Factors affecting customer loyalty to retailers the case of vinmart+ chain store in hanoi

Lunghwa University of Science and Technology Department of Business Administration Thesis for a Master’s Degree Factors Affecting Customer Loyalty to Retailers: The Case of Vinmart+ Chain Store in Hanoi Researcher: Nguyen Thi Quynh Minh Superviser 1: Dao Tung Supervisor 2: Wen-Zhung Lin November 2018 Lunghwa University of Science and Technology Approval Certificate of Master’s Degree Examination Board This is to certify that the Master’s Degree Examination Board has approved the thesis Factors Affecting Customer Loyalty to Retailers: The Case of Vinmart+ Chain Store in Hanoi published by Ms Nguyen Thi Quynh Minh in the Master Program of Graduate School of Department of Business Administration Master’s Degree Examination Board Board Members: Tsan, Chia-Chi Nguyen Van Dinh Doan Thu Trang Advisor: Dao Tung Chair: Tsan, Chia-Chi Date： 2018／11／24 ABSTRACT Thesis Title：Factors Affecting Customer Loyalty to Retailers: The Case of Vinmart+ Chain Store in Hanoi Pages：65 University：Lunghwa University of Science and Technology Graduate School：Department of Business Administration Date：November, 2018 Degree：Master Researcher：Nguyen Thi Quynh Minh Advisor：Dao Tung, Wen- Zhung Lin Keywords: Customer Loyalty, Chain Store, Vinmart+, Retailing The study aims to assess factors affecting customer loyalty to convenience store The study was conducted with the participation of Hanoi consumers to the Vinmart+ chain store that is a domestic convenience chain store newly involved in the retail market of Vietnam from 2014 but has created a positive image and has been clearly positioned in the customers’ mind Based on the past research on customer loyalty and affecting factors, the author has developed a model for assessing the impact of six independent variables (or affecting factors) including Variety of goods in Vinmart+, Quality of goods in Vinmart+, Service quality of front-office staff, Store image, Price evaluation, and Convenience of the store on the dependent variable, called the customer loyalty With the field research conducted on 223 customers, the results show that all of the six factors studied have a statistically significant impact on the customer loyalty Of the six variables studied, four variables having great impacts on the customer loyalty include Convenience of the store, Service quality of front-office staff, Store Image and Reasonable Prices The other two variables have less impacts The impact is positive with out of variables studied except a variable of Variety of goods This result is explained by the fact that given the convenience store model, if there are too many goods displayed, this will make the store too narrow and it will take customers a lot of time to find out, compare goods of competing brands This will make customers time-consuming, i.e reducing the convenience of shopping The results of the descriptive statistics analysis also show that the customers have made quite high appreciation on the research criteria in the model and the customer loyalty to the store The factor underestimated by customers is the variety of goods Based on the research results recommended, the company has been able to improve the key factors of the convenience chain store to enhance the customer loyalty ACKNOWLEDGEMENT I sincerely thank and Doctor Tung Dao from International School, Vietnam National University Hanoi, Vietnam and Professor Wen-Zhung Lin from Lunghwa University, Taiwan, for their precious guidance and helps during the writing of the thesis My sincere thanks also go to participants to my survey at Vinmart+ chain store in Hanoi for their valuable cooperation, without it the thesis could not be completed Thank you! Author Nguyen Thi Quynh Minh TABLE OF CONTENTS ABSTRACT ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES AND FIGURES Introduction 1.1 Reasonal for choosing the research topic 1.2 Research objectives and research questions 1.2.1 Research objectives 1.2.2 Research questions 1.2.3 Objects and scope of the research 1.3 Reseach methods 1.4 Thesis Structure Literature Review 10 2.1 Nature, characteristics and roles of retailing 10 2.1.1 Nature of the retailing, distinction between retailing and wholesaling 10 2.1.2 Characteristics of retailing and stores (point of sales) 12 2.2 Retailing by chain store format versus traditional retailing format 13 2.2.1 Characteristics of chain store format 13 2.2.2 Advantages and desavantages of chain store format 14 2.2.3 Development of modern retail (by chain store) in the world and in Vietnam15 2.3 Overview of the shopping behaviors at chain store format 16 2.3.1 Magasin – A multifacette reality from customer’s view .16 2.3.2 Customers’ shopping motivation 17 2.3.3 Store selection process 18 2.4 Customer loyalty to chain store and its antecedents (affecting factors) .19 2.4.1 Concept of customer loyalty 19 2.4.2 Main factors affecting customers’ loyalty in retailing 20 3.Research model and methodology 25 3.1 Research model specification .25 3.1.1 Research Model: 25 3.1.2 Research Hypotheses: 25 3.2 Research methodology .26 3.2.1 Data Collection Questionnaire 26 3.2.2 Data sources, Sampling method and data collecting techniques 28 3.3 Data Analysis Methodology .28 3.3.1 Scale Reliability Measurement Method .28 3.3.2 Multiple regression method 30 Assessment of independent factors’ impact to customer loyalty to Vinmart+ chain store 32 4.1 Overview of Vinmart+ chain store .32 4.1.1 Vinmart+ chain store 32 4.1.2 Vinmart+’s target customers and brand positioning .33 4.1.3 Presentation of the variety of goods/ product range .35 4.2 Research findings on the impact level of affecting factors to customer loyalty 35 4.2.1 Sample description 35 4.2.2 Assessment of measuring scale 38 4.2.3 Research findings 42 Conclusion and recommendations to enhance customers loyalty at Vinmart+ chain store 48 5.1 Orientation of development of Vinmart+ chain store 48 5.2 Solutions to increase customer loyalty at Vinmart+ chain store 48 5.3 Limitations and Future Research .52 REFERENCES 53 APPENDICES 56 LIST OF TABLES AND FIGURES No Name Page Table 3.1: Measurement scales description 22 Table 4.1: Sex composition of the sample 31 Table 4.2: Age composition of the sample 32 Table 4.3: Family situation of the sample 32 Table 4.4: Occupation status of the sample 33 Table 4.5: Education level of the sample 33 Table 4.6: Income structure of the sample 34 Table 4.7: EFA results of the independent variables 35 Table 4.8: Alpha Cronbach EFA results of the independent variables 37 10 Table 4.9: EFA results of the dependent variable 37 11 Table 4.10: Alpha Cronbach result of the dependent variable – 38 Customer loyalty 12 Table 4.11: Descriptive statistics of the studied variables 39 (independent and dependent) 13 Table 4.12: Results of the multi-regression analysis between 40 dependent variables and dependent variable 14 Table 4.13: Model fit results of the regression model 41 15 Table 4.14: Results of the hypothesis test 42 16 Figure 3.1: Research Model 20 1.INTRODUCTION 1.1 Reasonal for choosing the research topic The development of the retail sector in Vietnam has been increased during the last years, and the competition among retailers is more and more tough The important question faced every retailer is that how to to get customer loyalty against the increasing competition from competitors Among the important brand names in retailing in Vietnam, Vinmart+ has actually a strong image and a fast grow for a short time from its coming to market (2014) Vinmart+ has now around 850 outlets in the region of Hanoi and provinces around Hanoi The chain store has a big success in attracting a high number of customers during a short time, but for a substainable development the chain store must make effort to retain them for a long time By having a strong interest to this field and sound knowledge about Vinmart+ chain store, I have choosen to investigate the customer loyalty and its impact factors for my research The research title is “Factors Affecting Customer Loyalty to Retailers: The Case of Vinmart+ Chain Store in Hanoi” 1.2 Research objectives and research questions 1.2.1 Research objectives The research aims to (1) understand and identify factors that affect the customer loyalty related to chain store choice, and (2) Estimate the influence level to the customer loyalty of each studied factor From the evidence of the findings, the research will suggest appropriated solutions to the Vinmart+ to keep and improve customer loyalty The research is limited to the case of the Vinmart+ chain store - a new brand in the sector of retail of FMCG (Fast Moving Consumer Goods) in Vietnam 1.2.2 Research questions The study aims to respond to three research questions: (1) By reviewing the related literature, what are the factors that affect the customer loyalty to a retailer? (2) In the context of Vietnam, what factors are important and having significant influence on customer loyalty to a retailer / to a chain store (the case of Vinmart+ chain store)? (3) What solutions could be undertakened by Vinmart+ to get the loyalty of its customers? 1.2.3 Objects and scope of the research Objects of research: Research focuses on studying main objects including (1) Customer loyalty to a chain store, and (2) factors affecting customer loyalty (such as Quality of goods; Reasonable store size for customer time saving; Variety of goods (or product range); Store design, decor and atmosphere; Reasonable price; Service quality of front-office staff; Store image; etc) Scope of the research: Due to limited research time, and the fact that this research is applied one, it will be implemented at Hanoi region, and refering to Vinmart+ chain store that sells FMCG products Concerning the customers who will be surveyed, because of the fact that present research consists of studying the impact level of independent factors (i.e service aspects) to customer loyalty to Vinmart+ chain store, data will be collected from customers having experience in shopping at Vinmart+ chain store in Hanoi They are aged from 18 years old and above, working in different fields/sectors, belonging to different social classes in Hanoi 1.3 Reseach methods In order to achieve the stated objectives, two main methods will be used: analysis of qualitative secondary data, and analysis of quantitative primary data from survey (empirical and quantitative research) Analyzing secondary data is often the first step of the research process that helps identify variables used in the research and understand their theoretical nature It refers to the literature review of past research on the topic in + 0.253*Store Image + 0.239*Store Pice + 0.156*ProductQuality - 0.105* Variety of goods According to this findings, the two factors having the strongest impact to customer loyalty are the store convenience and the service quality of front-office staff The next two are Store Image and Store Price variables (price and promotion frequency, customer care program) The two variables has the lowest impact level, but its impact still being statistically significant, including the quality and reliability of the goods, and the range of products sold in Vinmart+ Among the independent variables, all effect is in the favorable direction, except the Variety of goods variable This variable has the opposite effect on customer loyalty variable This result is consistent with the reality as customers always want to have a variety of goods for selection, so a store with few items will affect their loyalty at some level However, with convenience chain stores of small area located in residential areas, this requirement can not be met In fact, consumers may not be quite satisfied with the variety of goods sold in the convenience stores, but other features will offset the limitations of this feature of the store In terms of the overall quality of the regression model, the results in the following table show that: Table 4.13: Model fit results of the regression model Model Summary Model R Change Statistics Adjusted a 644 R R Std Error of R Square Square Square the Estimate Change 415 399 77534207 415 Sig F F Change 25.548 df1 df2 Change 216 a Predictors: (Constant), Reasonable price, Store.Convenience, Product.Quality, Product.Range, Store.Image, Service.Quality of Front-Office Staff Six independent variables explain 41.5% variability of customer loyalty variable In addition, indicators related to multicollinearity testing between independent variables indicate the non-existence of multiplication Specifically, the correlation coefficient between the six independent variables is low, and the Condition Index values are much lower than the threshold value of 15 (threshold value where the multi-collinearity is considered being noted) 45 000 Thus, it can be concluded that all six independent variables have a significant impact on the dependent variable (customer loyalty) and the regression model is of good quality The table of hypothesis testing results: Table 4.14: Results of the hypothesis test No Hypotheses Test result Hypothesis 1: The variety of goods displayed in the Rejected convenient chain store has a positive effect on the customer loyalty Hypothesis 2: The quality of goods displayed in the Accepted convenient chain store has a positive effect on the customer loyalty Hypothesis 3: The policies on reasonable price of the Accepted convenient chain store has a positive effect on the customer loyalty Hypothesis 4: The service quality of front-office staff has a Accepted positive effect on the customer loyalty Hypothesis 5: The store image has a positive effect on the Accepted customer loyalty Hypothesis 6: The convenience of the store has a positive Accepted effect on the customer loyalty Chapter Summary Chapter presents the main results of the analysis of the study The research sample consists of 223 customers with a similar structure to the target customers of Vinmart+, and being highly representative with a various structure of their age, gender, income and occupation The results of assessment of measuring scale show that, despite the use of measuring scales from foreign studies, the quality of these measuring scales are appropriate in the context of the present study The results of the data analysis have been sketched the customers’ assessment of variables, regarding both the current customer loyalty rate and the factors affecting to the loyalty 46 The results from the analysis of the relationship between the influencing factors and the dependent variable show that all six variables have statistically significant effects on the dependent variable (loyalty), of which 5/6 variables have positive influence, and one variable has the negative effect (Variety of goods) The results also show that 5/6 hypotheses are accepted 47 5.CONCLUSION AND RECOMMENDATIONS TO ENHANCE CUSTOMERS LOYALTY AT VINMART+ CHAIN STORE 5.1 Orientation of development of Vinmart+ chain store The orientation of the Vinmart+ chain store in the near future in Hanoi market is to continue to affirm their prestige, position and image in the feeling of customers The fast growth in the past was a success, but maintaining the relationship with customers in the long period would be actually an important goal Thus, maintaining a positive image and enhancing customer loyalty of the Vinmart+ chain store is an important task to ensure sustainable development and also to fight growing competition in this field 5.2 Solutions to increase customer loyalty at Vinmart+ chain store According to the findings of the study, the overall level of customer loyalty among respondents was quite high (3.80) and the dispersion of answering value of the sample was relatively low (0.67) It can be said that at the time of research, customers are appreciating highly and intend to continue using the service However, when looking into the detailed analysis of the research results, there are some items evaluated at a lower rate by the customers than the general criteria This indicates that to maintain and improve the customer loyalty, the company should note the following points: Firstly, increasing the convenience for customers when shopping: The results of multiple regression analysis show that this is the most significant variable affecting customer loyalty among the six variables (regression coefficient = 0.361) This shows that to increase the loyalty of customers with stores, it is necessary to maintain and enhance the convenience of customers 48 Currently, the strength of Vinmart+ is that there are large stores located in residential areas, which is the most important factor to limit the space distance and create convenient for customers However, as mentioned in the above analysis, the convenience also depends on the convenience services accompanied and the ability to manage operations and sales processes to ensure the most convenience for customers Specifically, among the three main aspects of convenience in field research, two highly appreciated criteria are convenient store location and fast and convenient payment process (Mean > 0.4 on the scale under 5) However, the supporting services to facilitate the convenient for new customers stops at an average level (mean = 3.7) at the customers’ assessment Therefore, the stores need to maintain the payment process and further enhance their services to improve customer convenience The services include parking, and taking the vehicles out of parking area, guiding and/or assisting customers in taking goods, providing information of goods and other customers’ requirements Secondly, continue to maintain and improve the service quality of front-office staff: The research results indicate that the service quality of front-office staff plays a very important role in improving customer loyalty This factor has the second highest level of impact after the convenience variable according to the results of the multiple regression model And the description statistical analysis results in Table 4.10 show that the customers evaluate all three aspects of the service staff (Willing to assist customers, the goods enough to serve the customer quickly, The courtesy of staff) at 3.7 on the scale under This result is just above average Therefore, the store needs to improve the staff capacity in both quantity and quality Specifically, as indicated by studies, the attitude toward work and customers, willingness to counsel and assist customers, respect customers, and always smiling are important skills that all staff need to have in order to satisfy and loyalize customers, especially when the store has chosen to build its image as a chain store with characteristics of Vietnam as friendliness and modernity Thirdly, improve the image of the chain store: The store image in customer's eyes is also an important factor positively influencing the customer loyalty The result of multiple regression analysis reveals that 49 this variable has the third greatest influence (correlation coefficient of 0.25) on customer loyalty after two variables: Store Convenience and Service quality of frontoffice staff The results of statistical analysis in Table 4.10 also show that among the three criteria for measuring customers’ perception of the store image, the two factors of good image in customers’ eyes and store modernity are assessed at 3.7 by customers on the scale under This assessment rate is also above average but not really high Particularly, the factor "Vinmart+ is more highly appreciated than other stores" is assessed at low rate of 3.27 This suggests that if the Vinmart+ image is evaluated independently, the store image is judged reasonably well, but compared to other chain stores, this image is not really prominent Therefore, the company needs to maintain and further develop the store image, especially in the context of fierce competition with the presence of numerous new beautiful and modern chain stores Fourthly, continue to maintain and further strengthen the benefits for customers through promotions, discounts, gifts to keep the customers: The research results also show that the customer's assessment of the store selling price also has a positive and meaningful effect on customer loyalty This result is also consistent with the fact as customers often purchase daily fast food and consumer goods so understand the price of goods A small difference of the price but with large volume of purchase and frequency of purchase, the difference in cost to consumers is not small And most of the customers are interested in the price of these goods The results of the descriptive statistics analysis show that the customers satisfy and evaluate the company's applied price at reasonable level So, the company needs to maintain and strengthen the promotion so that the customers always feel a competitive price However, it is important to note that according to the common feeling of customers, a lower price is sometimes not a good choice as generally the price should be consistent with the location and overall image of the store High prices also create a positive impression from customers about the quality of goods So, the company should be cautious in pricing policy One of the reasonable solutions is that the company should maintain competitive or slightly higher posted prices than that of competitors, but in parallel with promotion programs such as gifts or direct discounts for large 50 volume of purchase, accumulate points or other forms of gratitude The policy on posted low-price should not be applied because of the risks both in location and in a price fighting Fifthly, increase the group of food products to enhance their own mark and always affirm the image of goods quality: The goods quality of the store is highly appreciated by customers, and this is also a factor that has a positive influence on the customer loyalty And the store is now also the only place to provide clean fresh food produced by VinEco itself This is both a characteristic and also positive to affirm the good image of goods quality at Vinmart+ So, the company needs to maintain and promote this product line Finally, research and improve the structure of products sold at the supermarket towards expanding the types and lines of products sold in supermarkets: The results of descriptive statistical analysis of this variable indicate that this is the variable assessed by customers at the lowest rate among research variables (Mean = 3.37) This result shows that customers still believe that the products sold in Vinmart+ chain store are not diversified However, the results of the regression analysis indicate a significant but negative relationship between the Variety of goods and the Customer Loyalty At the first impression, it seems that these two results are opposite, but after analyzing the positioning of the Vinmart+ as convenience chain store, this result is suitable Indeed, convenience stores are often small and located near residential areas So, one of the benefits sought by customers when shopping here is to minimize the cost of time Thus, if the store sells so many different types of products with many brands and categories in a type of product, the customers will find it difficult to select and more tired due to the limited area of the store Therefore, this relationship shows that to increase the customer loyalty, the stores should not expand the type and number of brands for each type After combining the research results, the business should: Maintain a wide range and type of products at a reasonable rate with location, target customer and store space Research and add on types of goods demanded by numerous customers, which other chains not have 51 Monitor and replace low-selling goods Maintaining these products or brands only loses the display area, wastes customers’ time to select goods It is also important to ensure that the goods are always available in stock to minimize the lack of goods when customers seek to purchase 5.3 Limitations and Future Research Despite the author’s efforts in designing the research, in collecting and analyzing data and in analysis, some important limitations exist The first limitation relates to sample size Although the sample size of 223 seems appropriate to draw statistically significant conclusions, further research could extend the sample to confirm the research findings Secondly, the results showed that only 41% of the variation of Customer Loyalty (dependent variable) is explained by the six independents variables – impact factors - in the research model This means that 59% left of the variation of Customer Loyalty variable is determined by unknown variables/factors Thus, future research could be done to identify other significant factors that may influence customer loyalty to a store, and to investigate the degree of influence of theses Finally, the research only relates to Vinmart+ chain store, further research could investigate other chain stores or other retailing format for example the traditional independent store format to examine the relationship between customer loyalty and its antecedents Chapter Conclusion Based on the results obtained from field research and the Vinmart+ chain store’s development orientation, in this chapter 5, important recommendations have been made to help managers enhance customer loyalty to Vinmart+ chain store Limitations of the research and suggestions for future research have been discussed 52 REFERENCES Babakus E., Bienstock CC., Van Scotter JR (2004) Linking perceived quality and customer satisfaction to store traffic and revenue growth, Decision Sciences, Wiley Online Library Beneke, Justin; Zimmerman, Natalia (2014) Beyond private label panache: the effect of store image and perceived price on brand prestige, Journal of Consumer Marketing, vol 31 Issue 4, p301-311 Bloemer J, De Ruyter K, Peeters P (1998) Investigating drivers of bank loyalty, the complex relationship between image, service quality 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Q1 Vinmart+ stores have the types of products suitable to me Q2 Vinmart+ stores ensure all products are always available on the counter at stores Q3 The types and brands of goods sold at Vinmart+ 56 stores are reasonably selected appropriate to customers II Could you please rank the level of quality of goods at Vinmart+ stores that you know? Q4 The quality of goods in Vinmart+ stores is always guaranteed Q5 Vinmart+ chain store is willing to commit the quality of goods to consumers Q6 Products sold in Vinmart+ stores have better quality than those in other stores III Could you please rank the level of price appropriness of goods sold at Vinmart+ stores that you know? Q7 The selling price in the Vinmart+ chain store is more attractive than that in other chain stores Q8 I find the price correlation/quality of products sold in Vinmart+ stores quite reasonable Q9 I am satisfied with the general price of goods sold in Vinmart+ IV Could you please rank the level of staff’s service quality at Vinmart+ stores that you know? Q10 The sales staff of Vinmart+ are very polite Q11 The Sales staff are always willing to assist customers during the purchase of goods and payment process Q12 The number of staff in the store is always enough to assist customers when needed V Could you please assess the image of 57 Vinmart+ chain store? Q13 Vinmart+ stores are better evaluated than other chains and other stores Q14 Vinmart+ chain store is a modern one Q15 Vinmart+ stores developed a good image in customer mind VI Could you please rank the level of convenience while purchasing at Vinmart+ stores? Q16 Vinmart+ stores have good location Q17 The payment process is fast and convenient Q18 The stores have numerous supporting services which make the purchase of customers in stores more convenient VII Could you please let us know your intention to purchase at and your support for Vinmart+ stores in the future? Q19 I will continue purchasing goods in Vinmart+ stores in the coming time Q20 I will purchase more in Vinmart+ chain store in the coming time Q21 I will introduce Vinmart+ chain store to my friends and relative for their purchase of goods III PERSONAL INFORMATION Please could you let us know a little bit about yourself? Sex: 1) Male 2) Female Age: 1) Under 18 3) From 25 - 34 5) From 45 - 54 2) From 19 - 24 4) From 35 - 44 6) More than 55 58 Family 3) Maried with children under 18 Situation: years old 1) Single 4) Maried with children more than 2) Maried with no children 18 years old 5) Other Occupation: 1) Bussiness 2) 3) Students Teacher, 4) Freelancer 5) Employee 6) Other Gouvment officials 1) Under Bacalaureat 3) Graduate Education: 2) Bacalaureat 4) Postgraduate Revenu 1) Under millions VND 4) From 15 to under 20 millions (total revenue 2) From to under 10 VND from all millions VND 5) Upper 20 millions VND sources): 3) From 10 to under 15 millions VND THANK YOU FOR YOUR COOPERATION! 59 ... TO ENHANCE CUSTOMERS LOYALTY AT VINMART+ CHAIN STORE 5.1 Orientation of development of Vinmart+ chain store The orientation of the Vinmart+ chain store in the near future in Hanoi market is to. .. Assessment of independent factors? ?? impact to customer loyalty to Vinmart+ chain store 32 4.1 Overview of Vinmart+ chain store .32 4.1.1 Vinmart+ chain store 32 4.1.2 Vinmart+? ??s... choosen to investigate the customer loyalty and its impact factors for my research The research title is ? ?Factors Affecting Customer Loyalty to Retailers: The Case of Vinmart+ Chain Store in Hanoi? ??