UNDERSTANDING THE RELEVANCE OF RETAIL OUTLETS IN THE DIGITAL WORLD WITH THE HELP OF A LIVE PROJECT WITH FASTRACK

Abstract

This report is a compilation of several marketing and sales concepts related to Retail Marketing and the importance of Retail outlets in contributing towards overall sales. The project entails in-depth study about the consumer response towards the presence of retail outlets, their inclination towards the channel of sales and the relevance of retail outlets in today’s world and in the near future. The goal of this study is to identify the shortcomings of the brick and mortar retail businesses and why this channel of retail is failing in the modern world with the help of a quantitative study. The study aims at understanding customer preferences and their motivations behind selecting a channel to make a purchase, and their view on loyalty programs and if it is a motivating factor towards them making a purchase. The data collection contains responses from 70 participants, the majority of them residing in urban locations and belonging to middle class or upper middle class families. The study also tries to grasp the understanding of the customers of the brand Fastrack and the attributes that they associate with it. Fastrack is one of the most popular brands for accessories in India that has existed for more than two decades and is very popular amongst the youth of the nation, but over the past few years that popularity has been on the decline and so are the sales. Footfall in the retail outlets has gone down significantly. With the help of this survey and based on the responses received a revival strategy for Fastrack retail outlets was devised, suggesting the brand what all marketing strategies it can make use of to increase the footfall in its retail outlets in the country The study also makes use of secondary research to understand the reasons behind the downfall of brick and mortar businesses and the strategies that these businesses can make use of to fight the domination of digital channels.