Retail sales have been growing from the past few years however, there are some serious challenges in running the retails industry such as economic factors, crime-related losses, industry concentration, seasonal cash flow, limited product offerings and inventory, lack of product diversity and more. Generally retail is a simple concept, it is a place to buy and sell the products to earn profits. The fast growing markets are mainly concentrating on multi-channel, customer focus, social retail data management and analytics. These technologies provide multiple opportunities for the retailers to growing the business.
