Changing pattern of promotion in Indian organised retail – a review

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Retail industry is incessantly going through dynamic changes due to liberalization, globalization and consumer preferences. Retailing involves all actions that are engrossed in selling goods, services and ideas to the final consumer to satisfy customers’ needs.

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International Journal of Management (IJM) Volume 9, Issue 3, May–June 2018, pp. 55–64, Article ID: IJM_09_03_006 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=9&IType=3 Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication CHANGING PATTERN OF PROMOTION IN INDIAN ORGANISED RETAIL – A REVIEW Sukanya Sharma , Research Scholar Department of Management Studies, IIT-ISM, Dhanbad, Jharkhand, India Fedric Kujur Research Scholar, Department of Management Studies, IIT-ISM, Dhanbad, Jharkhand, India Saumya Singh , Associate Professor Department of Management Studies, IIT-ISM, Dhanbad, Jharkhand, India Gairik Das Department of Management, IISWBM, Kolkata ABSTRACT Retail industry is incessantly going through dynamic changes due to liberalization, globalization and consumer preferences. Retailing involves all actions that are engrossed in selling goods, services and ideas to the final consumer to satisfy customers’ needs. The existing retail houses are also gearing up to face the emerging competition from the organized sector and the changing outlook of the consumers. This has led to the transformation of promotion strategies of the retail organization. The proposed paper is an attempt to review the changing nature of promotion especially in organized retail sector. Key words: Promotion, Retail Sector, Consumer, Communication Tools. Cite this Article: Sukanya Sharma, Fedric Kujur, Saumya Singh and Gairik Das, Changing Pattern of Promotion In Indian Organised Retail – A Review, International Journal of Management, 9 (3), 2018, pp. 55–64. http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=9&IType=3 1. INTRODUCTION In India, retail industry is the second largest employer after agricultural sector. The Indian retail market has been substantially growing for the last few years in the organized segment. Indian Retail sector contributes 14% to the GDP and employing about 8% of the total inhabitants. According to Indian Retail Report (2013) Indian Retail market attained Rs. 2,590, 000 Crore in http://www.iaeme.com/IJM/index.asp 55 editor@iaeme.com
Changing Pattern Of Promotion In Indian Organised Retail – A Review 2012 and share of the organized retail has mounted to 8%. It is anticipated that by 2020 the share of organized retail in India will touch 20%. Various major domestic players like reliance, Tata, Birla, Bharti group, Future group have paved their way to the retail arena in multiple verticals. Not very far from now retailers were considered to act as a connecting link between the manufacturer and end users, and were dominated by major manufacturers. But the scenario has changed totally and the present period can witness emergence of various retail formats like supermarkets, hypermarkets, departmental store etc. Expecting a bright future of the retail industry many big players of retail are broadening horizons into various segments throughout the nation. During 1980s many leading apparel manufacturing company established brand outlets to sell their goods. After the 90s the scenario changed and predicting a bright future, business groups opened multiband outlets. Prakash (2007) observes that the growing purchasing power of consumers have contributed a lot in the retail sector. The average quality of life of people and the growing affluence of the middle class have increased the purchasing power. With the increasing use of plastic cards and growing population of female working population, the retail apparel sector is booming. The spending and consumptions pattern of youngsters is also one of the factors that are accelerating growth of retail sector. (Krishnan and Venkatesh, 2008). The propagation of mega malls is adding extra spice to the booming Indian retail sector (Das, 2011). It has been observed that the in the Retail Apparel sector, there is a great importance of promotional activities. 2. IMPORTANCE OF PROMOTION IN RETAIL SECTOR Manufacturers allocate large amount of their marketing communication budgets for promotion to regularly boost the sales of their brands, often at the expense of brand building advertising (Jedidi, Mela, and Sunil Gupta 1999; Pauwels, Hanssens, and Siddarth 2002; Sethuraman and Tellis 2002). On the other hand, retailers also spend heavily on sales promotion, either to match manufacturers’ trade promotions or to reach their own local strategic goals (Chevalier and Curhan 1976; Kim and Staelin 1999). Promotion plays vital role in increasing the sale of products, while generating profit. Promotion is an effective tool to boost sale during the lean period to augment sales (Das, 2011). There are various tools used in promotion as per season, festival and events. The changing nature of marketing strategy due to the impact of internet and social media has posed challenging circumstances to design their effective promotional strategy to convert a consumer into end user. The proposed paper aims to develop the understanding of various promotional tools that can be proved to be effective in influencing people to buy more. Managers can use these insights to improve their promotional estimates across various outlets. 3. VARIOUS FORMATS OF PROMOTION Sales Promotion is defined as those marketing activities that provide extra value or incentive to sales force, distributors, or the ultimate consumer that stimulates instantaneous sales (George, 1990). In the present market scenario manufacturer and retailer believe sales promotion to be a significant constituent of their marketing strategies (Bell and Drèze 2002; Blattberg and Neslin 1990; Pauwels 2007). There are various reasons to opt for sales promotion. If we keep the satisfaction parameter of a product constant, then sales promotion is the main reason behind purchasing the product. The location of a store is never a barrier if the promotional offers are beneficial for the customers (Das, 2011). In an analytical study carried out in Indian apparel sector, it was observed that retailer needs to clear the shelves at the end of the season to avoid inventory cost (Vyas, 2007). So retail industries need to design strategic promotional tools to achieve http://www.iaeme.com/IJM/index.asp 56 editor@iaeme.com
Sukanya Sharma, Fedric Kujur, Saumya Singh and Gairik Das maximum benefit (Malik, 2012), and to capture customers’ awareness by giving discounts, voucher etc. Several factors have fueled the growth of sales promotion. There are various components of sales promotion like: Buy one Get One, in store display, advertisement, social media, gift voucher, cash back, free gifts etc. People are enticed towards unplanned purchases through promotional variables like in- store display and ‘‘two-for-one’’ (Inman et al., 1990). According to Sinha & Smith (2000), Buy one Get One Free is a very popular promotional tool. BOGO is an alluring discount technique which has gained popularity now days. Buy One Get One Free are often referred to as self-liquidating promotions as they help in clearing the stock. Promotion plays vital role in increasing the sale of products, while generating profit. Promotion is an effective tool to boost sale during the lean period to augment sales (Das, 2011). As mentioned by (Blattberg and Neslin, 1995), short-term sales are positively affected in offering promotions. Literarure review shows that “Buy One and Get One free” (BOGO) is a common form of volume discount promotion, used commonly in the marketing industry by retailers, alluring customers to buy their product through the offer of a free gift. Promotions such as “buy one get one free,”, “buy two get one for free” and so on are frequently used to generate unplanned purchase (Inman et al., 2009). While, a study done in India has concluded that sales promotions like offering “free goodies” are not perceived favorable by consumers although this promotion is being widely promoted in India (Manalel et al., 2007). Simonson et al. (1994) endorsed and stated that consumers who are not interested in purchasing the additional product may not avail the BOGO promotion scheme. Price Reduction is a valuation approach where goods or products are offered in a good discounted buying price Fill (2002). Price reduction has a relationship with different promotion tools in a way that they are affecting each other and pushing the customers to buy the product, such as coupons and samples (Huff and Alden, 1998; Krishna and Zhang, 1999; Mela et al., 1997; Gilbert and Jackaria, 2002). Designing a promotional strategy and pricing is of paramount importance for the managers. (Bolton, Shankar, and Montoya, 2009). The vast amount of budgets spent on promotional activities and requirement of profitability of current sales promotion efforts for retailers (Ailawadi et al. 2009), effective promotion management continues to be a key point of attention. POP displays have become integral part of retail industry today. They enhance retail sale and provide information to the customer. It is a fact that 70 % of the purchase decision are made inside the store. At supermarkets where there are multifarious brands, selections of brand are made within the store from the display and offers. But the role of POP changes significantly with the type of product being sold. If we consider women’s apparel in store it would lay emphasis on style, fashion, quality and price, (Pradhan, 2012). 4. GROWING ROLE OF SOCIAL MEDIA Today social media have exponential power. Social media can help companies in retaining relations with customers as customers frequently visit or discuss such brands that they have a loyalty to or are already interested in on a recommendation by friends and family (Baird and Parasnis, 2011).The various social media sites like face book, tweeter, blogs etc. have become an important platform for the apparel retailers as they can display the merchandise designed for customers for viewing. Bashar, A., Ahmad, I., & Wasiq, M. (2012) found that consumers are embracing social media like anything, and are obsessed to know more and more about product, and offers. Social media provides a new channel to acquire product information through peer communication, (Kozinets, 1999). This media helps to share ideas about a given product, http://www.iaeme.com/IJM/index.asp 57 editor@iaeme.com
Changing Pattern Of Promotion In Indian Organised Retail – A Review service, and contact other consumers, who are seen as more objective information sources. (Kozinets, 2002). Social media has also prejudiced consumer behaviour from information acquisition to post-purchase behaviour such as dissatisfaction statements or behaviours about a product or a company. (Mangold and Faulds, 2009). Shopping has always been a joyful experience and social networking allows consumers to interact with individuals may be mostly they are strangers when we talk about online. Cultural aspects have an influence on consumers’ usage of social networks and a great impact over the online purchase intentions (Pookulangaran and Koesler, 2011). Interactivity with target brand in social media is perceived differently by consumers depending on the message they convey (Shin, 2008). The perceive d risk of purchasing and the amount of money a consumer is willing to pay for a product also determines the user to think more about the quality and the utility of the product (Ioanas, 2012). Apart from this, one of the most commonly used effective communication tool is advertisement. 5. ADVERTISING Advertising can be defined as any paid form of non personal presentation and communication through mass media. The main media used for advertising are press radio, cinema, posters, hoardings and direct mail. Advertising may also be done on bus shelters, buses, road dividers, kiosks, balloons etc. The kind of media vehicle chosen by the retailers depends upon the reach of that particular medium to the target audience. Advertising is the backbone of modern national and international marketing. It’s a form of mass communication used by the sellers to penetrate into the minds of target customer and induce the viewers or readers to buy the same. Advertising is the most effective marketing tool (Katke, 2007). The main purpose of advertisement is to find out the impact of advertising on customer buying behaviour (Abideen and Saleem, 2011). The rate of influencing customer through billboard advertisement is quite high compared to other media as it delivers information affordably, attract potential customer which in turn enhances sales (Taylor and Franke 2003). Many researchers have focused on the effect of advertising message on target audience. One of such studies looked at the Information Processing Model (IPM) which is discussed extensively by Belch and Belch (2001) and Shimp (2000), which shows how consumers process and respond to advertising information. The ultimate objective of the advertiser is to encourage the target audience to choose his, (the advertiser’s) brand or products rather than competing ones, (Shimp, 2000). So, the advertiser’s main aim is to direct their audiences’ mind towards their brand or products and subsequently encourage them support them. In a complex buying situation consumers are considered as looking for information relevant to their buying decision (Belch and Belch, 2001). Marketers and advertisers being aware of this then flood the consumer with their information that are considered relevant to the consumer’s buying needs (Shimp, 2000). So the consumer is bombarded with numerous information competing for his/her attention and choice. Albernethy, (1992), in his research concluded that magazine advertisements contain more informational content than television advertisement. Albernethy and Butler, (1992) mentioned that newspaper advertisement were more informational than magazine advertisements. Olson, Jerry C. and Reynolds, Thomas J. (1983), in their study have shown how advertising works and the role of advertising content. If advertising is combined with sponsorship, it gives wonderful result specially in augmenting brand awareness. 6. SPONSORSHIP Sponsorship is to maximize brand equity and ultimately achieve sustainable profitability of Company (Azadi et al, 2015). Tong (2006) in his study, on the impact of brand equity in Chinese http://www.iaeme.com/IJM/index.asp 58 editor@iaeme.com
Sukanya Sharma, Fedric Kujur, Saumya Singh and Gairik Das clothing the market, studied the effectiveness of marketing activities on different aspects of brand equity and showed that Sponsorship for events had a positive effect on brand equity. The findings of Pauwels (2007) showed that combining sponsorship and advertising is suitable to increase brand awareness. The analysis of research Haider (2014) reveals that sponsorship has positive impact on Brand Equity. The research result of Hosseini and Mehrara (2013), showed that sponsorship programs have a direct impact on brand equity. The research of Tufail et al (2014) showed that Sponsorship has a positive relationship with Brand Equity. When Publicity and Sponsorship is favorable, there is positive effect on Brand Equity. The analysis of research Haider (2014) also revealed that sponsorship has positive impact on Brand Equity. As said by Dehbini et al (2015), “both advertisement and sponsorship have positive effect on brand equity and customer intention to buy, but the effect of advertisement is more than sponsorship. Apart from the intrinsic value of a product, people now look for a good external look. So packaging has gained importance. As such packaging speaks without words. 7. PACKAGING Packaging is considered as an integral part of modern promotional aspect of marketing, which covers all phases of activities that are involved in the transfer of goods from manufacturer to customer. Packaging is a vital communication tool in marketing in the present day organizations. Harsh, (1986) considered Packaging as a magic tool for marketers. He added among the major developments in the modern competitive market system, one is packaging. He endorsed that the structural changes in the market environment including income, education, awareness, technology, competition etc, have made packaging a prominent decision today. Packaging also acts as a persuasive salesperson. An icon of South India, Nalli which is synonymous with silk and kanchipuram sarees does an excellent packaging while delivering product to the customers. While Mishra, (1985) by doing an analysis with a sample of retailers and consumers believed that, although packaging is an important element in the marketing plan, it has not yet achieved full status as a marketing tool. Walter, (1970) in his study analyzed the use of status in selling goods, particularly from the standpoint of packaging. Since prestigious products usually have a smaller market, there is a less money available for advertising and sales promotion. Therefore the package must carry the message. James & Akron (1977) mentioned that products used by children can create much more satisfaction among children and parents by devoting more attention to the package. Generally children seem to interact with packaging symbols that are colorful and otherwise unique. Another format of promotion is exhibition where buyer and seller from various states / countries meet together and tie business bond. 8. EXHIBITIONS Exhibitions are unique in that they are the only medium that brings the whole market together, buyers, sellers and competitors. Exhibitions offer an array of opportunities, problems and challenges to the keen marketing manager. They can be leveraged to the maximum effect by integrating them with other communication tools. Sponsorship of guides, maps, promotions, free gifts and competitions can all be offered to the target visitor through advertising, editorial, inserts, mailings, and eve telemarketing. Good exhibition plantings can integrate with other communication activities at an early stage. In apparel exhibitions in India people from many states come together and exhibit their materials. Many of them get good customers and continue business for long. In apparel sector various ramp walk, fashion shows by renowned models http://www.iaeme.com/IJM/index.asp 59 editor@iaeme.com
Changing Pattern Of Promotion In Indian Organised Retail – A Review conducted by various retail store or brands are really effective to market a particular store or brand. As per Smith P R (2016), exhibitions contain the whole market under one roof and a meeting place where customers, distributors, competitors, media all meet together in a controlled environment. An exhibition creates awareness in the mind of customers regarding various products and services. They generate business. In exhibitions orders can be taken, sales can be closed as well as new customers can be introduced to the brand. It’s a powerful tool but requires detailed planning. Shopping malls are not only a shopping destination now but a place for entertainment and joy. Quite often we go for unplanned purchases and window shopping. The triggering factor for this is visual merchandising. 9. VISUAL MERCHANDISING There are various factors that influences and allures customers to go inside a store or buy a certain product. (Kotler 1973), pointed out design and other distinctive devices that attracts customers. Visual merchandising or “The Silent Salesman” as mentioned by Buttle (1988) in fashion marketing is the external communication to the customers. The window displays that are designed with attractive mannequins and themes as per season allures consumers to go inside the store. Visual merchandising is quite often absent from a list of store atmospherics like, merchandise presentation, in store communication and consumers senses appeal. According to McGoldrick (1990) visual merchandizing is an essential element of positioning strategy. One of the intention of visual merchandising is that if try it, they will buy it. VM is a tool to achieve sales target, a tool to enhance merchandise and a means to communicate to customers and influence him/her to buy. Jain, Sharma & Narwal (2012) study paid attention on women’s decision making behavior towards apparels and found that it is largely based on how they are displayed in windows and in stores on mannequins or in form. Specifically it offers empirical results on the relationship between women’s impulse buying, product decision making and visual appeal of apparel displays. The main attributes of impulsive buying were attractive mannequin display, price tags, and visual merchandising themes during the festival seasons and also special days like Independence Day, Republic Day, and Valentine’s Day etc. As mentioned by Bhalla and Anurag (2010), Visual merchandising is the art of implementing effective ideas to augment store footfall and volume of sales. Visual merchandising plays a vital role for display and presentation of the products to allure prospective customers and smoothen the progress of purchasing (Diamond and Diamond, 2003). Online shopping is a buzzword in present days especially amongst the youngsters. Meenakumari (2013), in a study of 105 samples found out the impact on purchase decision in supermarket. It was found that Promotional signage and floor space plays important role in buyer’s decision. 10. CONCLUSION There are various factors for the growth of Retail sector in India. Globalization, liberalization of economy, job opportunities, and economic independence of youth has changed the lifestyle of the mass. The conveniences of getting everything under one roof and due to shortage of time people always prefer to visit malls. The various offers and discounts offered by the retailers have made it easy for all to buy branded products. In the retail industry promotional tools have got a significant contribution to handle the challenges and reach the customers and increase the footfall. It has been found that in some of the top Apparel Retailers of India promotional tools like Visual Merchandising, sales http://www.iaeme.com/IJM/index.asp 60 editor@iaeme.com
Sukanya Sharma, Fedric Kujur, Saumya Singh and Gairik Das promotion, including --- BOGO, 50% discount, bundling of products, POP, exhibitions etc. lays a great imprint in customers mind for emptying their wallets. Companies also use other promotional tools like social media and advertising. So we can infer that now day’s consumers do not use for only festive season to buy apparels. Consumers perceive that they get good quality and variety in reasonable price during promotions. From the above study and literature review it has been observed that the various marketing communication tools used by the retailers like, price discount, social media, window display, seasonal offers, loyalty points all entices customers. But if we consider the demographic profile of the consumers, discount may not be the only factor for purchasing apparels. The changing nature of promotional strategies include various in store activities, special events, surprise gifts, cash back and free offers increases footfall. Proper management of promotional activities is recommended as when the sale increases the footfall increases and cash tell waiting time also increases. Retail stores can increase sales by offering the right promotional tools to attract trial customers. Therefore organizations need to carefully plan their promotional strategies, and assign promotional budget for various promotion tools, giving preference to the more effectual tools. REFERENCES [1] Abernethy, A. M., & Butler, D. D. (1992). Advertising information: Services versus products. Journal of Retailing, 68(4), 398-419. [2] Abideen, Z.U. and Latif, A. (2011) 'Do Brand Extensions Affect Consumer Attitude: An Empirical Experience-With Reference To Pakistani Consumers.’ The Journal of Applied Business Research, vol. 27(2), March/April, pp. 19-36. [3] Ailawadi, Kusum L. and Bari A. Harlam (2009), “Retailer Promotion Pass through: A Measure is Magnitude, and it’s Determinants,” Marketing Science, 28 (4), 782–91. [4] Albernethy, A. M. (1992). The information context of newspaper advertising. Journal of Current Issues and Research in Advertising, 14(1), 63-68. [5] Azadi, R. Yousefi, B. Eydi, H. (2015). The Impact of Brand Country-of-Origin Image on the Formation of Brand Equity in the Sports Apparel Industry. Universal Journal of Industrial and Business Management. 3(3): 67-73. [6] Baird, C. H., & Parasnis, G. (2011). From Social Media to Social Customer Relationship Management. Strategy and Leadership, 39(5), 30 - 37. [7] Bashar, A., Ahmad, I., & Wasiq, M. (2012, November). Effectiveness of social media as a marketing tool: An empirical study. International Journal of Marketing, Financial Services & Management Research. [8] Belch G. and M. Belch, 2001. Advertising and promotion: An integrated marketing communications perspective. Boston: McGraw-Hill. [9] Bell, David R. and Xavier Drèze (2002), “Changing the Channel: A Better Way to Do Trade Promotions,” MIT Sloan Management Review, 43 (winter), 42–9. [10] Bhalla, S., & Anurag, S. (2010). Visual Merchandising, Tata McGraw publications. [11] Blattberg, R.C. and S.A. Neslin, (1995). Sales Promotion: Concepts, Methods and Strategies. Prentice Hall, Englewood Cliffs NJ. [12] Blattberg, Robert C. and Scott A. Neslin (1990), “Sales Promotion: Concepts, Methods and Strategies,” Englewood Cliffs, NJ: Prentice Hall. [13] Bolton, Ruth, Venkatesh Shankar and Detra Montoya (2009), “Recent Trends and Emerging Practices in Retailer Pricing,” in Retailing in the 21st Century, Krafft and Mantrala, eds. Berlin: Springer, 255–70. [14] Buttle, F. A. (1998). Word of mouth: understanding and managing referral marketing. Journal of strategic marketing, 6(3), 241-254. http://www.iaeme.com/IJM/index.asp 61 editor@iaeme.com
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