Customer satisfaction is a measure of how product and services supplied a company can meet the customer expectations. Customer satisfaction is still one of the single strongest predictors of customer retention. It’s considerably more expensive to attract new customers than it is to keep old once happy. In a climate of decreasing brand loyalties, understanding customer service and measuring customer satisfaction is very crucial. There is obviously a strong link between customer satisfaction and customer retention. Customer perception of service and quality of product will determine the success of the product or service in the market.
With a better understanding of customer perceptions, companies can determine the customers need e actions required to meet the can customer’s needs. They can identify their own strengths and weaknesses, where they stand in comparison to their competitors, chart out path future progress and improvement. Customer satisfaction measurement helps to promote an increased focus on customer outcomes and stimulate improvements in the work practices and processes used within the company.
In sharp contrast to the retail sector in developed economies, retailing in India – though large in terms of size – is highly fragmented and unorganized. With close to 12 million retail outlets the country has one of the highest retail densities worldwide. Retailing like the rest of the world retailing is one of the largest industries in India with sales amounting to about $350 billion, but organized retail is estimated at only US$ 8 billion. It is the country’s largest source of employment after agriculture, has the deepest penetration into rural India and accounts to about 10-11 % of’ India’s GDP and around 8%of the employment.
Inefficiency in the existing supply chains presents a further opportunity for organized players to draw on this large market even as lack of consumer culture and low purchasing power restricted the development of modern formats. Migration from unorganized to organized retail has been visible with economic development in most countries
The Indian retail industry is the fifth largest in the world. Comprising of organized and unorganized sectors, India retail industry is one of the fastest growing industries in India, especially over the last few years. Though initially, the retail industry in India was mostly unorganized, however with the change of tastes and preferences of the consumers, the industry is getting more popular these days and getting organized as well. With growing market demand, the industry is expected to grow at a pace of 25-30% annually. The India retail industry is expected to grow from Rs. 35,000 crore in 2004-05 to Rs. 109,000 crore by the year 2010.
Title – A Dissertation Report Titled A Study On Measuring Customer Satisfaction At ‘reliance Fresh’ Retail Outlets In Bangalore
Author – Ranjan Kumar
College – Acharya Institute of Management & Sciences
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