What do Consumers Want? Road to Estimating Consumer Characteristics and Market Segmentation

Understanding consumer choice has been one of the active yet challenging areas of retailing. Firms have put forward various methodologies to learn about consumer preferences, estimate purchase behavior, and segment their consumers. This project comprises the following steps: i) designing surveys to understand the preferences of consumers for a set of products belonging to different categories, ii) identifying the latent parameters/attributes consumers pay attention to most while they are purchasing, iii) deriving consumers' purchase probabilities (demand) for the products, and iv) executing the market segmentation process using conventional and machine learning approaches.