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An Emergence of Shopping experience - Malling culture
By Meenakshi kharb Prospects of shopping malls in India
Global estimates say India will be home to 26.2 million square feet of
shopping malls in 2006 and the good news for the people belonging to
NCR is that 40% of these will be concentrated in this region alone.
"Performance beyond expectation is all the more significant in the backdrop of adverse reports and predictions on this sector," said Amitabh Taneja, director (India) of International Council of Shopping Centres."Based on a complete list of shopping centre developments taking place across the country, the projection for listed developments by 2007 is 358, with a total built up area of 87.8 million sq ft," he added. According to Images, there are a total of 96 operational malls in India with a total built-up area of 21.6 million sq ft. The number will rise to 158 malls by the end of the current year. Organized retailing is projected to grow at the rate of 25-30 per cent per annum to touch $8 billion by 2005 and $24 billion by 2010, said the Images study.
Investments in the retail sector are estimated at between $400 million
and $500 million over the next two to three years, and over $4 billion
by the end of 2010, it added. The retail industry in India is
currently estimated at $205 billion, which is likely to grow at a rate
of five percent per annum in the coming years
The study said the fast growing middleclass population, the rise in
women workforce and consumerism over the decade was the major forces
in driving demand in the retail sector. "To the present generation,
shopping means much more than a mere necessity and malls are now fast
becoming image benchmarks for communities”. Shopping orientations are related to general predisposition toward acts of shopping. They are conceptualized as a specific dimension of lifestyle and operationalized on the basis of activities, interests and opinion statements pertaining to acts of shopping. Efforts have been made to classify consumers into distinct segments primarily for targeting purposes.
In a seminal study, Stone identified four kinds of shopping
orientations: Others developed a three-group taxonomy of shopping orientations -- inactive shopper, active out-shopper, and thrifty innovator. Lumpkin in studying elderly consumers, identified three additional distinct segments -- uninvolved shopper, inflation-conscious shopper, and actively, highly involved shopper.
Korgaonkar examined six groups of shoppers:
Shopper typologies have also been developed for specific
product categories. For instance, Furse, Punj, and Stewart profiled
automobile shoppers into four categories. Constructive shoppers work
hard at gathering information from Consumer Reports and showrooms.
Surrogate shoppers depend heavily on others for information search and
evaluation. Preparatory shoppers spend more time talking to friends,
rather than spending time with in-store sources. Routinized shoppers
spend relatively less time on information search but exhibit
considerable loyalty to the same brand and dealer because of past
satisfaction. Online stores attract shoppers with certain orientations. In a recent research report, Greenfield Online found that online shopping is preferred over in-store shopping by some Internet users because of its convenience and time savings. However, the study also found that an overwhelming 69 percent of Internet users said shopping at stores and malls allows them to see, feel, touch, and try on the products before they buy them. These findings suggest that the consumers who value convenience are more likely to buy on the Web, while those who prefer experiencing products are less likely to buy online.
These findings are consistent with the current situation of most
online stores. At present, the Web has demonstrated its large capacity
for disseminating information of various kinds. Many online
storefronts are full of information that is searchable. That is,
consumers can examine search attributes of products such as sizes,
models, and prices . With the help of shopping robots, consumers can
search information about products from different online stores with
one search request . Consumers can also "experience" certain digital
products online. For instance, they can play a segment of a music CD
or download a trial version of a software program to their immediate
satisfaction. Consumers also can experience non-digital products such
as wines or cosmetics indirectly through reading testimonials online.
However, today's online stores have a limited capacity for consumers
to experience tangible products. Introduction of malls has not been able to replace traditional markets, which are still popular among the pocket conscious people, but has definitely added a new adventure to the shopping experience. The retail sector will see over 34 million sq ft of shopping centre space by the year end, said the report on shopping centre development in India. "To the present generation, shopping means much more than a mere necessity and malls are now fast becoming image benchmarks for communities.” Shopping orientations are related to general predisposition toward acts of shopping. They are conceptualized as a specific dimension of lifestyle and operationalized on the basis of activities, interests and opinion statements pertaining to acts of shopping.
References: Written By: Meenakshi kharb, Lecturer
Department of Management Studies meenakshi_mbahim21@rediffmail.com
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