Application of Brand Funnel on Organized Apparel Retailers in Lucknow and Proposing Awareness Visit Matrix (AVM) and Visit Priority Matrix (VPM)
Keywords:
Apparel Retailers, Awareness, Visit, Priority, AVM and VPM.Abstract
Indian apparel market is 6th largest in terms of value worldwide, and is showing impressive compounded annual growth rate (CAGR) as well. The consumer expenditure on apparels is expected to increase year after year.
Various factors like urbanization, booming middle class, increasing fashion aspirations in smaller and sub-urban cities, penetration of organized retail into Tier 3 and Tier 4 cities are contributing to growth of this market. The urbanization (movement of people from rural to urban areas) in search of better job opportunities, enhanced standard of living, access of better facilities, better education for children is also contributing to urban consumption. According to 2011 Census, urban population grew to 377 million showing a growth rate of 2.76 percent per annum during 2001-2011 and the level of urbanization at the country as a whole increased from 27.7 percent in 2001 to 31.1 percent in 2011- an increase of 3.3 percentage points during 2001-2011 compared to an increase of 2.1 percentage points during 1991-2001. (Bhagat 2018).
Another factor contributing to this growth is booming middle class and its increasing consumption on apparels. The emergence of middle class has been widely discussed in various papers (Fernandes 2006; Krishna and Bajpai 2015; Lahiri 2014). It is a lso estimated that per capita expenditure on apparels in expected to reach to INR 6400 by 2023 from 3900 INR in 2018 (Apparel Consumption Trends in India by Wazir Advisors, pg.no 3).
This paper with the help of Brand funnel tries to map the awareness, visits and priority intent of consumers of Lucknow, Uttar Pradesh towards prominent apparel retailers like Fashion at Big Bazar-FBB, Shopper’s Stop, Pantaloons, Globus Fashions, Westside, Max Fashions, Reliance Trends, V Mart and Vishal Mega Mart. The paper presents the position of various retailers on 3 chosen parameters. Data for the study was collected through online interventions like google doc, survey monkey, what’s app etc. Sample size for the study is 240.
The paper proposes 2 matrix namely Awareness- Visit Matrix (AVM) and Visit Priority Matrix (VPM), which may be used by any type of retailers to benchmark and map the performance of their store and can also raise the benchmark with times to make their stores more productive.
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