR Journal of humanities and social science, 5(5): 99-109. DOI: 10.9790/0837-05599109
[11] Calvo-Porral, C., and Lévy-Mangin, J.-P. 2021. Examining the influence of store environment in hedonic and utilitarian shopping. Administrative Sciences, 11(1): 6. DOI: https://doi.org/10.3390/admsci11010006
[12] Cologgi, M. 2023. The security of retail payment instruments: evidence from supervisory data. Bank of Italy Markets, Infrastructures, Payment Systems Working Paper, 30. DOI: http://dx.doi.org/10.2139/ssrn.4381467
[13] Deepika, DE Vijaya, and Kannan, N. 2023. Antecedents of Loyalty and Satisfaction of Supermarkets Consumers in the Organized Retail Sector. Migration Letters 20(S5): 1170-1177. DOI: https://doi.org/10.59670/ml.v20iS5.4361
[14] Gowrishankkar, V. 2017. A strategic importance of store ambience for retaining customers. International Journal of Management Research and Reviews 7(2): 129. DOI: https://ijmrr.2017.v7.i02.pp129-133
[15] Hemalatha, M., and S. Najma. 2013. The antecedents of store patronage behaviour in Indian kirana store. International Journal of Business Innovation and Research, 7(5): 554-571. DOI: 10.1504/IJBIR.2013.056178
[16] Buch, H. 2019. Modern Trade Picking Up Pace, Outshines Traditional Stores. Money Control. 2019. Available at: https://www.moneycontrol.com/news/business/modern-trade-picking-up-pace-outshines-traditional-stores-4602221.html
[17] Hu, Li-tze, and Bentler, P. M. 1999. Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural equation modelling, 6(1): 1-55. DOI:https://doi.org/10.1080/10705519909540118
[18] Kathuria, L. M., and Jain, S. 2012. Do unorganised retail outlets feel threatened due to entry of organised retail outlets? Empirical evidence from an emerging market. International Journal of Indian Culture and Business Management, 5(4): 385-404. DOI: https://doi.org/10.1504/IJICBM.2012.047411
[19] Kaiser, H. F. 1974. An index of factorial simplicity. Psychometrika, 39(1): 31-36. DOI:https://doi.org/10.1007/BF02291575
[20] Kavitha, T. C. 2012. A comparative study of growth, challenges and opportunities in FMCG of rural market. Interscience Management Review, 2(3): 23-28.
[21] Lavuri, R. 2023. Intrinsic factors affecting online impulsive shopping during the COVID-19 in emerging markets. International Journal of Emerging Markets, 18(4) DOI: https://doi.org/10.1108/IJOEM-12-2020-1530
[22] Moussaoui, I., et al. 2016. Drivers of retail on-shelf availability: Systematic review, critical assessment, and reflections on the road ahead. International Journal of Physical Distribution & Logistics Management, 46(5): 516-535. DOI: https://doi.org/10.1108/IJPDLM-11-2014-0284
[23] Muhammad, N. S., Musa, R. and Ali, N. S. 2014. Unleashing the effect of store atmospherics on hedonic experience and store loyalty. Procedia-Social and Behavioral Sciences, 130: 469-478. DOI:https://doi.org/10.1016/j.sbspro.2014.04.055
[24] Mukherjee, A., et al. 2014. Impact of the retail FDI policy on Indian consumers and the way forward. Globalization and Standards: Issues and Challenges in Indian Business, 41-59. DOI:https://doi.org/10.1007/978-81-322-1994-1_3
[25] Mutlu, N., El-Amine, H. and Sahin, O. 2023. Offering Memories to Sell Goods? Pricing and Welfare Implications of Experiential Retail. Manufacturing & Service Operations Management. DOI:https://doi.org/10.1287/msom.2021.0339
[26] Neetu, G. H. D., and Pawan, P. 2012. Effect of Orgenised retail on Unorgenised retail in Indian retail market‖. Research Journal of Management Science, 1: 7-13.
[27] Nichit, P. S. V. 2020. E-commerce vs Traditional Commerce. Our Heritage 68(9): 796-799.
[28] Nielsen 2023. Reformatting Retail in Engaging with Asian Shoppers: Where Are They Headed?. Available at: https://nielseniq.com/global/en/insights/report/2023/engaging-with-asian-shoppers-where-are-they-headed/
[29] Pathak, S., and Gupta, M. 2014. A Study of Consumer Buying Behaviour in Organized Retail (With reference to FMCG). International Journal of Research in Management & Social Science, 2(3): 74-81.
[30] Pantano, E., and Naccarato, G. 2010. Entertainment in retailing: The influences of advanced technologies. Journal of Retailing and Consumer Services 17(3): 200-204. DOI:https://doi.org/10.1016/j.jretconser.2010.03.010
[31] Prasad, Ch S. Durga, and Subba Rao, SR. 2015. Competition in the Indian e-commerce sector: The case of Flipkart. Gavesana Journal of Management, 7(2): 22.
[32] Premchandani, S., Khurana, S., Khurdelia, A. and Assudani, M. 2014. 1. Improving the fill rate performance of FMCG products in modern trade: An Indian Scenario. DOI: 10.15680/IJIRSET.2014.0311024
[33] Rani, E. 2013. Supermarkets vs. Small Kirana Stores. Journal of Business and Management, 10(1): 1-7. DOI:10.9790/487X-1010107
[34] Ravi, S. S., and Bhagat, S. 2017. Influence of merchandising and pricing strategies on consumer buying behaviour–A cross-sectional study of hypermarkets in Bangalore city. International Journal of Management, 8(3): 180-189.
[35] Ravi, S. S., and Prasad, MV R. 2020. I Know Why I Choose Private Label Brands-Brand Equity Analysis in Organized Retailing. Indian Journal of Marketing, 50(3): 33-46. DOI: 10.17010/ijom/2020/v50/i3/151028
[36] Rinoj, P. K. 2014. Supply chain challenges for the Indian FMCG sector. International Journal of Scientific Research, 3(8): 211-212. DOI: https://www.doi.org/10.36106/ijsr
[37] Sathish, D., Venkatrama Raju, D. 2010. The growth of Indian retail industry. Advances in Management, 3(7).
[38] Sharma, A. 2023. Convenience and Credit: The Dominance of Traditional Trade Channels in Indian FMCG. Readers Blog, https://timesofindia.indiatimes.com/readersblog/abhinandan-blogs/convenience-and-credit-the-dominance-of-traditional-trade-channels-in-indian-fmcg-55435/.
[39] Sharma, Ms A., and Kashyap, Ms K. 2023. Effect of Demographics on Customer Buying Behavior In Malls Relative To Standalone Outlets. Journal of Pharmaceutical Negative Results, 287-293. DOI:https://doi.org/10.47750/pnr.2023.14.S02.36
[40] Shetty, A. D. 2017. E-commerce industry significant factor for the growth of Indian economy. Asian Journal of Research in Social Sciences and Humanities, 7(4): 177-183. DOI: 10.5958/2249-7315.2017.00275.1
[41] Siddharth, S. S. 2019. Kirana stores are here to stay: FMCG strategy for Indian retail. Forbes India. January 29, 2019. Available at: https://www.forbesindia.com/article/isbinsight/kirana-stores-are-here-to-stayquot--fmcg-strategy-for-indian-retail/52351/1
[42] Sinha, P. K., Gokhale, S. and Rawal, S. 2015. Online retailing paired with Kirana—A formidable combination for emerging markets. Customer Needs and Solutions, 2: 317-324. DOI: 10.1007/s40547-015-0057-9
[43] Srinivasu, R. 2014. Fast Moving Consumer Goods retail market, growth prospect, market overview and food inflation in Indian market-An overview. International Journal of Innovative Research in Science, Engineering and Technology, 3(1): 8422-8430.
[44] Srivastava, R. K. 2023. How popular is the usage of technology-based payment among retail store owners and consumers?-In emerging markets. International Journal of Business Forecasting and Marketing Intelligence, 8(2): 114-130. DOI: https://doi.org/10.1504/IJBFMI.2023.129849
[45] Stieninger, M., Gasperlmair, J., Plasch, M. and Kellermayr-Scheucher, M. 2021. Identification of innovative technologies for store-based retailing–An evaluation of the status quo and of future retail practices. Procedia Computer Science, 181: 84-92. DOI: https://doi.org/10.1016/j.procs.2021.01.108
[46] Sweeney, K., Riley, J. and Duan, Y. 2022. Product variety in retail: the moderating influence of demand variability. International Journal of Physical Distribution & Logistics Management, 52(4): 351-369. DOI:https://doi.org/10.1108/ IJPDLM-12-2020-0407
[47] Thakkar, K., and Swati, T. 2009. Retail Transformation-Competition or Conflict! In Key Drivers of Organizational Excellence, 227-233.
[48] Upshaw, D., Amyx, D. and Hardy, M. 2017. The nature of exclusivity. Journal of Marketing Development and Competitiveness, 11(2): 46-63.
[49] Vetrivel, V., and Solayappan, A. N. 2016. The Personal Problem of Retailers in the Unorganized Retail Sector. Technology, 3(1.35): 6-18.
[50] Yang, Z., and Jun, M. 2002. Consumer perception of e-service quality: from internet purchaser and non-purchaser perspectives. Journal of Business strategies, 19(1): 19-42. DOI:https://doi.org/10.54155/jbs.19.1.19-42
[51] BCG. "Racing Towards the Next Wave of Retail in India." Retail Industry. 27 April 2023. https://www.bcg.com/publications/2022/the-way-forward-for-the-indian-retail-industry
[52] Business Line. 2019. How Marico is Readying Itself for Disruptions in the FMCG Segment. The Hindu Business Line. 2 October 2019. Available at: https://www.thehindubusinessline.com/companies/how-marico-is-readying-itself-for-disruptions-in-the-fmcg-segment/article29574245.ece
[53] Business Standard. 2023. Small Grocery Stores Are Making a Comeback Despite Growing E-commerce Demand. Industry News. Available at: https://www.business-standard.com/industry/news/small-grocery-stores-are-making-a-comeback-despite-growing-ecommerce-demand-123051200274_1.html.
[54] ET Retail. "Will India's Retail Industry Survive the COVID-19 Lockdown?" Economic Times Retail. April 2020. Available at: https://retail.economictimes.indiatimes.com/re-tales/will-india-s-retail-industry-survive-the-covid-19-lockdown/4141
[55] Hindustan Times. 2020. Covid-19 Outbreak Brings Local Shops to the Forefront of E-tail Sector. Hindustan Times. May 2020. Available at: https://www.hindustantimes.com/india-news/covid-brings-local-shops-to-the-forefront-of-e-tail-sector/story-zzY4Z7NRHfI9J9YWoyujMN.html
[56] IBEF. "FMCG Industry in India." India Brand Equity Foundation. January 2023. Available at: https://www.ibef.org/industry/fmcg
[57] Invest India. Indian Retail Market Is Projected to Reach $2 Trillion by 2032. Retail & E-commerce. 2023. Available at: https://www.investindia.gov.in/sector/retail-E-commerce
[58] Statista. "Number of Internet Users in India 2015-2023." Statista. March 2020. Available at: https://www.statista.com/statistics/255146/number-of-internet-users-in-india/
Published
2024-03-29
How to Cite
BHAGAT, Shikha; RAVI, Shilpa Sarvani; SANKAR, Mallika.
Decoding Retail Realities: Traditional Retailers' Outlook on Sales Erosion to Modern Retail Economy.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 15, n. 1, p. 17 - 30, mar. 2024.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/8358>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.14505/tpref.v15.1(29).02.
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