EFFECT OF RETAIL MARKETING STRATEGIES ON CONSUMER PURCHASE DECISIONS

Abstract

Retail industry in India has risen as the most encouraging with quickest developing businesses, in ongoing time. Globally it is the fifth largest destination in retail space. The consistently changing way of life of the buyers has contributed hugely to the development of this industry. It makes and produces enormous work openings, and has contributed to the GDP of the economy. Retail marketing also involves the management of sales personnel, selection and ordering of merchandise and promotion of selected merchandise as well as inventory control, store security and product accounting. To be successful, every retail business needs to add value to its products by adopting basic strategies related to pricing, promotion, distribution, penetration, retention, customer relationship and corporate social responsibility. This paper examines the relative importance of the various products purchased at organized retail outlets and the choice of format, the consumer has when purchasing a product. The paper also discusses the expected development of organized retail in the future, focusing on aspects with potential effects on consumer purchasing behavior.