A Project Report

on

“ A Study on Indian retail market with reference to FMCGsector”

Submitted for partial fulfillment of the requirements for the award

of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

By

Ms. Monal Raj Tandon

1610101068

Under the guidance of

Dr. Angrish Agarwal

Associate Professor , Department of Management

Invertis University, Bareilly

INVERTIS UNIVERSITY, BAREILLY (U.P)

SESSION 2018-19
1
 CERTIFICATE

TO WHOM IT MAY CONCERN

This is to certify that MS. MONAL RAJ TANDON student of BBA VI Semester in our
institute has successfully completed her project work entitled “A STUDY ON INDIAN
RETAIL MARKET WITH REFERENCE TO FMCG SECTOR” for the partial
fulfillment of the degree of Bachelor of Business Administration for the session 2018-19.

Dr. Manish Gupta Dr. Dheeraj Gandhi Dr.Angrish Agarwal

(Dean Management) (HOD, BBA & B.Com) (AssociateProfessor)

2
 STUDENT DECLARATION

I Monal Raj TANDON a bonafide student of BBA in Invertis University, Bareilly

would like to declare that the project entitled A STUDY ON INDIAN RETAIL
MARKET WITH REFERENCE TO FMCG SECTOR submitted by me in partial
fulfillment for the requirement of the degree of Bachelor of Business Administration , is
my original work

Place:-

Date:-

Signature of the candidate

3
 ACKNOWLEDGEMENT

While conducting this report, I got support in many ways from many people. First, I am
deeply grateful to my project guide, Dr.Angrish Agarwal(Associate professor) who
helped me with full devotion and always supported me earnestly whenever it was needed.
Without his guidance , moral support and academic inputs this report was not possible.
My friends were also a constant help throughout this project. I would also like to thank
my project coordinator Mr. Tarun Gupta ( Assistant Professor) for overall guidance. I
would also like to thank Mr. Manmohan Bansal ( Assistant Professor) for helping me
throughout this project . A word of gratitude goes to my family members who have
constantly supported me throughout this project

4
 TABLE OF CONTENTS

SERIAL DESCRIPTION PAGE

NUMBER NUMBER
1 Cover page 1

2 Certificate 2
3 Student declaration form 3
4 Acknowledgement 4
5 Table of contents 5
6 List of tables 6
7 List of figures 7
8 Chapter I introduction 8
9 Chapter II Literature review 21
10 Chapter III Research objectives / research design / 37
research methodology

11 Chapter IV data presentation and interpretation 41

12 Chapter V research findings 52
13 Research scope 56
14 Research limitations 57
15 Recommendations 58
16 Conclusion 59
17 Bibliography 60

5
 LIST OF TABLES

TABLE NUMBER DESCRIPTION PAGE NUMBER

4.1 CAGR of fmcg sector in 44
India
4.2 Trends in fmcg revenue over 46
years
4.3 Consumer expenditure in 48
India in retail
4.4 Market size of Indian retail
industry
4.5 Changing phase of fmcg 51
sector
4.6 Changing phase of retail 52
industry

6
 LIST OF FIGURES

FIGURE NUMBER DESCRIPTION PAGE NUMBER

4.1 CAGR of FMCG sector in 44
India
4.2 Trends in FMCG revenue 46
over years
4.3 Consumer expenditure in 48
India in retail
4.4 Market size of Indian retail 50
industry

7
 CHAPTER I

INTRODUCTION

8
 INTRODUCTION

RETAIL INDUSTRY

Retail comes from the Old French word tailler, which means "to cut off, clip, pare,
divide" in terms of tailoring (1365). It was first recorded as a noun with the meaning of a
"sale in small quantities" in 1433 (from the Middle French retail, "piece cut off, shred,
scrap, paring"). As in the French, the word, retail, in both Dutch and German, also refers
to the sale of small quantities of items.

Retail refers to the activity of selling goods or services directly to consumers or end-
users, Some retailers may sell to business customers, and such sales are termed non-retail
activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80
percent of sales activity must be to end-users[

Retailing often occurs in retail stores or service establishments, but may also occur
through direct selling such as through vending machines, door-to-door sales or electronic
channels. Although the idea of retail is often associated with the purchase of goods, the
term may be applied to service-providers that sell to consumers. Retail service providers
include retail banking, tourism, insurance, private healthcare, private education, private
security firms, legal firms, publishers, public transport and others.

India's retail market is expected to increase by 60 per cent to reach US$ 1.1 trillion by
2020, on the back of factors like rising incomes and lifestyle changes by middle class and
increased digital connectivity. Online retail sales are forecasted to grow at the rate of 31
per cent year-on-year to reach US$ 32.70 billion in 2018.

9
India is expected to become the world’s fastest growing e-commerce market, driven by
robust investment in the sector and rapid increase in the number of internet users. Various
agencies have high expectations about growth of Indian e-commerce markets.
Luxury market of India is expected to grow to US$ 30 billion by the end of 2018 from
US$ 23.8 billion 2017 supported by growing exposure of international brands amongst
Indian youth and higher purchasing power of the upper class in tier 2 and 3 cities,
according to Assocham.
Investment Scenario
The Indian retail trading has received Foreign Direct Investment (FDI) equity inflows
totaling US$ 1.59 billion during April 2000–December 2018, according to the
Department for Promotion of Industry and Internal Trade (DPIIT).
With the rising need for consumer goods in different sectors including consumer
electronics and home appliances, many companies have invested in the Indian retail
space in the past few months.
Beccos, a South Korean designer brand is set to enter the Indian market with an
investment of about Rs 1.00 billion (US$ 14.25 million) and open 50 stores by June 2019.
Walmart Investments Cooperative U.A has invested Rs 2.75 billion (US$ 37.68 million)
in Wal-Mart India Pvt Ltd.
Government Initiatives
The Government of India has taken various initiatives to improve the retail industry in
India. Some of them are listed below:

 The Government of India may change the Foreign Direct Investment (FDI) rules
in food processing, in a bid to permit e-commerce companies and foreign retailers
to sell Made in India consumer products.
 Government of India has allowed 100 per cent Foreign Direct Investment (FDI) in
online retail of goods and services through the automatic route, thereby providing
clarity on the existing businesses of e-commerce companies operating in India.

10
Road Ahead
E-commerce is expanding steadily in the country. Customers have the ever increasing
choice of products at the lowest rates. E-commerce is probably creating the biggest
revolution in the retail industry, and this trend would continue in the years to come.
India's e-commerce industry is forecasted to reach US$ 53 billion by 2018. Retailers
should leverage the digital retail channels (e-commerce), which would enable them to
spend less money on real estate while reaching out to more customers in tier-2 and tier-3
cities.
It is projected that by 2021 traditional retail will hold a major share of 75 per cent,
organized retail share will reach 18 per cent and e-commerce retail share will reach 7 per
cent of the total retail market.
Nevertheless, the long-term outlook for the industry is positive, supported by rising
incomes, favorable demographics, entry of foreign players, and increasing urbanization.

FMCG SECTOR

Fast-Moving Consumer Goods (FAST MOVING CONSUMER GOODS) or Consumer

Packaged Goods (CPG) are products that are sold quickly and at a relatively low cost.
Examples include non-durable goods such as packed foods, beverages, over-the-counter
drugs, and other consumables.

Many fast-moving consumer goods have a short shelf life, either as a result of high consumer
demand or as the result of fast deterioration. Some FAST MOVING CONSUMER GOODSs,
such as meats, fruits, vegetables, dairy products, and baked goods are highly perishable.
Other goods, such as pre-packaged foods, soft drinks, candies, and toiletries have
high turnover rates. Sales are sometimes influenced by holiday and/or seasonal periods and
also by the discounts offered.

The profit margin on FAST MOVING CONSUMER GOODS products can be relatively
small, but they are generally sold in large quantities; thus the cumulative profit on such
products can be substantial. According to BASES, 84% of professionals working for fast-
moving consumer goods are under more pressure to quickly bring new products to the

11
market than they were five or ten years ago. With this in mind, 47% of those surveyed
confessed that product testing suffers most when deadlines are accelerated.

The growth of the internet over the past quarter century and the rise of the brand
community phenomenon have contributed greatly to the demand for FAST MOVING
CONSUMER GOODSs. For example, according to German research group AGOF's
internet facts, 73% of Germany's population is online. Additionally, 83.7% of internet
users claim to use the web to search for information and 68.3% to shop online. However,
most FAST MOVING CONSUMER GOODSs are not ordered online as most consumers
opt for the convenience of nearby brick and mortar stores for products in this category.

The following are the main characteristics of FAST MOVING CONSUMER GOODSs

 From the consumer perspective

o Frequent purchases

o Low engagement (little or no effort to choose the item)

o Low prices

o Short shelf life

o Rapid consumption

 From the marketer perspective

12
 o High volumes

o Low contribution margins

o Extensive distribution networks

o High stock turnover

Fast Moving Consumer Goods (FAST MOVING CONSUMER GOODS) Industry in

India is one of the fastest developing sectors in the Indian economy. The products have
very fast turnaround rate, i.e. the time from production to the revenue from the sale of the
product is very less. In the present economic scenario, time is regarded as money, so the
FAST MOVING CONSUMER GOODS companies have to be very fast in
manufacturing and supplying these goods.

The Fast Moving Consumer Goods (FAST MOVING CONSUMER GOODS) Industry in
India include segments like cosmetics, toiletries, glassware, batteries, bulbs,
pharmaceuticals, packaged food products, white goods, house care products, plastic
goods, consumer non durables, etc. The FAST MOVING CONSUMER GOODS market
is highly concentrated in the urban areas as the rise in the income of the middle-income
group is one of the major factors for the growth of the Indian FAST MOVING
CONSUMER GOODS market.

The penetration in the rural areas in India is not high as yet and the opportunity of growth
in these areas is huge by means of enhanced penetration in to the rural market and
conducting awareness programs in these areas. The scopes for the growth of the FAST
MOVING CONSUMER GOODS industry are high as the per capita consumption of the
FAST MOVING CONSUMER GOODS products in India is low in comparison to the

13
 other developed countries. The manufacturing of the FAST MOVING CONSUMER
GOODS goods is concentrated in the western and southern belt of the country. There are
other pockets of FAST MOVING CONSUMER GOODS manufacturing hubs.

Fast Moving Consumer Goods (FAST MOVING CONSUMER GOODS) Industry in

India - Major Players

 Britannia India ltd

 Dabur India ltd.

 Marico

 Nirma ltd.

 Cadbury India ltd

 Nestle

 Cargill

 Coca-cola
 Colgate-Palmolive India

 Heinz

 Unilever

 Nestle

 Pepsi co.

 Jyothy Laboratories

 Procter & Gamble

 Samsung

The Retail market in India is estimated to reach US$ 1.1 trillion by 2020 from US$ 840
billion in 2017, with modern trade expected to grow at 20 per cent - 25 per cent per

14
annum, which is likely to boost revenues of FAST MOVING CONSUMER GOODS
companies. Revenues of FAST MOVING CONSUMER GOODS sector reached Rs 3.4
lakh crore (US$ 52.75 billion) in FY18 and are estimated to reach US$ 103.7 billion in
2020. The sector witnessed growth of 16.5 per cent in value terms between July-
September 2018; supported by moderate inflation, increase in private consumption and
rural income.

Investments/ Developments

The government has allowed 100 per cent Foreign Direct Investment (FDI) in food
processing and single-brand retail and 51 per cent in multi-brand retail. This would
bolster employment and supply chains, and also provide high visibility for FAST
MOVING CONSUMER GOODS brands in organised retail markets, bolstering
consumer spending and encouraging more product launches. The sector witnessed
healthy FDI inflows of US$ 14.42 billion, during April 2000 to December 2018. Some of
the recent developments in the FAST MOVING CONSUMER GOODS sector are as
follows:
 In FY2019, ITC made more than 60 launches in the Fast Moving Consumer
Goods (FAST MOVING CONSUMER GOODS) segment in India.
 In February 2019 India’s leading FAST MOVING CONSUMER GOODS
Contract Manufacturer Hindustan Foods Limited received investment of US$ 22
million from Convergent Finance LLP.
 Patanjali will spend US$743.72 million in varioUS food parks in Maharashtra,
Madhya Pradesh, Assam, Andhra Pradesh and Uttar Pradesh.

 Dabur is planning to invest Rs 250-300 crore (US$ 38.79-46.55 million) in FY19

for capacity expansion and is also planning to make acquisitions in the domestic
market.
 In May 2018, RP-Sanjiv Goenka Group created an Rs 1 billion (US$ 14.92
million) venture capital fund to invest in FAST MOVING CONSUMER GOODS
start-ups.

15
  In AugUSt 2018, Fonterra announced a joint venture with Future Consumer Ltd
which will produce a range of consumer and foodservice dairy products.
Government Initiatives
Some of the major initiatives taken by the government to promote the FAST MOVING
CONSUMER GOODS sector in India are as follows:
 The minimum capitalisation for foreign FAST MOVING CONSUMER GOODS
companies to invest in India is US$100 million.
 The Government of India has approved 100 per cent Foreign Direct Investment
(FDI) in the cash and carry segment and in single-brand retail along with 51 per
cent FDI in multi-brand retail.
 The Government of India has drafted a new Consumer Protection Bill with special
emphasis on setting up an extensive mechanism to ensure simple, speedy,
accessible, affordable and timely delivery of justice to consumers.
 The Goods and Services Tax (GST) is beneficial for the FAST MOVING
CONSUMER GOODS industry as many of the FAST MOVING CONSUMER
GOODS products such as Soap, Toothpaste and Hair oil now come under 18 per
cent tax bracket against the previous 23-24 per cent rate.
 The GST is expected to transform logistics in the FAST MOVING CONSUMER
GOODS sector into a modern and efficient model as all major corporations are
remodeling their operations into larger logistics and warehousing.
Achievements
Following are the achievements of the government in the past four years:
 Number of mega food parks ready increased from 2 between 2008-14 to 13
between 2014- 18.
 Preservation and processing capacity increased from 308,000 during 2008-14 to
1.41 million during 2014-18.
 The number of food labs increased from 31 during 2008-14 to 42 during 2014-18.
Road Ahead
Rural consumption has increased, led by a combination of increasing incomes and higher
aspiration levels; there is an increased demand for branded products in rural India. The
rural FAST MOVING CONSUMER GOODS market in India is expected to grow to US$

16
220 billion by 2025 from US$ 23.6 billion in FY18. In FY18, FAST MOVING
CONSUMER GOODS’s rural segment contributed an estimated 10 per cent of the total
income and it is forecasted to contribute 15-16 per cent in FY 19. FAST MOVING
CONSUMER GOODS sector is forecasted to grow at 12-13 per cent between
September–December 2018.

On the other hand, with the share of unorganized market in the FAST MOVING
CONSUMER GOODS sector falling, the organized sector growth is expected to rise with
increased level of brand consciousness, also augmented by the growth in modern retail.

Another major factor propelling the demand for food services in India is the growing
youth population, primarily in the country’s urban regions. India has a large base of
young consumers who form the majority of the workforce and, due to time constraints,
barely get time for cooking.
Online portals are expected to play a key role for companies trying to enter the
hinterlands. The Internet has contributed in a big way, facilitating a cheaper and more
convenient means to increase a company’s reach. It is estimated that 40 per cent of all
FAST MOVING CONSUMER GOODS consumption in India will be online by 2020.
The online FAST MOVING CONSUMER GOODS market is forecasted to reach US$ 45
billion in 2020 from US$ 20 billion in 2017.

It is estimated that India will gain US$ 15 billion a year by implementing the Goods and
Services Tax. GST and demonetisation are expected to drive demand, both in the rural
and urban areas, and economic growth in a structured manner in the long term and
improve performance of companies within the sector.

17
ADVANTAGES OF RETAIL INDUSTRY IN INDIA

18
Source :- ibef.org

19
ADVANTAGES OF FAST MOVING CONSUMER GOODS
INDUSTRY IN INDIA

Source- ibef.org

20
 CHAPTER II

LITERATURE REVIEW

21
LITERATURE REVIEW

International Journal of Multidisciplinary Research and Development Online ISSN:

2349-4182, Print ISSN: 2349-5979 Impact Factor: RJIF 5.72 Volume 4; Issue 12;
December 2017; Page No. 91-97-

FAST MOVING CONSUMER GOODS is the 4th largest sector in the Indian economy.
FAST MOVING CONSUMER GOODS companies have dominated the Indian market
and are set to grow further. FAST MOVING CONSUMER GOODS companies are
trying to influence consumers with intelligent deals. GST is beneficial for the FAST
MOVING CONSUMER GOODS industry as many of the FAST MOVING
CONSUMER GOODS products such as soap, toothpaste and hairoil now come under
18 percent tax bracket. . FAST MOVING CONSUMER GOODS sector has a bright
future related to happenings in demand side, supply side and systematic drivers.

AFS Action research report - Indian FAST MOVING CONSUMER GOODS

sector
( july 30, 2013)

With a population of over one billion, India is one of the largest economies in the world
in terms of purchasing power and increasing consumer spending, next to China. The
Indian FAST MOVING CONSUMER GOODS industry, with an estimated market size
of ~`2 trillion, accounts for the fourth largest sector in India. In the last decade, the FAST
MOVING CONSUMER GOODS sector has grown at an average of 11% a year; in the
last five years, annual growth accelerated at compounded rate of ~17.3%. The sector is
characterized by strong presence of global bUSinesses, intense competition between
organized and unorganized players, well established distribution network and low
operational cost. Availability of key raw materials, cheaper labor costs and presence

22
across the entire value chain gives India a competitive advantage. During 2012, the
country witnessed high inflation, muted salary hikes and slowing economic growth,
which affected the FAST MOVING CONSUMER GOODS sector with companies
posting deceleration in volume growth in their quarterly results. However, the trend seen
in 2012 is likely to accelerate in 2013 as growth will come from rural dwellers that are
expected to see a rise in their disposable incomes.

Indian Council for Research in International Economic Relations (ICRIER)81developed

research report titled “Impact of organized retail on the unorganized sector‘ states that
retail trade alone accounts for 41.83 percent job opportunities with 14.95 million
employed in the sector”

International Journal of Management Research and Development (IJMRD), ISSN 2248 –

938X(Print) ISSN 2248 – 9398(Online), Volume 1, Number 2 May-October (2011), pp. 18-24

The modern Indian consumer is seeking more value in terms of improved availability and
quality, pleasant shopping environment, financing options, trial rooms for clothing products,
return and exchange policies and competitive prices. This has created a rapidly growing
opportunity for organized, modern retail formats to emerge in recent years and grow at a fast
pace. ‘The best way to predict the future is to create it."quotes the famous management
personality’- Peter Drucker. This paper has tried to establish the truth in this quote by
understanding the future of modern India with the creation of organized retailing segment in
the country. Key words: Retailing, Organized retailing, Indian retail Market . 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 ` 35,000 crore in

23
2004-05 to ` 109,000 crore by the year 2010. INDIAN RETAIL INDUSTRY The Indian retail sector is
highly fragmented with more than 90 per cent of its business being carried out by traditional
family run small stores. This provides immense opportunity for large scale retailers to set-up
their operations – a slew of organized retail .India is the third-most attractive retail market for
global retailers among the 30 largest emerging markets, according to US consulting group AT
Kearney’s report published in June 2010. According to the 8th Annual Global Retail
Development Index (GRDI) of AT Kearney, India retail industry is the most promising emerging
market for investment. In 2007, the retail trade in India had a share of 8-10% in the GDP (Gross
Domestic Product) of the country. In 2009, it rose to 12%. It is also expected to reach 22% by
2010.According to a report by Northbride Capita, the India retail industry is expected to grow to
US$ 700 billion by 2010. By the same time, the organized sector will be 20% of the total market
share. It can be mentioned here that, the share of organized sector in 2007 was 7.5% of the total
retail market. The retail industry in India is currently growing at a great pace and is expected to
go up to US$ 833 billion by the year 2013. It is further expected to reach US$ 1.3 trillion by the
year 2018 at a CAGR of 10%. As the country has got a high growth rates, the consumer spending
has also gone up and is also expected to go up further in the future. In the last four year, the
consumer spending in India climbed up to 75%. As a result, the India retail industry is expected
to grow further in the future days. By the year 2013, the organized sector is also expected to
grow at a CAGR of 40%. The prime reasons that fuelled this boom include • Favourable
demographics, • Rising consumer incomes, • Real estate developments, • Especially the
emergence of new shopping malls, availability of better sourcing options - both from within
India and overseas - and • Changing lifestyle.

24
Volume-6, Issue-5, September-October 2016 International Journal of Engineering and
Management Research Page Number: 393-397

Business organization reaches to the customers through their goods or services. To sell the
products to the customers a number of activities are being performed. This is called marketing
and it is an important function. Marketing is the performance of business activities that directs
the flow of goods and services from producer to the customer. It is the activity that directs to
satisfy the human needs through exchange process. Marketing starts with the identification of a
specific need of customers and ends with satisfaction of that need. The customer is found in the
beginning and end of marketing process. In marketing a large number of activities are
performed. For easy understanding these activities are divided in 4 groups for products and 7
groups for services. These elements are product, price promotion, placement for products and
three additional elements for services are process, people and physical evidence. These are
called elements of marketing mix. India is a growing nation with 125 crore population with wide
opportunities for business and FMCG service sector has many leading player in the market for all
segments. The present study reviews the marketing aspects of FMCG in india and analyses the
factors influencing buying of food, health and beverages in mysore District.

Swapna Pradhan in her book “retailing management text & cases provides a wide
picture of Indian retailing and global perspective. The book through light on a complete
knowledge on retailing from its evolution to the current market situation and emerging
formats of retailing and its worldwide growth. The types of retailers and location
strategies and its importance also give complete retail knowledge.

25
International Journal of Multidisciplinary Research and Development Online ISSN:
2349-4182, Print ISSN: 2349-5979, Impact Factor: RJIF 5.72 www.allsubjectjournal.com
Volume 4; Issue 5; May 2017; Page No. 143-145

India is on the 5th position in the world for the largest retail market. The Indian retail market is
very fragmented but with an improving economy and growth drivers such as favourable
demographics, urbanisation and shift in consumer shopping behaviour gives an opportunity for
the development of modern retail formats. The Indian retail market is expected to almost be
double to US$1 trillion upto 2020 (Source: Retail 2020: Retrospect, Reinvent, Rewrite by BCG
and RAI, 2015). In Indian modern retail market, private label brand is in rising phase. The focus
of the paper on the top private label brand retailers (Aditya Birla Group, Future Retail and
Reliance Retail) dealing in food and grocery sector in Indian retail industry.

According to Deloitte (global powers of retailing 2013)

a robUSt retail strategy mUSt include: a strong vision of the experience the cUStomer
desires across all channels, a nimble operating model that can adapt as the retail
environment changes, a deep understanding of how to support the
visiblethroughinventive digital solutions and retail technologies, such as playbooks to
operationalise the Omni-channel strategy.

26
International Journal of Engineering Technology, Management and Applied Sciences
www.ijetmas.com May 2016, Volume 4, Issue 5, ISSN 2349-4476 218 Dr. Aparna P.
Goyal, Dr. Teena Bagga, Dr.Sanjeev Bansal Impact of Increasing Trend of Online
Marketing on Consumer Buying behaviour: FMCG Brands in Indian Scenario

Constantinides E.(2004) in his study titled “Influence the online consumer’s behaviour : The web
experience” Addresses one of the fundamental issues of e-marketing: how to attract and win
over the consumer in the highly competitive Internet marketplace. Analyses the factors affecting
the online consumer’s behavior and examines how e-marketers can influence the outcome of
the virtual interaction and buying process by focusing their marketing efforts on elements
shaping the customer’s virtual experience, the Web experience. Identifying the Web experience
components and understanding their role as inputs in the online customer’s decision-making
process are the first step in developing and delivering an attractive online presence likely to
have the maximum impact on Internet users.The appearance of online networking has made a
new landscape which lays out another framework of personal connections. Organizations see
gigantic opportunities and are avid to take advantage of the pattern, while consumers are
returned to the center in the business world in view of social networking. There are numerous
studies disclosing reasons to take advantage of social media and to help organizations to pick up
a superior position in the move; yet a few plan to think from the point of view of consumers.
Generally, customers feel uniquely in contrast to what marketers think, for example what
"brand engagement" by means of social media looks like to shoppers may not be quite what
marketers think (Sniderman, 2012). The objective of this study is to clarify why, when, and how
internet marketing has affected consumer decision process with respect to FMCG products. The
theoretical framework lays on literature of consumer decision making process, social
networking, and additionally previous studies regarding online and social media marketing.
Quantitative examination technique is adapted for the purpose of this research. This research
gives clarification on how people are attending, processing, and selecting the data on tha
internet before a buy. The findings demonstrate that people pursue an active role in information
search online as compared to traditional media, yet information exposure is specific and
subjective over the span of information search. Additionally, the empirical part of the research
endeavors to give bits of knowledge to any organizations that are attempting to move to or are
as of now taking part in the new marketing trend. Findings and conclusions exhibited in the

27
study are just substantial inside of the population selected and can't be summed up somewhere
else because of the distinctions in environmental factors.

ASIA PACIFIC JOURNAL OF MARKETING AND MANAGEMENT REVIEW Vol.1 Issue 1,

SEPTEMBER 2012, ISSN 2319-2836 www.indianresearchjournals.com 1 GROWTH AND
CHALLENGES OF RETAIL INDUSTRY IN INDIA: AN ANALYSIS

The Indian Retail Industry is the fifth largest in the world. Comprising of organized and
unorganized sectors, Indian 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 taste and preferences of consumers, the Industry is
getting more popular these days and getting organized as well. The Indian Retail Industry is
expected to grow from US$330 billion in 2007 to US$640 billion by 2015. According to the 10th
Annual Global Retail Development Index (GRDI) of A.T. Kearney, India is having a very strong
growth fundamental base that’s why it’s the perfect time to enter into Indian Retail Market.
Indian Retail Market accounts for 22% of country’s GDP and it contributes to 8% of the total
employment. The total retail spending is estimated to double in the next five years. Of this,
organized retail –currently growing at a CAGR of 22%- is estimated to be 21% of total
expenditure. The unorganized retail sector is expected to grow at about 10% per annum with
sales expected to rise from $309 billion in 2006-07 to $496 billion in 2011-12. This paper focused
on changing face of Retail Industry, organized or unorganized retail industry, major players in
retail industry and also highlights the challenges faced by the industry in near future.

28
Jain. A, ( 2012) studied that, the brand awareness in rural areas particularly in respectof
beauty care and health care products is showing an increasing tendency. Most of the
people both from illiterate & literate groups prefer branded products with the belief that
quality is assured as the manufacturers are reputed companies. For Ex: Colgate Tooth
Paste, Head & Shoulder shampoo. People are not worried about the price of the product.
They are showing willingness to spend higher price when they realize that they can afford
to spend. Since the USage of branded products of reputed companies will elevate their
statUS as well as importance in that village. This change in the attitude to spend more on
the highly priced branded products (Example: Dove Soap, Gorniour Hair Oil) among
high income groups in rural areas clearly suggests that there is an ample scope for such
products to capture the markets in this areas by increasing the supply of these products

Siras M. (2012)*4 found in his study that, rural marketing should not give the impression
that rural markets have not been exploited at all. Its purpose is only to highlight the
growing importance of rural markets in the fast changing economic situation. Already,
substantial penetration has been made by the producers of most consumer goods. Though
the cost of distribution and promotion is bound to be high and producers even may
sUStain losses in the initial stages, this should not discourage them from entering the
market the potentialities of the rural market are great definitely.

Dr.Singh J., and Saikh (2012) has studied that, the marketers mUSt understand the
role of family in influencing the buying of consumer durables more particularly in the
rural areas. The marketers mUSt design their advertising messages as well as visuals in
such a way that these penetrate well into the minds of the family members. Only then
they can have positive endorsements of their products in a highly competitive
environment. Marketers mUSt take significant steps in crafting and presenting credible
and persuasive advertisements. It seems that people are consistently losing faith and

29
confidence in the mass media advertising of consumer durables. It would be more
appropriate if marketers make best USe of social media that can be USed as an
interactive advertising through authentic story-telling

Gupta S.L. patel, , in his study he found that, the responses of customers are
quite mixed in the rural India. Customers prefer some of the popular brands but they also
prefer to use local brands. The loyalty status for brands is also moderate in the rural
markets. It seems that customers do not bother more about the purchase decision of
F.M.C.G. product. The house makers and other members of the family influence the
purchase decision. Rural area people have enough time to talk with their friends and
social groups so their decisions are also influenced the reference groups. In brief we can
say that the consumer in rural markets is not so sophisticated and not conscious about the
brands and purchase decision. This shows an opportunity for the marketers to promote
their products by the promotional strategies, which can make a place in the heart of the
customers. Some of the companies with local brands win the battle by convincing the
retailers about the product. Retailers sometimes work like a salesperson for that company
and recommend the product to the customer because they get a smart margin for this.
Further the local companies also give discount for space in the shelf of shopkeeper.

Thompson & Chen (1998) Retail store image has been shown to play an important role
in store patronage, and it is widely accepted that psychological factors have a significant
role in store image formation. Past research has often involved the measurement of
tangible attributes, or links between store images and consumers’ self-images. They
explored the link between perceived store image and the personal values which underlie
behavioral choices. Fashion retailing was selected as an appropriate research domain
becaUSe of the well-established associations between clothing choice, personality, self
concept, and personal values. Means-end theory and laddering methodology were
employed in interviews with 30 female respondents. The hedonic values of “enjoyment
and happiness” and “quality of life” were found to be the terminal values most sought by

30
consumers in association with store image. These were linked through the consequence
“nice feeling” to the tangible attributes of “price”, “quality” and “reputation”. the results
provide a platform for fashion store image and positioning strategies. Suggestions for
further research are made.

Erdem & Oumlil & Tuncalp (1999) Retailing bUSiness is greatly affected by the
patronage behavioral orientations of shoppers. Understanding these orientations can assist
retailers in developing appropriate marketing strategies toward meeting the needs and
wants of consumers. One important factor explaining consumer behavioral orientations is
their values. Another important factor affecting consumer behavioral orientations is the
store image, an image shaped by store attributes. Their study examines the linkage
between consumer values and the importance of some salient store attributes. Marketing
management implications are also discUSsed.

Steve & Carralero (2000) Argues that for many retailers, competitive advantage in the
hom market has been based upon the development of strong store and corporate images
as retailers strive to develop themselves as brands in their own right. The construction of
store image, comprising both tangible and intangible dimensions, compounds problems
of moving into international markets – as consumers in the host environment are less
familiar with the intangible dimensions of image, which have been built up over time
with exposure to the retail company. Retail companies therefore need to fully understand
the importance of image in competitive positioning and the components of store image
before attempting to replicate this image and 6 positioning overseas. Explores these
issues with reference to Marks & Spencer and the company’s entry into the Spanish
market. A survey of cUStomer perceptions of a range of store image attributes in the UK
and Spain reveals differences and similarities in perceptions, which mUSt be managed if
a standardized position is to be sought in the host market

31
UUSitalo (2001), Grocery retailers are operating in a slow-growth market. The pursuit
of market share is one of the main concerns for retail managers. The retail structure is
becoming increasingly standardized and homogenous because of concentration of the
ownership of stores. Cultural differences remain, however, between different European
countries. Cultural factors influence the success of a positioning strategy. They examined
how consumers perceive grocery retail formats and brands . Consumers perceive
meaningful differences in varioUS store formats, meanwhile store brands are seen as
quite similar. Consumers rely on functional attributes of stores when discUSsing grocery
stores. However, it seems that consumers are unable to recognize the fabricated, often
imaginary differences at the brand level. The informant’s own, creative symbolic work
results in this case to interpreting all grocery retail brands as similar. Managerial
implications of the study are presented.

Paulins & Geistfeld (2003),Consumer perceptions of retail store attributes for a set of
particular stores were examined to determine their effect on store preference. Four
variables were found to affect store preference USing forward stepwise logistic
regression: type of clothing desired in stock, outside store appearance, shopping hours,
and advertising. Significance of the effect of store attributes on store preference varied by
store type. In addition, associations between cUStomer perception of store attributes,
education and age were observed. Implications for researchers and practitioners were
discUSsed.

Gehrt & Yan (2004) Most research related to consumer choice of retailers emphasizes
retailer attributes and/or consumer characteristics. Since many retail formats, including
online retailing, have emerged in recent years, knowledge of how consumers select retail
formats mUSt be updated. A source of influence that has been examined to a very limited
extent for store retailers but not for emerging retail formats is situational influence. From

32
a modern interactive perspective, this study investigates the influence of situational as
well as consumer and retailer factors on preference for online, catalog, and store formats.
Key results show that situational 7 factors have significant influence on online and
catalog format selection and perceptions of attributes that are crucial to that selection.

Miranda & Kónya (2005), To identify the factors that influence shoppers' satisfaction
with their “primary” grocery store, and those that encourage them to continue practicing
it despite being presented with a significant inducement to shop elsewhere. The study.
Results were USed to construct two mathematical models predicting cUStomer
satisfaction and store loyalty, from which two research hypotheses were derived. The
results of model estimation show that factors with a significant influence on store
satisfaction have little in common with others that impel shoppers to remain loyal to one
store. Indeed, there was no evidence in this study that shoppers' overall satisfaction was
by itself a significant influence on continued patronage. The questionnaire did not ask
questions, judged to be intrUSive, relating to respondents' income level, education
background, employment statUS or hoUSehold size – characteristics known to have a
bearing on perception of risk associated with switching to an unfamiliar store and hence
potentially to inhibit action. It would be instructive in future research to assess the extent
to which demographic characteristics mediate perceptions of financial, psychological and
social risk, and their influence on satisfaction and loyalty. Retailers often do not
recognize that what influences cUStomer satisfaction is not the same as what engenders
store loyalty, and consequently do not allocate scarce resources systematically among
tactics influencing one or the other. Unless they are vigilant to changing consumer
behavior patterns, they will not be able to isolate in their strategy the elements of the
retail mix that could insulate their loyal cUStomers from responding to competitors'
special offers. This study introduces intelligence gatherers and strategic planners in the
retail context to an important distinction between general satisfaction and specific loyalty.

33
Korgaonkar & Silverblatt (2006), To investigate if consumer online patronage is
influenced by product category and online store type. Building on the prior work in this
area by the authors and other researchers the study collected data in two phases to
investigate the study hypothesi s.The study results suggest that consumers' online
patronage is differed based on product type. Interaction effects of the online stores and
product type were significant too. Additionally, the rank order of importance of the
Internet attribute varied among the three types of online retailers. The study results
should be replicated in other markets. Future studies may also include a variety of
different types of online outlets to improve the conclUSiveness of the findings reported in
this study. The results should be of interest to the online retailers in choosing the types of
merchandise and services to emphasis in the retailers marketing program. The paper
should be of interest to academicians as well as practitioners as it contributes to the small
but growing literature in the area of online retailing. It adds to the literature on the
product classification paradigm as well as offers practical guidelines for managers.

Yun & Good (2007), The purpose of this paper was to investigate e-tail store attributes
that develop customers' positive perceptions of e-tail store image, and determines
whether or not they develop a sense of loyalty to an e-tailer.Acknowledging the
importance of customer retention, this paper is designed to examine e-customer loyalty
intentions toward the e-tailer. To understand the concept of loyalty toward an e-tailer, this
study focuses on the importance of the final stage of the cUStomer decision-making
process: post-purchase evaluation. This paper develops a model that describes the extent
to which e-tail store image (derived from a set of etail store attributes) indicates
patronage intentions and finally predicts customer loyalty. We use the structural equation
modeling to test the model and hypothesis .Results in this paper indicate that e-tail store
image is derived from e-merchandise, e-service, and e-shopping atmosphere attributes, all
of which support the way consumers shop. A favorable e-tail store image positively 9
influences e-patronage intentions, which thus leads to e-loyalty. The research in this
paper provides a conceptual model that will help e-retailers better articulate how and why
consumers may be e-loyal shoppers. Second, the research identifies attributes, unique to

34
online shopping that serve as the basis for conceptualizing e-tail image as a second order
factor.

Da Silva & Syed Alwi (2008), The purpose of this study was to look into the
relationship between the physical aspect of a retail store, product-related attributes,
personal interaction with cUStomers and perceived reliability and corporate brand image
in an offline or bricks and mortar context. The study is based on 511 interviews
conducted in varioUS bookstores and USes structural equation modelling as a statistical
tool for concluding the above .The paper argues that physical aspect of a retail store,
product-related attributes and personal interaction with cUStomers will have a significant
and positive direct effect on the offline corporate brand image whilst there was no
significant connection between reliability and corporate brand image.The study's
managerial contribution lies in its lessons for practitioners who want to understand what
are the key drivers of corporate brand image in an offline context. It also provides a
background for further studies which can extrapolate the current thinking into other
sectors in order to validate or refute the results presented here. The paper scrutinizes the
impact of: physical aspects; product related information; reliability; and personal
interaction in the corporate brand image of a retail organization.

A report titled „Indian Retail Industry: Challenges, Opportunities and Outlook‟(2009),

published by Dun & Bradstreet, the world‟s leading source of global business
information, describes the Global Retail Scenario, Evolution of organised retail, Size of
the Indian retail industry, Industry segmentation, and Regulatory Framework

. A report published by Delloite titled “Indian Retail Market Opening more doors”
(2013)
is mainly focused on government policy on multi-brand retail trade-its evolution, policy
implications and political landscape with respect to new FDI policy[13]. The report states

35
that various policy conditions for FDI in multibrand retail makes mass grocery and
apparel the two most favorable segments. Multi-brand specialty retail segment such as
Beauty & Wellness and Consumer Electronics are still in their nascent stage. Their
current market size may not hold a big potential for foreign retailers.

Deloitte, a business specialist and consulting firm has also published some reports
containing several aspects relating to retail sector in India. The report titled “Indian
Retail Market Embracing a new trajectory”, 2011 covers issues- the size and trends
in retail sector, FDI into retail, market opportunities, tax Retail Sector in India: Present
Scenario, Emerging Opportunities and Challenges www.iosrjournals.org 74 | Page and
regulatory structure, sector analysis etc [12].

The report states that although all the retail segments offer growth opportunities for
foreign retailers, the largest opportunity in terms of potential market size and scalability
is in grocery retailing, particularly for the supermarket and hypermarket formats.
However, the large population of 'mom-n-pop'/'kirana' grocery stores is likely to be a
force to reckon with for new foreign entrants.

36
 CHAPTER III
RESEARCH OBJECTIVES / RESEARCH DESIGN /
METHODOLOGY

37
 RESEARCH OBJECTIVES

 To study the changing phase of Indian retail market with reference to

FAST MOVING CONSUMER GOODS sector

 To study the growth of Indian retail market

38
 RESEARCH METHODOLOGY

Research methodology is the way in which research problems are solved systematically.
It is a science of studying how research is conducted scientifically.

The term research is also used to describe an entire collection of information about a
particular subject. Research is defined as human activity based on intellectual
applications in the investigation of manner.

Business research can be defined as a systematic and objective process of gathering,

recording and analyzing data that provides information to guide business decision.

Any honest attempt to study a problem systematically or to add to knowledge of a

problem may be regarded as research.

Type of Research

Descriptive Research

Descriptive research consists of surveys and fact-finding enquiries of different types. The
main objective of descriptive research is describing the state of affairs as it prevails at the
time of study.

Descriptive research is undertaken to describe answers to questions of who, what, where,

when and how.

Descriptive research is desirable when we wish to project a study’s finding to a larger

population, if the study’s sample is representative.

Data Analysis

The data analysis is done with the help of graphs and pie charts.

39
Type of Data collection

Secondary Data

Secondary data means data that are already available i.e., they refer to the data which
have already been collected and analyzed by someone else.

Collection of Secondary Data

There are several methods of collecting secondary data, particularly in descriptive

researches. Important ones are:-

a. Journals
b. Magazines
c. Websites etc.

Research type: Descriptive Research

Area of study: marketing

Data Collection tools: the data collection tools were Articles,

journals and research papers

Type of data collected :- secondary data

40
 CHAPTER IV

DATA INTERPRETATION

41
CAGR OF FAST MOVING CONSUMER GOODS MARKET

IN INDIA

Table 4.1

YEARS 2019 2018 2017 2016 2015 2014

CAGR 103.7 52.75 50 49 18.92 15.6

FIGURE 4.1

CAGR OF FMCG MARKET IN INDIA

120

100 103.7

80

60
52.75 50 49
40

20 18.92 15.6
0
2019 2018 2017 2016 2015 2014

42
INTERPRETATION

 The year 2019 recorded the highest COMPOUND ANNUAL GROWTH RATE

of 103.70

 The year 2014 witnessed the lowest COMPOUND ANNUAL GROWTH RATE

of 15.6

 The moderate growth of COMPOUND ANNUAL GROWTH RATE can be seen

in the year 2017 which was 50

43
TRENDS IN FAST MOVING CONSUMER GOODS

REVENUE OVER YEARS

( US $ BILLION)

TABLE 4.2

years 2019 2018 2017 2016 2015 2014

revenue 83.3 68.4 52.8 49.0 43.1 38.8

FIGURE 4.2

TRENDS IN FMCG REVENUE OVER YEARS ( US $

BILLION)
90
80 83.3
70 68.4
60
50 52.8
49
40 43.1
38.8
30
20
10
0
2019 2018 2017 2016 2015 2014

44
 INTERPRETATION

 The highest revenue was generated in the year 2019 of 83.3

 The lowest revenue in this sector was generated in the year 2014 which was

38.8

 The year 2017 generated moderate revenue of 52.8

45
CONSUMER EXPENDITURE IN INDIA IN RETAIL

( US $ BILLION )

YEAR 2019 2018 2017 2016 2015 2014

AMOUNT 1957 1875 1824 1595 264.52 27

TABLE 4.3

CONSUMER EXPENDITURE IN INDIA

( US $ BILLION)
2500

2000 1957 1875 1824

1500 1595

1000

500
264.52
0 27
2019 2018 2017 2016 2015 2014

FIGURE 4.3

46
INTERPRETATION

 The year 2019 recorded the highest consumer expenditure which was 1957
 The lowest expenditure was recorded in the year 2014 which was 27
 The year 2015 saw the moderate expenditure which was 264.52.

47
MARKET SIZE OF INDIAN RETAIL INDUSTRY

( US $ BILLION)

year 2019 2018 2017 2016 2015 2014

market 1750 1200 672 641 600 534

size

TABLE 4.4

FIGURE 4.4

MARKET SIZE OF INDIAN RETAIL INDUSTRY

( US $ BILLION)
2000
1750
1500

1200
1000

672 641 600

500 534

0
2019 2018 2017 2016 2015 2014

48
 INTERPRETATION

 The year 2019 recorded the highest market size of retail industry which was
1,750.

 The lowest share was in the year 2014 which was 534
 The second highest share of retail industry was in the year 2018 which was 1200

49
CHANGING PHASE OF FAST MOVING CONSUMER

GOODS SECTOR

consolidation FAST MOVING CONSUMER GOODS companies are

consolidating themselves which is leading to mergers and
acquisitions and disinvestments.

Product innovation FAST MOVING CONSUMER GOODS companies are

innovating their products by either changing their packaging or
bringing something new in the existing product.

premiumisation Nowadays, consumers are willing to buy premium goods at

high prices in the space of health , wellness and convenience

Product customisation Consumers have started demanding customised products

specifically designed to tailor their needs and tastes.

Brand consciousness consumers are becoming more brand conscious and prefer
premium range products due to increase in disposable income.

Backward integration Backward integration is becoming preferred strategy in order to

increase profit margins, secring capacity and source of supply

Increasing private with the rise of retail players, private label has become popular
in FAST MOVING CONSUMER GOODS space. They are
label penetration
considered as substitute for premium branded goods.

Table 4.5

50
  CHANGING PHASE OF RETAIL INDUSTRY

Stage 1 ( earlier trend) Manufacturers Used to open their own outlets

Stage 2 Retailers realised the potential of market.Most of the retailers entered into
apparel sector.

Stage 3 Entry in food and general merchandise category.

Stage 4 ( modern trend) Movement to smaller cities and rural areas,large scale entry of international
brands, rise in private labelling by top companies, emergence of e-
commerce as one of the major segments.

Table 4.6

51
 CHAPTER V

RESEARCH FINDINGS

52
 RESEARCH FINDINGS

 Through this research, I came to know about the compound annual growth rate in
FAST MOVING CONSUMER GOODS sector.

 the year 2019 recorded the highest COMPOUND ANNUAL GROWTH RATE in
the FAST MOVING CONSUMER GOODS sector. In 2019, the COMPOUND
ANNUAL GROWTH RATE was 103.90 US billion dollar.

 The moderate growth was seen in the year 2016. It was 49 US billion dollars.

 The lowest growth was seen in the year

 This brings to the testimony of fact that FAST MOVING CONSUMER GOODS
sector has faced fluctuations when it comes to growth . the highest growth which
was seen in the year 2019, shows that there is a rise in the income level of the
consumers because of which they are spending on FAST MOVING CONSUMER
GOODS sector leading to the growth of this sector.

 The trends in revenue also witnessed a growth in the year 2019. In the year 2014
the sector earned low revenue as compared to other years. In 2019, the revenue
earned was 83.3 US billion dollar whereas in the year 2014, this figure was 38.8
US billion dollars. Hence, we can say that the revenue earned by the sector,
shows that consumers are more inclined towards FAST MOVING CONSUMER
GOODS products becaUSe of which they are agreed to spend a major chunk of
their income in FAST MOVING CONSUMER GOODS sector.

53
 when talking about the retail sector, the highest consumer expenditure in retail
sector was seen in the year 2019. It was 1,957 US billion dollars. The lowest
growth was seen in the year 2013 which was 0.5. the year 2015 witnessed a
moderate growth of 264.52 US billion dollars.

 The market size of the retail industry has seen a growth over the period of five
years . the growth which was 534 US billion dollars came to 1,750 US billion
dollars. The increase in retail segment is due to the fact that increase in FDI in
retail sector has made the sethis sector experience tremendous growth . also , the
mergers and acquisitions taking place majorly in the retail sector has boosted up
the revenue generated my retail sector.

 The trend in the FAST MOVING CONSUMER GOODS sector is also changing
with the passage of time. The FAST MOVING CONSUMER GOODS companies
are consolidating themselves through mergers and acquisitions.

 the products are nowadays coming in different packaging . Companies are

constantly focusing to innovate their products in order to survive in the dynamic
environment.

 the consumer has become more brand conscious thanks to the entry of new FAST
MOVING CONSUMER GOODS players .

 the concept of private labelling also has slowly developed its roots .

54
 in retail area, earlier the manufactures used to sell the goods but now the size of
retail market has increased tremendously.

 The retail area which earlier was not seen as a fruitful area, is now opening the
horizons of growth. It has gained an enormous amount of importance over recent
years.

55
Research Scope

This study can also done on other areas of retail sectors apart from FAST MOVING
CONSUMER GOODS sector.

This study can also serve as the basis for studing other areas of retail like online retailing,
store based retailing etc.

Also, this report can serve as a basis if the researcher wants to predict the future of retail
in India.

Another scope of this research is that those who want to do surveys or primary research
in the field of retailing, can take this report into consideration.

56
LIMITATIONS

 The sources were conflicting with each other.

 It was difficult to determine the quality of some data

 Secondary data cannot reveal individual or group values, beliefs or reasons that
maybe underlying current trends.

 Limited time frame for study

57
RECOMMENDATIONS

 Consumers should spend some amount towards the non store based retail outlets .

 Fdi in retail sector should be done in such a manner that domestic retail market
does not have to face any consequences.

 The FAST MOVING CONSUMER GOODS sector of retail is one of the fastest
growing sector so, FAST MOVING CONSUMER GOODS companies should
continuously monitor the market in order to survive in this dynamic industry.

 The prices should be set according to the consumer. They should be set in such a
manner that an average consumer should be able to purchase them.

58
CONCLUSION

Retail is one of the fastest growing segment of Indian economy. It has spread its roots
across the globe and has become a new discipline in itself . it has evolved from marketing
but gradually has become a subject in itself. Brands themselves have been constantly
developing themselves to become leaders in this sector. FAST MOVING CONSUMER
GOODS sector constitutes a major chunk in retailing. The growth trend in this sector has
helped the brands to change their outlook from profitable outlook to customer centric
approach.

India being so diversified country serves as a lucrative base for the retail market to
mushroom itself. Rising incomes and growing youth population have been key growth
drivers of the sector. Brand consciousness has also aided demand.

Healthy economic growth, changing demographic profile, increasing disposable

incomes, changing consumer tastes and preferences are driving growth in the organised
retail market in India. Collective efforts of financial houses and banks with retailers are
enabling consumers to go for durable products with easy credit .

59
 BIBLIOGRAPHY

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 Goyal, A. P., Bagga, T., & Bansa, S. (2016). Impact of increasing trend of online
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 Kalai, L. T., & Rau, S. S. (2013). Ascendancy of Organized Retailing in Indian

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 Pradhan..S ( 2011) retailing management texts and cases. Tata mcgraw hill
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  Somashekar, C., & Kaboor, A. (2016). Marketing Strategies of FMCG
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 .Unnamalai, T. (2016). A Study on Consumer Attitudes towards Green Fast

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WEBSITES

 www.ibef.org

 www.investopedia.com

 https://www2.deloitte.com

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