Rich Snippets are basically short summaries of your web page or blog post in the SERPS search results of Bing , Google, Yahoo, and sometimes in the News feed of Facebook in a nice format with star ratings, author photo, image, etc.
It gives the search engines an important & precise information to display in the search result snippets.
Rich Snippets are very interactive with (author photos, price star, ratings, etc.) it allows you to stand out from your competition.
Rich Snippets Help you rank higher in the search results
Helps Facebook display proper information when users share your links on Facebook
Schema is so important that Google created a testing tool just for rich snippet testing.
Schema.org was created as a collaborative effort to promote schemas for structured data with one common vocabulary.
Types of Schemas:
Here is a great plugin to manage rich snippest without coding knowledge
All In One Schema Rich Snippets
By Brainstorm Force