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Report on Customer Loyalty in Online Shopping
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Added on 2019-12-03
Report on Customer Loyalty in Online Shopping
Added on 2019-12-03
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CUSTOMER LOYALTY DUE TO ADVENT OF ONLINE SHOPPINGAT WATERSTONE RETAIL INDUSTRYACKNOWLEDGEMENT
I am extremely indebted to my mentor, family and friends for providing the required supportwhich was offered to me throughout the successful completion of this dissertation. In this respect,firstly I would like to thank my mentor, for providing me the opportunity to foray this dissertationalong with the needed guidance at each step. Furthermore, I wish to thank my team members forhelping me in the data collection followed by analysis for research in order to achieve relevant resultsfor the dissertation.
ABSTRACT
Table of ContentsCHAPTER 1: INTRODUCTION..........................................................................................................11.1 Background of study....................................................................................................................11.2 Subject area of research..............................................................................................................11.3 Rationale of study........................................................................................................................21.4 Focus and Purpose.......................................................................................................................31.5 Research aims and objectives......................................................................................................31.6 Research question.......................................................................................................................41.7 Scope of research........................................................................................................................41.8 Potential Significance...................................................................................................................4CHAPTER 2: USE OF LITERATURE SOURCES..............................................................................62.1 Introduction.................................................................................................................................62.2 Importance of consumer loyalty and online shopping.................................................................62.3 Four-Stage Loyalty Model............................................................................................................82.4 Factors that influence consumer loyalty while online shopping..................................................92.5 Impact of consumer loyalty after advent of online shopping....................................................132.6 Competitor review of Water Stone............................................................................................142.7 Present strategies of Water Stone.............................................................................................14CHAPTER 3: RESEARCH METHODOLOGY..................................................................................203.1 Introduction...............................................................................................................................203.2 Research Philosophy..................................................................................................................203.3 Research Design.........................................................................................................................213.4 Secondary research...................................................................................................................223.5 Primary research........................................................................................................................223.6 Quantitative approach...............................................................................................................233.7 Data collection method and analysis..........................................................................................243.7.1 Data collection method...........................................................................................................243.7.2 Secondary data collection.......................................................................................................253.9 Limitations of primary and secondary data................................................................................273.10 Validity of secondary data.......................................................................................................283.11 Population and sampling.........................................................................................................283.12 Ethical considerations..............................................................................................................29Sobh, R. and Perry, C. 2006..............................................................................................................50
Table of figures Figure 1 Circle of consumer loyalty......................................................................................................7Figure 2 Four step loyalty model........................................................................................................8Figure 3 Factors influencing customer loyalty.....................................................................................10Figure 4 Integrated model for consumer loyalty..................................................................................14Figure 5 Employee satisfaction and consumer loyalty.........................................................................17Figure 6 Inductive approach................................................................................................................22Figure 7 Deductive research................................................................................................................22
CHAPTER 1: INTRODUCTION1.1 Background of studyConsumer loyalty deals with continuous and repeated investment made by clientswhile looking at the available options and being in tune with the economic activities that areavailable in front of them. It results in added benefits for firm in form of brand promotion,direct referrals and insensitivity to prices (Danaher, Wilson and Davis, 2003). The concepthas gained an importance in the recent times due to changes observed in retail shoppingtrends owing to advent of electronic versions of shopping. As the customers are gettingmature, the quality offered by online shopping is playing a vital role to influence consumerloyalty (Danaher, Wilson and Davis, 2003). It is a known fact that online shopping has madeexperience of consumers hassle free but it is still a matter of debate if there is a change inloyalty or not. This faithfulness can pose a significant impact on profitability of firms (Smith,2002).The concept is practically important for retail stores like Water Stone who have enteredin to the domain of online book selling. The firm has been selling books and providing othere-book services to clients (e-books, 2013). It wishes to focus on changes in consumer loyaltywhen consumers have started purchasing the books online as compared to directly buyingfrom shops. In this regard, it is very essential to find out if clients are still loyal to brands offeredby Water stone on the online sites. Thus it has focused on providing for a more roundedapproach to specialist book buyers (Ahn, Ryu and Han, 2007). The report given below hasput efforts to analyze the role and impact of consumer loyalty on the online shoppingbusiness undertaken by Water stone industry. For this reason, there is a need to develop adeep insight about the online shopping in a step by step manner (Li, Si and Zhao, 2012). Inthis regard, there would be a collection of information on Water stone online shop and theother competitors to develop a brief understanding about the topic. This would help in betterdesigning of strategies to increase consumer loyalty (Consuegra, Molina and Esteban, 2007).Several issues related to given topic will also be made a core part of literature review toidentify the areas of improvement. 1.2 Subject area of research
The given research paper is very crucial for the future success of Water stone retailindustry. It is because of the fact that in present era it is the process of adapting to onlinetechnology which enables any business to reach its objectives. Now days, consumers areraising more demands which is associated with satisfying the needs and wants of consumers(Seiders, Voss and Grewal, 2005). The level of competition particularly in the online bookretailing segment is very high and companies should use strong competitive measures tosurvive. In this context, Water stone retail outlet which has a good brand image in UnitedKingdom needs to upgrade itself by conducting research on prevailing as well as upcomingtrends in consumer shopping habits. By doing so, Water stone retail industry, will be able to act as a benchmark on itsmain competitor being Amazon. As the market environment is ever changing in nature,therefore the firm must understand the changing trends in shopping so as to retain them andmaintain its consumer base. Online marketing strategy is very essential for survival of anorganization (Gee, Coates and Nicholson, 2008). In this regard, it is essential to implement agood one for the purpose of boosting sales, improving financial performance and marketshare as well as maintaining the consumer loyalty (Pitta, Franzak and Fowler, 2006). For thisreason it can be said that the given research is very essential for Water stone to understandingthe impact of customer loyalty due to advent of online shopping.1.3 Rationale of study Different means have been used by firms to boost up the process of repeated salesfrom consumers. This will help to enhance the levels of existing consumer loyalty and alsoplay a role to grab new clients. Consumer loyalty is of great importance to firms as it depictsthat consumers are ready to stick with the products offered by a particular firm even thoughthere is a presence of many options in the market. Accrodsing to marketers, it is the bench ofthese loyal consumers that generate repeated sales and also spread positive word of moothpublicity. They can only be created if clients feel that they are the number one priority of thecompany. In this respect, the online business is all about ordering and sending books on thebasis of demand. Along with this the retail segment is about presence of an informed staffthat helps purchaser in finding the right book, select similar works done by different authorsand returning the books if wrong choice is made (Pitta, Franzak and Fowler, 2006). The report given below has put efforts to analyze the role and impact of consumerloyalty on the online shopping business undertaken by Water Stone industry. For this reason,
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