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Reema Basfore & Kumar Saurav

The document discusses the changing landscape of retail in India. It highlights how factors like increased internet penetration, rising middle class incomes, and growing consumer aspirations are fueling growth in the retail sector. The retail industry is expected to become a $1.8 trillion industry by 2030 and online retail is growing rapidly, indicating significant changes in the retail sector driven by technology and changing consumer behaviors.

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0% found this document useful (0 votes)
24 views14 pages

Reema Basfore & Kumar Saurav

The document discusses the changing landscape of retail in India. It highlights how factors like increased internet penetration, rising middle class incomes, and growing consumer aspirations are fueling growth in the retail sector. The retail industry is expected to become a $1.8 trillion industry by 2030 and online retail is growing rapidly, indicating significant changes in the retail sector driven by technology and changing consumer behaviors.

Uploaded by

tanuj.a23-25
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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International Journal of Research in Business Studies ISSN: 2455-2992, Vol.

8(1), June 2023

The Changing Landscape of Retail


Reema Basfore Kumar Saurav
Lecturer Assistant Professor
IQ City United World IQ City United World
School of Business School of Business
Kolkata, West Bengal, India. Kolkata, West Bengal, India.
Abstract
With the advent of internet technology and the availability of data analytics retail
industry is undergoing a drastic change. Many new avenues of business in its varied
forms albeit armed with technology are coming under the umbrella of the thriving
phenomena called retailing.
In the dynamic retail industry; it is Customers’ want and desire that would spur
decision regarding purchase. It is the retail customer who makes most of the
consumption decisions. It is learnt that changing business models and predictive
analytics has changed the shopping behaviour and processes of the customers. This
paper makes an attempt to highlight the concerned retailing areas in which newer
technology has changed the course of the game. Also, this paper strives to analyze the
trend of retailing in the future and how it would impact the current marketing
practices. One of the “P” out of the four P’s deals with the “place” which means the
customer’s access to the product. In pure marketing terms this “p” was leveraged to
give value to the customers by increasing the convenience to buy the product. The
very meaning of convenience has changed rapidly due to the access of the internet
technology to a wide range of customers.
It is predicted that by the year 2030, our country will add 140 million middle-income
and 21 million high-income households – meaning thereby a huge middle-class
population available. Current internet penetration is close to 830 million which is the
second largest in the world. This article would be covering all the factors of retailing
like increased income, a rise of the middle class, internet penetration, growing
aspirations, etc.
Keywords
Retailing, Newer technology, Middle-class population, Online branding, Global
Retail Development Index (GRDI), Homepreneur, and Artificial Intelligence (AI).

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1. Introduction
Retail sector in India is all poised to be the most promising and flourishing sector
of the Indian economy. This phenomenon would drive the economy to a greater
height and is attracting huge attention from entrepreneurs, and foreign investors
as well. Internet penetration, retail space, availability of products, a rise of middle-
class population and effective brand communication are some of the factors that
are driving the retail sector in India. This sector is also creating huge employment,
along with it, new shapes and dimensions of the organized retail sector have
emerged within the given retail industry. Same-day delivery, social commerce,
omni-channel retail, AI use, and interactive retail are a few of the important
developments in the retail sector. One of the widely implemented new retail
strategies has been the use of mobile technology during the entire purchase
process from the time customers chooses a product until he /she pays for it. The
cornerstone of a successful marketing plan in terms of retailing has been the 6Ps:
Product, Price, Place, Promotion, People, and Presentation.
The Indian retail industry off late has emerged as one of the most prolific and fast-
evolving industries due to the entry of several new players and the emergence of
new avenues. It accounts for almost 10 percent of the country’s gross domestic
product (GDP) and close to 8 percent of employment. India ranked 73rd in the
United Nations Conference on Trade and Development's Business-to-Consumer
(B2C) E-commerce Index 2019. India is the 5th largest International Retail
Destination in the world and is ranked 63rd in the World Bank's doing Business
2020 report.
1.1 Indian Retail Industry Facts and Figures (Kearney research: 2019, Bain &
Company, Flipkart.2021)
 India’s retail industry is expected to grow at 9 percent over 2019-2030,
from US$ 779 billion in 2019 to US$ 1,407 billion by 2026 and more than
US$ 1.8 trillion by 2030.
 It is anticipated that offline retailers in India, commonly referred to as
brick- and- mortar (B&M) merchants, will boost their revenue in FY20 by
Rs. 10,000-12,000 crores (US$ 1.39-2.77 billion).
 India’s direct selling industry is expected to be valued at US$ 2.14 billion
by the end of 2021.
 E-retail has been a huge leap during the pandemic.
 E-retail market is expected to grow to US$ 120-140 billion by the end of
the year 2026, growing at 25-30 percent p.a. over the next 5 years.

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 Though there are many challenges in the form of inflation, economic


volatility still the Indian consumption figure is robust.
 It is mainly influenced by affluence, accessibility, awareness, and attitude,
household consumption stood at Rs. 130-140 trillion (US$ 1.63-1.75
trillion) in 2021.
 India has the 3rd largest number of e-retail shoppers (only behind China,
the US).
 The new-age logistics players are expected to deliver 2.5 billion Direct-to-
Consumer (D2C) shipments by 2030.
Due to the higher share of private consumption in the GDP, India is protected
from the volatilities of the global economy however it also hints that a robust
high economic growth in India directly transforms into a sustained consumer
demand for retail products. The rising income of the middle-class population
has fostered consumer demand. Due to the advent of technology we have
witnessed a spur in the demand for products ranging from electronics to beauty
products to food. Since access to the product has increased convenience, it has
resulted in an increase in the market.
1.2 Indian Retail and E-commerce Scenario (IBEF)
 India ranked 2nd in Global Retail Development Index (GRDI) in 2021.
 In India, the retail industry employs about 8 percent of the workforce (35+
Mn) and contributes more than 10 percent of the nation's GDP. By 2030,
25 million additional jobs are anticipated to be created.
 Indian retail market is poised to reach $2 Trillion by 2032, spurred by
socio-demographic and economic factors such as increased urbanization,
rise in income, and nuclear families.
 The Indian e-commerce industry is expected to cross the $350 Bn in GMV
by 2030.
 Indian e-commerce industry is expected to cross the $350 Bn mark by
2030, growing at a CAGR of 23 percent.
 The Gross Merchandise Value of the Indian e-commerce market was
estimated to exceed $55 billion in 2021. It is anticipated to reach a gross
merchandise value of $350 billion annually by 2030.
 Online customers in India are poised to reach 500 million dollars in 2030
from around 150Mn in 2020 which is a considerable leap.
 India’s digital economy is estimated to reach $800 billion by the year 2030.
 India is set to become the 3rd largest online retail market by 2030, with an
estimated annual gross merchandise value of $350 Bn.
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1.3 India’s GDP Figures (Indian economic survey-2022-2023 and IMF report)
 India is the world’s 6th largest economy (nominal GDP), and 3rd largest by
Purchasing Power Parity (PPP).
 Due to the Covid pandemic, India’s economy suffered during 2020, with
the current GDP witnessing a negative growth of ~1 percent.
 India's GDP growth is poised to remain robust in FY24.
 Economic growth to be boosted by the expansion of public digital
platforms and measures to boost manufacturing output.
 In the year 2021, the GDP grew ~9 percent year on year, overcoming pre-
Covid levels and it is expected to grow at a 9.4 percent CAGR during the
current year 2022-27.
 India’s real GDP is expected to grow at 7.4 percent in the year 2022.
 India’s Per capita income has almost doubled to Rs.1.97 lakh (US$ 2,400)
in the last ten years.
2. Background
The robust evolution of the retailing landscape has challenged retailers to operate
in a highly dynamic and customer-driven and owned market. They are expected
to continuously adapt to the changing and evolving expectations of consumers in
order to retain them.
From the times of Industrial Age departmental stores to modern-day multi-
channel, ubiquitous marketing environments, the evolution and rise of retail
business continue to change drastically still the concept where a customer is given
top-most priority with the famous adage “customer is king” seem to persist. We
will learn the evolution of retail through the parameters of convenience while the
shopping and marketing approaches are being deployed,
2.1 Convenience
Retail as an organized industry initiated in the 18th and 19th centuries with
the rise of covered markets, specialty shops, and departmental stores. The
concept of catalogues gave the opportunity to shop from home for the first
time in the late 1800’s. When their catalogues arrived. In the 1990’s, retail
stores allowed consumers to view and buy items through online. Earlier, this
was seen with doubt and avant-garde concept, however, online retail has
now evolved into a vital channel. The concept of e-commerce grew in the
early 2000’s, retail wars looked upon as brick-and-mortar shops against the
evolving online retailers. The ensuing battle has long since ended, as most
retailers now deploy cross-channel retail strategies to reach targeted
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customers both online and in physical modes. In fact, with the concept of
hybrid technology where consumers no longer perceive a distinction
between online and offline shopping. Shopping has become ubiquitous, and
people are able to use smartphones to complete transactions in the moment,
whenever they are required to make a purchase. The availability of product
information and online reviews, and shopper and attitudes now-a-days have
been influenced accordingly. Retailers can now customize their product
offerings based on the knowledge of a customer’s location and mobile
device. This facility allows retailers to provide offers that are best suited to
the customer. Retailers who use Omni-channel retail strategies to use this
data effectively are able to deliver relevant and useful suggestions to the
customers.
2.2 Marketing
At the onset retail marketing was limited to signage and packaging, During
the Industrial Revolution, merchants started using direct mail, catalogues,
and sometimes salesmen to increase awareness among the customers. The
concept of ‘celebrity marketing’- was being practised by giving products for
free to members of the nobility in order to receive publicity and raise the
product’s prestige. With the evolution of the retail market, retailers stressed
upon the 4Ps concept – Product, Price, Place, and Promotion, to sell their
products. Apart from it retail marketers also used their personal credibility,
and goodwill to get customer loyalty which in turn helped them to
understand more about the customers. Elements of marketing
communications like Billboards, and Magazine ads were deployed.
Senco Jewellers, Haldiram, Ganguram to name a few shops from different
fields used their credibility to establish rapport with the customers.
In modern-day big data is driving changes in the way retailers’ approach
consumers today. The use of data with customer preference information
through CRM, demographics, and location data empowers retailers to
mitigate large customer segments into relatively smaller segments.
Segmentation of customers has facilitated retailers to create Omni-channel
retail strategies, with more targeted and precise advertising that caters to the
needs and experiences of targeted segments. Customers are empowered with
useful and actionable information about products, pricing, and competition,
and they also want retailers to know them as well.
Some merchants are also using their data for cross-selling, which results in
more successful email marketing through targeted product recommendations
and retargeting.
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3. Objectives of the Study


3.1 To highlight the new avenues of retail.
3.2 To identify the drivers influencing consumer purchase.
3.3 To explore the role of online branding in the retail landscape.
4. Review of the Literature
Retail marketing disruption have been spurred by amalgamations of factors that
have resulted in a change in the marketing environment, a change in the physical
forms and shapes of retailing, given our role as consumer researchers, in a
fundamental change in the consumer experience.
Mobile is of great use in the consumers’ shopping journey. Retailers had to
introduce mobile websites as well as apps to enhance consumer convenience,
experience and create increased engagement. In addition to retailer apps, there are
apps associated with loyalty programs that provide tiered benefits related to status.
(Wang, Krishnamurthy, and Malthouse, 2018).
Poja Sham et al. (2019) stated in their research paper that one resource that e-
retailers are using to provide more individualised services is logistics, which
provides flexible order fulfilment and a range of product delivery alternatives. One
of the services which shoppers find attractive in terms of online shopping is last-
mile delivery which includes shipment tracking, in-store pickup, deliveries during
specific time slots, free delivery, and same day delivery.
Online buyers place a great emphasis on flexible and quick deliveries. As a result,
it has been shown that online customers place a high value on last-mile delivery.
PwC´s Global Consumer Insight Survey (2018).
Kleinlercher et al. (2018) studied the effects of integration of information by
considering the retailer’s online website as a source of information hub about the
store. They examined how this integration affects channel switching to the store
and highlighted that these effects depend on the type of information cues. It also
stressed the fact that online medium is required to attract customers even to
physical stores.
Modern-day customers are holding the retailer responsible and are expected to be
apt in customer care. It is due to the fact they are empowered with the required
information (Liu 2018).
One of the features of the smartphones is the capability they provide shoppers to
enter and update a digital shopping list (now-a-days they use WhatsApp to make
the purchase list) Huang and Yang (2018) examine how traditional handwritten
shopping lists differ from that of digital lists.
Across three studies, their research identifies three key in-sights.
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 First, they find support for their prediction that paper shopping lists include
more products than digital shopping lists and that the products on paper
shopping lists are generally less hedonic than those on digital shopping lists.
 Second, the authors find that shoppers with a paper shopping list made more
planned purchases than those with a digital shopping list.
 Third, digital list shoppers made more unplanned purchases than paper list
shoppers.
5. Literature Gap
From the above literature review, it has been identified that the above researcher
have not thrown much light on the evolving newer market that comes under the
ambit of retailing. Moreover, the drivers of modern-day retailing like the
application of smartphone and online brand community has not been discussed in
an elaborate way by the above researcher. Therefore, this paper attempts to
highlight and discuss in detail the above gap in the evolving retail scenario.
6. Research Methodology
We have ensured to highlight the data as and when we mention any facts or our
view points. We have totally relied on the authentic secondary data being
published by reliable sources.
7. Key Drivers in the Evolving Retail Landscape
7.1 Smart Phone and Retailing
In today’s context, the retail customer experience should be seamless while
shopping online, visiting a store, or resolving any issue. We can see that all of
these channels diligently involve smartphone to varying degrees; sometimes
while customers go for price comparison or to check product reviews, go for
purchase using an e-wallet, or receive personalized promotion offers via SMS
or through different social media channels. With the usage of smartphone,
customers are laden with more information. Retailers can now be more
relevant and personalised, which will enhance both the website and in-store
purchasing experience. This includes knowing the customer's location in real-
time and reviewing recent purchase history.
Smartphone penetration: Indian Context (Global Statistics)
 45 percent of consumers use their smartphone for price comparisons, and
65 percent of consumers have concerned apps on their phones.
 It is estimated that almost forty-seven population of our country is
equipped with internet facilities.
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 It turns out to be a whopping six hundred and fifty-eight million internet


subscribers.
 In the year 2022, the active internet users through smart phone have
reached up to six hundred and one million.
 It is estimated that the annual internet user growth rate is close to 5.4
percent.
 It is also learnt that an average Indian spends around seven hours and
nineteen minutes on the internet.
 Smartphone penetration is around 46.5 percent.
 The given average broadband speed of the internet is around 47.40 Mbps,
which is a sharp 32.1 percent rise if we compare with the earlier year
(2021).
 Internet speed on smartphone is close to 15Mbps. It is 56 percent more if
compared to the previous data.
 The estimated number of mobile connections in India is close to
humongous 1.14 billion.
 As per the report, almost 82 percent of our population have got mobile
connections which makes the market one of the largest and most lucrative
in the world.
 Out of all the mobile connectivity we have close to 77.1 percent of
customers having broadband connectivity.
 The total number of mobile apps being downloaded is around 26.69 billion
In order to mitigate some of the problems being faced by the customers
and also to help retailers address the growing customer’s aspirations in
order to improve in-store experiences, there are some notable areas where
Smart phone can spur differentiation and value.
7.1.1 Empowering Sales Associates
Equipping internal employees with modern internet technologies,
it would enable retailers to improve productivity, customer care
service, and merchandising.
By leveraging internet-enabled smartphone capabilities,
salesperson can provide better, and customised service through a
plethora of means; such as the ability to check availability and
locate the product for customers in a real time, or to leverage
customer data to cater to customer preferences.

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7.1.2 Use of AI to Facilitate Seamless Activities


The usages of intelligent cognitive systems can take retail data
analytics to increase the customer experience. Using natural
language processing and machine learning algorithms, AI would
help make important decisions using vast volumes of fast-moving
big data.
Cognitive systems learn from each customer interaction to
facilitate a real-time integration of digital and in-store physical
customer experience.
7.2 C2C: Emerging technology and wide usages of e-commerce avenues have
influenced the development of unique types of online business communities.
One of the newer types of retailing that has emerged is C2C retail which is
hailed as consumer-initiated platforms or communities where people with
requisite needs and the supplier come together to facilitate the exchange.
(Armstrong Soule and Hanson 2018) opine that these sorts of communities
are managed by the consumer and are apart from other C2C (consumer-to-
consumer) exchanges because of the stress on a single-brand versus multi-
brand platform.
Armstrong Soule and Hanson (2018) also examined this evolving trend of
retailing in which the customer plays the dual role of seller and buyer as well.
Some of the examples of C2C are Quikr, olx, Myntra, and Flipkart.
Besides we have many unorganised and fringe players which have marked
their presence through social media platforms.
C2C total revenues would be around 15 billion in 2023 US $ from 9 billion
US$ in 2017 with a CAGR of almost 70 percent (Consultancy firm Zinnon-
2019).
Following are the benefits of this brand community which has changed the
very course of retailing.
 It has given a gateway of brand building exercise.
 The brand engagement has touched a new height.
 Personalized communication has given rise to customisation.
 Feedback is received instantly and hence grievance redressal or customer
care is customer oriented.
 Marketing communication has become cost effective which in turns
facilitate the low cost with a good quality.

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7.3 New Market under the Umbrella of Retail


Earlier Brands have relied heavily on retailers to sell their products to
customers. Retailers due to the compelling reason could not promote much
since they had other products to sell also. Brands had very little opportunity to
be promoted or pushed by the retailers. With the advent of website brands.
Many companies like Nyka, have managed to generate good brand awareness
which is reflected in the market share that they have garnered.
Nyka, net sales was 300 million. (ecommercedb)
Companies like Zomato, Swiggy gofers, etc. have prospered and can be
termed as a retail company since they are catering to the end customers.
Online grocery
Online food delivery value rose from $4.82 billion in revenues in 2017 to
$27.47 billion in 2022. By the end of 2027, it is expected to reach $71.62
billion. (indmoney.com)
In the year 2022, online grocery in the Indian market attained a value of nearly
USD 4.8 billion.
7.4 Population Demographics and Middle-Class Aspirations
The ever-increasing middle-class population and many unexplored retail
markets in India are the main alluring factors for the retail market to grow. The
urban Indian consumer's purchasing power is increasing, and branded products
in the clothing, cosmetics, footwear, jewellery, watches, beverages, and
culinary categories, and even jewellery are gradually evolving into business
and leisure that are well-liked by the urban Indian consumer. India's retail
industry is anticipated to grow to a whopping US$ 2 trillion in value by 2032,
(Boston Consulting Group BCG, 2022).
One out of every three Indians belongs to “middle-class population" in India
with income between Rs 5 lakh and Rs 30 lakh per annum. This number is
expected to double by the end of 2047, thus having two out of every three
Indians placed in the category.
It is anticipated that between 2021 and 2022, the percentage of people in the
middle class will increase from 14 percent in 2004–05 to 31 percent. (PRICE
report, 2022). Hence by 2047, the Indian income pyramid will have a huge
number of the middle class.

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Retail Market Size in US$ in Billion


1600
1407
1400
1200
1000 883
Size

800
600
400
186
200 89
0
FOOD and groceries Lifestyle Electronics Others
Item

2019 2020 2026 2030

Source: Indian Brand Equity Fund, 2022

Figure 1:- Retail Market Size in US$ in Billion

Indian E-commerce Market in Billion $


140
120
100
Billion $

80
60
40
20
0
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Year

billion $

Source: Indian Brand Equity Fund, 2022

Figure 2:- Indian E-commerce Market in Billion $

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9. Key Take Aways


 Rise of C2C business models.
 Increased use of the internet and smartphone abetted the growth of retail.
 Future of retail lies in customisation which is quite plausible with the use of
technology.
 Middle-class population is increasing with an increased aspiration.
 Online branding has spurred the growth of retail since it has given new wings
to the company where they are no longer totally dependent on their retail
intermediaries.
 Distance between the company and the end customer is decreasing.
 AI would help predict the customer’s customised needs.
 Many new industries are coming under the ambit of retailing like online food
grocery and food deliveries.
10. Conclusion
The Indian retail industry is going through a radical change. We have the
availability of digitally naïve customers who are willing to make purchase
decisions provided their need is met in terms of product attributes and
convenience. As technology evolves and customers continue to become
comfortable shopping online, online branding will continue to prosper. It is also
learnt that; marketplaces continue to drive the majority of the e-commerce order
volumes. Newer avenues of retail also enjoy consumer trust, with faster deliveries
that has led to a great consumer experience. The emergence of artificial
intelligence has allowed the retailers to develop a marketing strategy that can give
insight to consumers with personalized, customized retail offerings. One of the
major changes in a retail industry involves the ability of customers to shop across
online/offline channels, and as a result, retailers are able to have many touch
points with shoppers. We have also seen that the online community has
democratised the processes and has empowered customers with product and
service information. The rise of the middle-class population enabled with
smartphone and data abundance has positively impacted the newer avenues of
retail Industry. Retail Industry growth would resemble the growth of the middle-
class population, internet growth, technological advancement. Indian retail
industry with new wings is going to grow along with the countrymen and women.

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11. Suggestions
 Payment interface should be made robust.
 Tier 2 and tier 3 cities have great potential; hence efforts should be given to
improve the technological infrastructure.
 The future lies in customisation which could be more effectively reached with
the diligent application of AI and data analysis.
 C2C retail should be patronised since it would give rise to Homepreneurs.
 Retail players must offer integrated sales channels to give a seamless
customer experience.
 Retail marketing is going to move around speed and convenience hence the
players should be facilitating on these parameters.
12. References
1. Agarwal, V., & Mishra, S. (2008). Role of Retailers in Reducing Inventory
and Improving Customer Satisfaction: An Empirical Study of Consumer
Durables. Indian Journal of Marketing, 38(9).
2. Baseer, A., & Prabha, G. L. (2007). Prospects and Problems of Indian
Retailing. Indian Journal of Marketing, 37(10).
3. Bhatnagar, G. (2004). Retail Revolution. Indian Journal of
Marketing, 34(11).
4. Bijmolt, T. H., & Verhoef, P. C. (2017). Loyalty Programs: Current Insights,
Research Challenges, and Emerging Trends. Handbook of Marketing
Decision Models, 143-165.
5. Economic Survey of India.(2022).India's Internet Data Usage Shoots Up to
14.1 GB per month,Inc42.
https://inc42.com/buzz/indias-internet-data-usage-shoots-up-to-14-1-gb-
per-month/
6. Fan, L., & Jiang, Y. (2018). Don’t surprise me: how Social Relationships
Shape Consumers’ Attitudes toward Probabilistic selling. Journal of the
Association for Consumer Research, 3(3), 440-450.
7. Green, D., & Harney, M. (2017). More Than 8,000 Store Closures were
Announced in 2017—Here’s the Full List. Business Insider.
8. Lee, L., Inman, J. J., Argo, J. J., Böttger, T., Dholakia, U., Gilbride, T., &
Tsai, C. I. (2018). From Browsing to Buying and Beyond: the Needs-
Adaptive Shopper Journey Model. Journal of the Association for Consumer
Research, 3(3), 277-293.

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9. Lemon, K. N., & Verhoef, P. C. (2016). Understanding Customer Experience


throughout the Customer Journey. Journal of Marketing, 80(6), 69-96.
10. Liu, P. J., Dallas, S. K., Harding, M., & Fitzsimons, G. J. (2018). The Sales
Impact of Featuring Healthy Foods, Indulgent Foods, or Both: Findings from
a Large-Scale Retail Field Study. Journal of the Association for Consumer
Research, 3(3), 346-363.
11. Soule, C. A., & Hanson, S. (2018). Buying Unicorns: The Impact of
Consumer-To-Consumer Branded Buy/Sell/Trade Communities on
Traditional Retail Buying Behavior. Journal of the Association for Consumer
Research, 3(3), 260-276.
12. Vakulenko, Y., Shams, P., Hellström, D., & Hjort, K. (2019). Online Retail
Experience and Customer Satisfaction: The Mediating Role of Last Mile
Delivery. The International Review of Retail, Distribution and Consumer
Research, 29(3), 306-320.

132 IJRBS June I 2023

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