Retail therapy: Identifying the phenomenon and applying it to organized retail sector

Abstract

The project aims to identify the phenomenon of retail therapy and how it can be leveraged by the retailers to offer an improved retail experience. This will also help in garnering a higher customer satisfaction. Customer satisfaction is a very important tool which helps businesses gain profitability and sustainability over the years to come. By analysing past literature & secondary research we identified the underlying factors that contribute to retail therapy. These factors were presented in the interim report. In this final report we analysed the factors identified across people in the age group 20-35 years by conducting in-depth interviews and this helped us in gaining insights in a shopper’s behaviour while engaging in retail therapy. Further the interviewees were probed on their preference of various retail formats and store factors that best caters to their needs when engaging in retail therapy. By gathering this information, we analysed the possible steps that the retailers can take to maximize their sales and improve customer satisfaction using the phenomenon of retail therapy. This involves designing offerings to improving shopping experience.