EFFECTIVE CRM ENHANCEMENT STRATEGIES FOR INDIAN RETAIL MARKET

Henry Ker-Chang Chang; Hardy Lin; Nilesh Patankar

doi:10.29121/granthaalayah.v5.i4.2017.1790

Authors

Henry Ker-Chang Chang Professor, Dept. Information Management, Chang Gung University, Taiwan
Hardy Lin Professor, Dept. Information Management, Chihlee University of Technology, Taiwan
Nilesh Patankar Graduate Student, School of Business, Chang Gung University, Taiwan

DOI:

https://doi.org/10.29121/granthaalayah.v5.i4.2017.1790

Keywords:

Emerging Market, RFM Analysis, FDI Policy, New Southbound Policy, Retail Sector

Abstract [English]

The retail sector in India is one of the fast paced moving sectors and as per the experts; retail sector market size growth is expected to USD 1.3 trillion by 2020. Among India’s most attractive features for doing business, investors rated its vast domestic market and availability of cheap labor as most appealing which made India as a most promising emerging market among Asian countries and has become Centre of attraction for investors all around the globe. Taiwan is also not behind the race. After President Tsai’s proposal of “new southbound policy”, many investors from Taiwan including Terry Gou have shown a keen interest in Indian market. Though the potential growth is immense, due to ever increasing competition retailers are always under pressure to engage their customers more efficiently than before. The purpose of this paper is to explain incorporation of RFM analysis techniques to provide key insights to the retailers. It is expected that with the proposed approach retailers and investors from India and Taiwan will be able to create customer focused sales driven strategies to create amazing shopping experience for its customers.

Downloads

Download data is not yet available.

References

India Brand Equity Foundation (IBEF), Indian Retail Industry Analysis, 2015.

http://www.ibef.org/industry/indian-retail-industry-analysis-presentation.

Eric Schmidt, Every 2 Days We Create As Much Information As We Did Up To 2003, 2010.

https://techcrunch.com/2010/08/04/schmidt-data/.

Margaret Rouse, The definition of RFM analysis, 2005.

http://searchdatamanagement.techtarget.com/definition/RFM-analysis.

Mahboubeh Khajvand, Kiyana Zolfaghar, Sarah Ashoori, Somayeh Alizadeh, Estimating Customer Lifetime Value based on RFM Analysis of Customer Purchase Behavior: Case Study, Procedia Computer Science, 3, 57–63, 2011. DOI: https://doi.org/10.1016/j.procs.2010.12.011

http://www.sciencedirect.com/science/article/pii/S1877050910003868.

Bharati M. Ramageri, B. L. Desai, Role of Data Mining in Retail Sector, Int. J. Computer Science and Engineering, 5(1), 47-50, 2013. http://www.enggjournals.com/ijcse/doc/IJCSE13-05-01-051.pdf.

Subhash B. Patil, Data Mining Techniques for Customer Relationship Management in Organized Retail Industry, 2011.

https://www.academia.edu/2447358/Data_Mining_Techniques_used_in_Retail_Industry?auto=download.

Parthapratim Pal, Kristy Arpita Mukherjee, Tsun-Tzu Hsu, Enhancing Trade, Investment and Cooperation between India and Taiwan, 2013.

http://icrier.org/pdf/enhancing_trade_Investment_cooperation.pdf.

Ruchika Chitravanshi, Acer seeks to reap Make in India perks with switch to retail model and sell, 2016.http://economictimes.indiatimes.com/tech/hardware/acer-seeks-to-reap-make-in-india-perks-with-switch-to-retail-model-and-sell/articleshow/52409004.cms.

Press Trust of India (PTI), Foxconn Chief Terry Gou: Looking at LongTerm Investments in India,2015.http://economictimes.indiatimes.com/tech/hardware/foxconn-chief-terry-gou-looking-at-long-term-investments-in-india/articleshow/48350037.cms.

Abhishek Law, Asus Betting Big On India Market, July 1 2016.

http://www.thehindubusinessline.com/info-tech/asus-betting-big-on-india market/article8797939.ece.

Gordon S. Linoff, “Data Mining Techniques”, (3rd ed.), Willey, New Jersey, March 2011.

Alan Weber, “Data-Driven Business Models”, (1st ed.), Thomson, 2005.

David Gillman, “Use SPSS Statistics Direct Marketing Analysis to Gain Insight”, May 2014.

http://www.ibm.com/developerworks/library/ba-direct-marketing-spss/.