Explaining the Drivers of Customer’s Perceived Value in the Retail Industry: Thematic Analysis and Shannon Entropy

Customer’s perceived value is a critical factor in understanding consumer behavior and enhancing the shopping experience. In an era characterized by rapid technological advancements and significant shifts in the business landscape, customer experience has emerged as a vital component for differentiation and competitive advantage in the retail industry. Consequently, analyzing the factors that influence customer’s perceived value is of utmost importance. This research aimed to identify and investigate these factors, emphasizing their essential role in shaping perceived value within the retail sector. By doing so, we sought to contribute to the development of effective business strategies in this field. Employing a mixed-methods approach, the qualitative phase utilized MAXQDA software and thematic analysis to extract relevant factors from existing literature. In the subsequent quantitative phase, we prioritized these factors based on insights gathered from 502 customers in Mazandaran Province using Friedman's test, as well as perspectives from 30 marketing experts through Shannon entropy method. Notably, the ranking results from both groups were consistent, with social value emerging as the top priority for both customers and experts. This alignment underscored the significance of social value in shaping customer perceptions and experiences in the retail industry. Overall, this revision aimed to improve the flow of ideas, clarify the research objectives, and highlight the importance of the findings.