Retail format strategy
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The document outlines different retail formats used by small, medium, and large retailers including mobile retailers, supermarkets, and cooperative stores. It then describes a study conducted in Punjab, India that surveyed farmers to analyze awareness and preferences of rural retail outlets operated by three agro companies. The study found that while awareness of the outlets was high, only 39% of farmers had visited them, with many citing a need for better credit options and prices.
Retail format strategy
- 1. Retail Format Strategy Submitted by: Chandan Mishra Rajesh Kumar Shikha Gupta
- 2. Formats and approaches for Retailers Size/Channel type Formats Small to medium Mobile retailers, hawkers, convenience (kirana, provisions and fancy) and specialty stores Large Supermarkets, departmental stores and hyper– markets, manufacturer’s showroom Co-operative Co-operative stores and sahakari bhandars Direct channel Tele-marketing, internet marketing, in-home selling, mail-order selling, vending machines
- 3. Objective and methodology of the study Aim of the study: • Exploring awareness and preferences of farmers regarding rural retail outlets • Analyzing farmer satisfaction with respect to various services provided by them Location: Punjab Companies chosen for survey having rural retail outlet in the targeted location: • DCM Shriram Consolidated Ltd. • Godrej Agrovet • Tata Chemicals Retail outlets selected at random were: • Hariyali Kisan Bazaar • Godrej Adhaars • Tata kKsan Sansars
- 4. • The sample of 60 buyers and 60 non buyers were selected randomly • T test was applied to check significant difference between buyers and non buyers Findings: • T test: No significant difference in the views between buyers and non buyers • Awareness: buyers and non buyers both were aware about the organized rural retail outlets
- 5. • Retail preferences: Out of total only 39% had visited these outlets Rational for buying-Availability of better quality, technical service, veterinary service and home delivery Rational for not buying- Credit facility, lower prices and easy availability • Product/services purchased- Mostly consumers visited for agri inputs and technical knowledge. Around 20-25% of them purchased FMCGs. • Satisfaction (GAP between expectations and perceptions) Credit facility>field trials>water testing>soil testing>farmers meeting>veterinary services>technical knowledge
- 6. Q. Based on the findings of the study what in your view are the areas that need improvement • Discounts and offers • Loyalty programs • Field trials and demonstrations • Delivery on call for loyal customers • Customized service
- 8. Q. How do you increase awareness of the retail outlets and customer satisfaction Awareness: • Trade fares • Sponsoring sports such as cricket, hockey at district levels • Regular farmer meetings • By sponsoring sanitary solutions • By hoardings, banners, pamphlet etc Satisfaction: • Discounts and offers • After sales service • Offering convenience service