TO STUDY THE FACTORS AND THIR IMPACT ON CUSTOMER SATISFACTION IN RETAIL MALLS AND OUTLETS

Abstract

Indian retail industry is one of the fastest growing in the world and it is world’s 5 th largest global destination in terms of retail space. This because of the increasing consumption income of the Indian consumer and has the enormous growth potential in future as well as with the increment of income people are shifting towards a good lifestyle. Total consumption expenditure is forecasted to reach approximately 3600 billion US dollar by end of 2020 from 1824 billion US dollar in 2017. On other hand retail industry has reached 950 US dollar at CAGR of 13% in 2018 and expected to achieve 1.1 trillion US dollar by end of 2020. With enhance in internet facilities new doors has opened for e commerce industry. Online retail sales is booming in India and expected to become world’s fastest growing e-commerce market, with an expected growth rate of 31% year-on-year. Online retail industry has expected to grow from 32.70 billion US dollar in 2018 to 60 billion US dollar by 2020 end. Revenue earn from traditional retail businesses or offline retail businesses also known as brick and mortar retailer industry is expecting a growth by Rs 10,000 - 20,000 crore in FY20. It is the most preferred destination for all retailers with its growth rate and development is not limited to major cities, but also in Tier 2 and Tier-3 cities. According to the report of Department for Promotion of Industry and Internal Trade (DPIIT), India has already received Foreign direct investment (FDI) equity inflow of total amounting 1.85 billion US dollar during the period of April 2000 to June 2019 also investment in retail sector has been doubled in 2018 and reached Rs 1300 crore. Everything is changing in the economy like disposable income of the people, lifestyle, taste and preferences, demographic profile, and this is the reason of the increasing competition in the retail industry and everyone is competing to provide best to their customers because there are so many options and if one retailer does not offer value to its customer, he/she can switch to another so with this high competition, customer retention is hard and retention can be only possible whether you are providing a unique offering which is a competitive advantage for you or you are giving your customers, value that is either 2 matching with their satisfaction level or beyond that so that customers can be fully satisfied with your product.