1. RASHTRASANT TUKDOJI MAHARAJ NAGPUR UNIVERSITY
MBA
SEMESTER: 4
SPECIALIZATION – MARKETING
RETAIL SALES MANAGEMENT & SERVICES MARKETING
MODULE NO 3
RETAIL MERCHANDISING & CRM
- Jayanti R Pande
DGICM college, Nagpur

2. Q1. What is retail merchandising? Describe the process of retail merchandising.
RETAIL MERCHANDISING
• Retail merchandising focuses on presenting products in a way that attracts customers and encourages them to make
purchases. It involves analysing market trends, customer preferences, and competitor strategies to curate the right product
assortment.
• Pricing decisions are made based on factors like market conditions, competitor prices, and desired profit margins.
• Visual merchandising techniques such as product displays, signage, and lighting are used to create an appealing store
environment.
• Effective inventory management ensures that products are available in the right quantities to meet customer demand
without excess stock or stock outs.
• Promotional strategies, including sales, discounts, and marketing campaigns, are implemented to drive customer
awareness and sales.
• Market research helps to understand customer needs, preferences, and behaviours to tailor merchandising strategies
accordingly.
• Retail merchandising involves analysing sales data and performance metrics to make informed decisions and optimize
strategies.
• Constant monitoring of market trends and customer feedback helps retailers stay agile and adapt their merchandising
approaches.
• The ultimate goal of retail merchandising is to increase sales, profitability, and customer satisfaction by providing a
seamless shopping experience and offering products that resonate with customers.

3. 1 Analysis of Market Opportunity
2 Creation of Merchandise Plan
3 Selecting the Supply Base
4 Product Development & Supplier Performance Management
5 Presentation of Merchandise at Point of Sale
PROCESS OF RETAIL MERCHANDISING
DEFINITION OF MERCHANDISING
American Marketing Association- “Merchandising is the planning involved in marketing the right merchandise at the
right place at the right time in the right quantities at the right price.”
MERCHANDISING PROCESS

4. PROCESS OF RETAIL MERCHANDISING
1 Analysis of Market Opportunity: Merchandising begins with analyzing the market to identify opportunities and trends.
This involves studying customer preferences, market demand, and competitor strategies to understand the potential for
success.
2 Creation of Merchandise Plan: Based on the market analysis, a merchandise plan is developed. This plan includes
decisions on product assortment, pricing, and promotional strategies. It outlines the goals, objectives, and strategies for
achieving sales and profitability targets.
3 Selecting the Supply Base: Merchandisers work on selecting the right suppliers or vendors to source products. They
evaluate potential suppliers based on factors such as quality, pricing, reliability, and their ability to meet demand.
4 Product Development & Supplier Performance Management: Once suppliers are selected, merchandisers collaborate
with them for product development. This involves designing and creating new products or working with existing ones to
meet market needs. Additionally, merchandisers actively manage supplier performance to ensure timely delivery, quality
control, and compliance with agreed-upon standards.
5 Presentation of Merchandise at Point of Sale: Merchandisers focus on presenting the merchandise in an appealing
way at the point of sale. This includes visual merchandising techniques such as product displays, store layout, signage,
and packaging. The goal is to attract customer attention, communicate product benefits, and create an engaging
shopping experience that drives sales.

5. Q2. What do you understand by merchandise management. Explain the activities of merchandiser.
MERCHANDISE MANAGEMENT
Merchandise management refers to the strategic planning and execution of activities related to the
procurement, handling, and control of products within a retail or distribution environment. It involves
overseeing the entire lifecycle of merchandise, from analysis and planning to acquisition, handling, and
control. The primary goal of merchandise management is to ensure the right products are available at the
right time, in the right quantities, and at the right locations to meet customer demand and maximize
profitability.
Analysis: Conducting market research to understand customer preferences, market trends, and competitors.
Planning: Creating merchandise plans for product assortment, pricing, promotions, and inventory
management.
Acquisition: Selecting reliable suppliers and negotiating terms for timely procurement of merchandise.
Handling: Managing logistics, including transportation, warehousing, and maintaining stock levels.
Control: Monitoring merchandise performance, analyzing sales data, and adjusting strategies for optimal
results.

6. THE ACTIVITIES OF MERCHANDISER.
 Conducting market research and analysing customer preferences, trends, and competition.
 Developing merchandise plans and strategies to align with company objectives and meet customer demands.
 Collaborating with suppliers for product sourcing, negotiating pricing, and managing supplier relationships.
 Managing inventory levels, tracking product availability, and implementing effective inventory control techniques.
 Monitoring sales performance, analysing data, and making data-driven decisions to optimize merchandise
performance.
 Collaborating with cross-functional teams such as marketing, operations, and finance to align merchandise strategies
with overall business objectives.
 Executing promotional activities, pricing strategies, and product launches to drive sales and enhance customer
engagement.
 Evaluating the success of merchandise strategies, identifying areas for improvement, and implementing changes to
enhance performance.

7. Q3. Explain the retail merchandising management process. Mention the elements of merchandise management.
MERCHANDISING MANAGEMENT PROCESS
1 Forecasting Sales: Estimating future sales by looking at past data and market trends.
2 Developing an Assortment Plan: Deciding what products, brands, styles, sizes, and colors to offer customers.
3 Determining Appropriate Inventory Level & Product Availability: Figuring out how much inventory is needed to
meet customer demand and ensure products are available when customers want to buy them.
4 Developing a Plan for Managing Inventory: Creating strategies for managing inventory, such as when to reorder,
how much to order, and how quickly to replenish stock.
5 Allocating Merchandise to Stores: Deciding how much merchandise to send to each store based on factors like store
size, customer demographics, and sales history.
6 Buying Merchandise: Selecting and negotiating with suppliers to purchase the merchandise needed for the stores.
7 Monitoring and Evaluating Performance and Making Adjustments: Keeping track of sales, inventory levels, and
other metrics to see how well the merchandise is performing and making changes if needed.

8. ELEMENTS OF MERCHANDISE MANAGEMENT:
1.Merchandise Analysis: Studying market trends, customer preferences, and competitor strategies to make
informed decisions about product selection, pricing, and promotions.
2.Merchandise Control: Monitoring and managing inventory levels, stockouts, and profitability.
3.Planning Merchandise Assortments: Planning what products to offer and ensuring they match customer
preferences and market demand.
4.Buying Systems: Establishing efficient processes for selecting suppliers and purchasing merchandise.
5.Buying Merchandise: Actively purchasing merchandise from suppliers.
6.Pricing: Determining appropriate pricing strategies based on customer value, market competition, and
profitability goals.
7.Retail Communication Mix: Using various communication channels, such as advertising and in-store
displays, to promote merchandise and engage customers.

9. Q4. Describe private labels with growth drivers of private labels.
 Private labels, also known as store brands or retailer brands, are products manufactured and sold by retailers under
their own brand name. They offer an alternative to national or manufacturer brands.
 Private labels are products that are exclusively sold by retailers under their own brand name.
 These brands are created to provide consumers with more affordable options and offer value for money.
 Private labels often have similar quality to national brands and are developed to meet customer needs and
preferences.
 Retailers benefit from private labels by creating a positive brand image and establishing customer loyalty.
 Private labels help differentiate retailers from their competitors and provide a unique selling proposition.
Characteristics of Private Labels:
Value for Money: Private labels offer affordable pricing and cost savings for consumers.
Similar Quality: Private label products match or closely resemble the quality of national brands.
Customer-Oriented: Private labels are developed to meet the specific needs and preferences of target customers.
Roles of Private Labels:
Benefits to Consumers: Private labels provide more affordable options without compromising quality.
Quality Image for Retailers: Private labels help retailers build a reputation for providing quality products.
Differentiation from Competitors: Private labels set retailers apart by offering exclusive products, attracting customers and
enhancing market position.

10. 1.Right Product: Private labels thrive by offering products that are specifically tailored to meet customer needs and
preferences. By understanding the target market and identifying gaps or opportunities, retailers can develop private
label products that resonate with consumers. This strategic product development ensures a competitive advantage,
attracts customers looking for alternatives to national brands, and drives consumer loyalty.
2.Competitive Price: One of the primary appeals of private labels is their affordability. Private label products are often
priced lower than national brands, providing cost-conscious consumers with budget-friendly options. The ability to offer
competitive pricing is a significant growth driver for private labels, as it helps retailers attract price-sensitive customers
and gain market share. The cost savings associated with private labels can be attributed to factors such as streamlined
supply chains, reduced marketing expenses, and direct sourcing from manufacturers.
3.Strong Marketing Program: Effective marketing plays a crucial role in the growth of private labels. Retailers need to
invest in creating brand awareness and showcasing the value and quality of their private label products. A robust
marketing program includes activities such as advertising, in-store promotions, social media campaigns, and product
demonstrations. By effectively communicating the unique selling points, benefits, and value proposition of private label
products, retailers can generate consumer interest, encourage trial purchases, and foster repeat business.
GROWTH DRIVERS OF PRIVATE LABELS.
Strong
Marketing
Program
Competitive
Price
Right
Product

11. Q5. Differentiate between private brand and national brand. Mention the global scenario of private labels.
Store/Private Brands National Brands
Owned and sold exclusively by a specific retailer
Owned and sold by specific manufacturers or
companies
Available only in the retailer's stores or online
platforms
Widely available across multiple retailers and
distribution channels
More control over pricing, quality, and
marketing
Controlled by the respective manufacturers
Often offered at a more affordable price point Generally have a higher price point
Limited brand recognition beyond the retailer's
customer base
Higher brand recognition due to extensive
marketing efforts
Focused on specific product categories or a wide
range of products
Offer a broad product assortment
Lesser marketing investment compared to
national brands
Heavy investment in marketing, advertising, and
brand building
Cater to the preferences of the retailer's target
customers
Cater to a wide range of customer preferences
Can create exclusivity and differentiation for the
retailer
May face competition from similar national
brands in the market

12. In the global scenario, private labels have experienced significant growth and popularity-
1.Increased Market Share: Private labels have witnessed a substantial increase in market share globally. Retailers have
recognized the potential of private labels as a strategic tool to differentiate themselves, strengthen customer loyalty, and
boost profitability. In several countries, private labels have achieved a considerable market share in sectors such as
groceries, apparel, household products, and cosmetics. Consumers are increasingly embracing private labels due to their
competitive pricing, comparable quality to national brands, and the assurance of value for money.
2.Retailer Expansion: Retailers have expanded their private label portfolios to include a wider range of products and
categories. Initially focused on basic or commodity items, private labels now encompass premium and specialized
offerings, catering to diverse consumer preferences. Retailers have invested in product development, packaging, and
marketing to enhance the image and desirability of their private label brands. This expansion allows retailers to have a
greater presence in the market, improve customer loyalty, and increase their overall market share.
3.Consumer Perception and Acceptance: Consumer perception of private labels has evolved positively. Previously
associated with lower quality or generic products, private labels are now perceived as reliable alternatives to national
brands. Consumers appreciate the value proposition offered by private labels, especially in challenging economic times. As
retailers invest in product quality, innovation, and marketing, consumers have become more accepting and trusting of
private label offerings. This shift in consumer perception has contributed to the growth of private labels globally.
4.International Expansion: Private labels have not only grown within domestic markets but have also expanded
internationally. Retailers with strong private label programs have capitalized on global sourcing and manufacturing
capabilities to offer their brands in multiple countries. This expansion allows retailers to leverage economies of scale,
negotiate favorable supplier contracts, and penetrate new markets. Private labels have found success in both developed
and emerging economies, with retailers adapting their strategies to suit local consumer preferences and market dynamics.
GLOBAL SCENARIO OF PRIVATE LABELS.

13. Q6. Illustrate Indian market scenario of private labels. Also give the advantages & disadvantages of private labels.
INDIAN MARKET SCENARIO OF PRIVATE LABELS
1. The share of modern trade (MT) in the Indian market has doubled from 4.9% to 10.8% in the last 10 years.
2. MT contributes 55% of FMCG sales in the top eight metros, while it is 43% in the overall urban market.
3. Private labels have gained traction in e-commerce, with their share increasing from 10.7% to 12.1% between January and
March 2020.
4. The Indian private label market is still at a nascent stage compared to the global scenario but is growing fast.
5. Growth is driven by the increasing strength of modern trade and relatively lower brand loyalty among Indian consumers.
6. Private labels are expanding into new categories, particularly those that are becoming commoditized and emerging
categories with weaker brand presence.
7. India's largest retail company, Future Group, has multiple private labels across apparel, FMCG, and household products.
8. Aditya Birla offers private labels in categories such as cereals, processed foods, detergents, and plans to launch in milk and
dairy products.
9. Tata Croma has plans for over 100 private labels in categories like personal care equipment, laptops, and small appliances.
10. Reliance Fresh sells private-label staples, food items, and recently launched Dairy Pure in the liquid milk segment.
11. Shoppers Stop also has several private labels across different categories.
12. Private labels in India are gaining popularity due to their competitive pricing compared to established brands, attracting
cost-conscious consumers. Retailers are actively expanding their private label portfolios to cater to a wide range of
product categories, including apparel, processed foods, personal care, and electronics.
13. Private labels offer retailers higher profit margins compared to branded products, incentivizing them to invest more in
developing and promoting their own brands.
14. Private labels are often positioned as value-for-money alternatives, appealing to price-sensitive consumers and capturing
market share from both national and international brands.

14. ADVANTAGES OF PRIVATE LABELS:
1.Control over pricing: Retailers can set their own prices for private label products, offering competitive pricing
compared to national brands.
2.Marketing freedom: Retailers can implement their own marketing strategies for private label products, showcasing
their unique selling points.
3.Personalized brand image: Private labels allow retailers to create their own brand identity, catering to specific target
markets and building customer loyalty.
4.In-store prominence: Retailers can prominently place private label products in their stores, increasing visibility and
driving sales.
5.Resilience during downturns: Private labels provide a convenient choice for consumers during economic downturns
when affordability becomes crucial.
DISADVANTAGES OF PRIVATE LABELS:
1.Lack of standardization: Private label products may vary in quality and consistency, raising concerns about product
standardization.
2.Lesser brand power: Private label brands often have lower brand recognition compared to well-established national
brands.
3.Perception of lower quality: The lower prices of private label products may lead to a perception of inferior quality
among consumers.
4.Similar brand image: If retailers have multiple private label products across different categories, it can be challenging
to differentiate their brand image and positioning.
5.Production challenges: Retailers may face difficulties in sourcing reliable suppliers, maintaining consistent quality, and
managing supply chain logistics for private label products.

15. Q7. What is IMC? Explain IMC tools used in retailing.
IMC
• Integrated Marketing Communications is a strategic approach that combines various marketing communication tools and
channels to deliver a consistent and unified message to target customers. IMC aims to ensure that all aspects of
marketing communications, including advertising, promotions, public relations, direct marketing, and digital marketing,
work together harmoniously to create a cohesive brand image and effectively reach the target audience.
• IMC is crucial for retailers to communicate their brand value, promote their products or services, and engage with
customers across different touch points. It involves creating a seamless customer experience by aligning messaging,
visuals, and promotional activities across various marketing channels, both online and offline. By integrating their
marketing efforts, retailers can enhance brand awareness, generate customer loyalty, and drive sales by delivering a
consistent and compelling message to their target audience.
• It is a strategy that helps retailers create a strong and unified brand presence. It means making sure that all the different
ways retailers communicate with customers, like ads, social media, and in-store experiences, work together and send a
consistent message.
• It helps retailers communicate their brand message, engage customers, and create a consistent brand identity. By
bringing their marketing efforts together, retailers can stand out in a competitive market and build strong relationships
with their customers.
DEFINITION OF IMC
 IMC is the strategic coordination of various marketing tools and channels to deliver a consistent brand message and
engage customers effectively.
 American Marketing Association- “IMC is planning process designed to assure that all brand contacts received by a
customer or prospect for a product, service, or organisation are relevnt to that person and consistent over time”.

16. 1.Retail Advertising: This IMC tool involves creating and placing paid advertisements in various media channels, such
as print, television, radio, or online platforms, to promote retail products, services, or brands and reach a wide
audience.
2.Retail Sales Promotion: This IMC tool includes short-term incentives and promotional activities aimed at boosting
sales, such as discounts, coupons, special offers, contests, or loyalty programs, to attract customers and encourage
immediate purchases.
3.Retail Personal Selling: This IMC tool involves direct interaction between sales representatives and customers, where
the salesperson provides personalized product information, addresses customer needs, and guides them through the
buying process, aiming to build relationships and make sales.
4.Retail Public Relations: This IMC tool focuses on managing and enhancing the public image and reputation of a retail
brand through activities like media relations, event sponsorships, community engagement, and corporate social
responsibility initiatives to create a positive perception and build trust among stakeholders.
5.Retail Publicity: This IMC tool involves generating non-paid media coverage through newsworthy stories, press
releases, or media events, aiming to create awareness, attract attention, and shape public perception about a retail
brand or its offerings.
6.Retail Word of Mouth: This IMC tool relies on satisfied customers sharing positive experiences and recommendations
about a retail brand or product with others, either through informal conversations or digital platforms, to generate buzz,
credibility, and organic brand advocacy.
Retail
Advertising
Retail
Word
Of
Mouth
Retail sales
promotion
Retail
Personal
Selling
Retail
Public
Relations
Retail
Publicity
IMC TOOLS

17. Q8. Explain CRM with its goals & principles.
CRM
• CRM (Customer Relationship Management) in retailing refers to the practices and technologies used by retailers to
manage and nurture customer relationships. It involves collecting and analyzing customer data to understand their
preferences and needs, enabling retailers to provide personalized experiences and targeted marketing campaigns.
• By implementing CRM strategies, retailers can effectively segment their customer base, tailor their communication
and offers, and build stronger relationships with customers. CRM helps retailers track customer interactions, resolve
issues promptly, and offer personalized recommendations, leading to increased customer satisfaction and loyalty.
• Moreover, CRM enables retailers to measure customer metrics, such as customer lifetime value and purchase
patterns, to make data-driven business decisions and optimize their marketing efforts. By focusing on building and
maintaining strong customer relationships, retailers can drive growth and achieve long-term success in the
competitive retail industry.
DEFINITION OF CRM
Gartner – “ CRM is a business strategy designed to optimise profitability, revenue & customer satisfaction”.

18. GOALS OF CRM
1.To acquire customers: CRM aims to attract new customers through targeted marketing campaigns, personalized offers,
and effective lead generation strategies.
2.To satisfy customers: CRM focuses on understanding customer preferences and needs to provide personalized
experiences, quality products, and excellent customer service that meet or exceed customer expectations.
3.To retain customers: CRM aims to build long-term relationships with customers by creating loyalty programs, offering
incentives for repeat purchases, and maintaining regular communication to ensure customer satisfaction and loyalty.
4.To enhance customers: CRM seeks to maximize the value of each customer by identifying opportunities for upselling,
cross-selling, and providing additional value-added services or products based on customer preferences and behaviour.
PRINCIPLES OF CRM
1.Understanding what motivates customers: By gaining insights into customer motivations, preferences, and buying
behaviours, retailers can tailor their marketing strategies and offerings to meet customer needs effectively.
2.Managing customers as an asset: Recognizing the value of customers as long-term assets, retailers invest in building
strong customer relationships, providing personalized experiences, and nurturing loyalty to maximize customer lifetime
value.
3.Increasing loyalty: CRM emphasizes the importance of fostering customer loyalty through personalized communication,
rewards programs, exceptional service, and addressing customer concerns promptly and effectively.
4.Providing efficient and consistent service: Consistency and efficiency in delivering products, services, and support across
all customer touchpoints are essential for building trust and maintaining positive customer experiences.
5.Treating customers individually: CRM recognizes that each customer is unique and requires individual attention. Retailers
strive to provide personalized recommendations, tailored offers, and a customized experience to create a sense of
personalization and strengthen customer relationships.

19. Q9. Describe CRM & loyalty programs. Mention the components of CRM.
CRM (Customer Relationship Management)
is a business strategy that focuses on managing and nurturing customer relationships to drive customer satisfaction,
loyalty, and business growth. It involves gathering and analyzing customer data, implementing targeted marketing
initiatives, and providing personalized experiences. CRM aims to understand customer preferences and needs, deliver
exceptional customer service, and foster long-term relationships.
Loyalty programs
are tactical initiatives within the CRM strategy designed to incentivize and reward customer loyalty. These programs
offer benefits such as discounts, exclusive offers, points, or rewards that customers can earn and redeem based on
their continued engagement with the retailer. Loyalty programs aim to encourage repeat purchases, increase
customer retention, and enhance the overall customer experience.
Strategic Differences:
• CRM is a broader business strategy that focuses on managing customer relationships across various touchpoints,
while loyalty programs are specific tactics within the CRM strategy.
• CRM aims to build long-term customer relationships, acquire new customers, satisfy their needs, and retain them,
while loyalty programs specifically target fostering customer loyalty and encouraging repeat purchases.

20. Tactical Differences:
• CRM tactics include customer segmentation, targeted marketing campaigns, personalized communication, and
customer service initiatives, while loyalty programs are designed to incentivize and reward customers for their repeat
business and loyalty.
• CRM focuses on understanding individual customer preferences, needs, and behaviors to deliver personalized
experiences, while loyalty programs provide specific benefits and rewards to incentivize continued engagement and
repeat purchases.
Technical Differences:
• CRM systems are foundational tools used to collect, store, and manage customer data, enabling a holistic view of the
customer and supporting various CRM activities. Loyalty programs may require specific technical infrastructure for
program enrollment, member profiles, points tracking, and redemption mechanisms.
• CRM systems often integrate with other business systems, such as sales, marketing, and customer service, to ensure
seamless data flow and enable a comprehensive customer-centric approach. Loyalty programs may utilize dedicated
loyalty management software or integrate with existing CRM systems for program management.
COMPONENTS OF CRM
Communication
Customer Management
Marketing
Relationship Strategy Customer Satisfaction
Customer Service

21. 1.Marketing: This component focuses on understanding customer preferences and behaviors to develop targeted marketing
campaigns. It involves segmentation of the customer base, analyzing customer data, and implementing strategies to attract
and retain customers through personalized offers, promotions, and advertisements.
2.Customer Management: Customer management involves the organization and management of customer data. It includes
capturing and storing customer information, such as contact details, purchase history, preferences, and interactions. This
component enables retailers to have a comprehensive view of their customers and effectively track their engagement and
satisfaction levels.
3.Customer Service: The customer service component of CRM aims to provide exceptional support and assistance to
customers. It involves addressing customer inquiries, resolving issues or complaints promptly, and ensuring a positive
customer experience. Effective customer service builds trust and loyalty, leading to long-term customer relationships.
4.Relationship Strategy: This component focuses on developing a relationship strategy to build and nurture customer
relationships. It involves defining the retailer's approach to customer engagement, loyalty programs, and customer retention.
This strategy guides the overall direction and actions taken to enhance customer satisfaction and loyalty.
5.Communication: Communication plays a vital role in CRM by facilitating effective interactions with customers. It includes
both outbound communication (such as marketing messages, promotions, and personalized offers) and inbound
communication (customer inquiries, feedback, and complaints). Consistent and personalized communication helps
strengthen customer relationships and ensures a positive customer experience.
6.Customer Satisfaction: The goal of CRM is to achieve high levels of customer satisfaction. This component involves
monitoring and measuring customer satisfaction levels through feedback mechanisms, surveys, and customer satisfaction
metrics. By consistently evaluating and improving customer satisfaction, retailers can enhance customer loyalty and drive
business growth.

22. Q10. Depict technology in retail marketing decision. Give the applications of IT in retail
TECHNOLOGY IN RETAIL MARKETING DECISION
Technology plays a crucial role in shaping retail marketing decisions, revolutionizing how retailers engage
with customers and drive business growth. With advancements in data analytics, customer relationship
management systems, marketing automation, and digital advertising, technology empowers retailers to
make informed choices and execute effective marketing strategies.
ROLE OF IT IN RETAILING
Streamlining Operations: IT systems automate transactions, manage inventory, and optimize supply
chains, improving efficiency.
Enhancing Customer Experience: IT enables personalized marketing, mobile apps, self-checkout, and
digital signage, providing convenience and interactive experiences.
Enabling Data-Driven Decision Making: IT gathers and analyzes data to provide insights for informed
decision making on pricing, assortment, and marketing strategies.

23. IT APPLICATIONS IN RETAIL INCLUDE:
1.Electronic Data Interchange (EDI): EDI allows for the electronic exchange of business documents between retailers
and suppliers, streamlining communication and transactions.
2.Barcoding Technology: Barcoding technology enables efficient product identification, inventory management, and
checkout processes. It improves accuracy, speed, and reduces manual errors.
3.Electronic Point of Sale (EPOS) System: EPOS systems automate sales transactions, inventory tracking, and customer
data collection. They provide real-time sales data, streamline operations, and enhance customer service.
4.Electronic Funds Transfer (EFT): EFT systems facilitate electronic payment processing, enabling customers to make
secure and convenient payments using credit or debit cards, mobile wallets, or online payment gateways.
5.Radio Frequency Identification (RFID): RFID technology uses radio waves to track and identify products, enabling
retailers to improve inventory management, reduce theft, and enhance supply chain visibility.