The retail industry is one of the fastest-growing sectors in the world. Due to rapid urbanization and availability of smartphone and internet services, retailers have strategized their ways of selling goods and services. Instead of just focussing on brick-and-mortar shops, they are now working towards omnichannel strategies.
There is stiff competition in the retail segment and with the disruption of technological advancements, consumer buying behavior has been changed. Consumers can now visit shops online, compare prices, make instant payments using digital wallets, wire money directly to the retailer using a credit card or net banking.
In the retail industry, the order quantity is less, but the number of end-users is quite large. A consumer makes small purchases for different and as well the same needs at repeated intervals. Because of this reason, retailers need to understand their customers and provide a means to make the shopping experience as simple as possible.