An empirical study on Growth Opportunities and Future Prospects of Organized Retail Sector in Rural Madhya Pradesh

Abstract

The current research is aim towards identifying growth opportunities of organized retail in rural areas of the country as the urban counterparts are being saturated with reference to Madhya Pradesh. Although Madhya Pradesh is one of the leading states in India, it is yet to gain attention from a large number of retailers, the way other states in India have been receiving. Also understanding consumer behaviour is complex, as it is related to the psychology of consumers and also depends on various social factors which have a direct impact on consumer behaviour. Retailers now need to redesign their existing marketing strategies and pioneering the appropriate changes to establish and sustain themselves in the industry. The current examination work has huge importance to the retailers in figuring their promoting methodologies. The sampling techniques used to draw the required sample size for the study are multistage sample comprising of cluster, stratified random and convenience sampling. During the initial stage rural areas of Madhya Pradesh have been clustered out of 10 division 3 division( Bhopal, Narmadapuram, Jabalpur) have been selected. The Statistical tools which have been used for analyses are Descriptive analysis, was used to describe the basic features of the data, Crosstabs in SPSS procedure cross tabulates two variables and displays their relationship. From the analysis of hypothesis we inferred that organized retail provide better quality, customer services and a wide range of products than any of the unorganized retail stores. With ANOVA analysis it was inferred that customers visits nearby stores rather than a far distance. With Co-Efficient it is inferred that customers buy products easily available in the market rather than products not well known. Consumers are ready to accept organized retail as it is benefitting consumers in terms of saving time, comfort buying, exchange and replacement facilities, fast billing, and online billing counters.