25-08-2017, 09:32 PM
THE RETAIL INFORMATION SYSTEM
THE RETAIL INFORMATION SYSTEM.pptx (Size: 332.58 KB / Downloads: 30)
Definition
A Retail Information System anticipates the information needs of retail managers; collects, organizes and stores relevant data on a continuous basis; directs the flow of information to the proper decision makers.
Procedure a retailer uses to gather, integrate, apply and store information related to a specific subject area.
Involves use of customer data bases, vendor
data bases, product category data bases etc.
Applications of technology
Automating Processes: Electronic Point of Sales (EPOS), Inventory Planning, Ordering and Management
Collecting Data About Customers: Purchasing patterns of customers, segmentation, personalization, customization of offers, loyalty programmes, store design and product placements
Feedback on Marketing Decisions: EPOS data to study effects of promotions, prices, new products and packaging changes
Communications: With suppliers, customers, internal
EDI
With EDI, retailers and suppliers regularly
exchange information through their computers
with regard to inventory levels, delivery times,
unit sales etc of particular items.
Both parties enhance their decision-making capabilities, better control inventory and are more responsive to demand.
Advantages
It saves time :
Errors are avoided :
It reduces cost :
RFID
RFID (Radio Frequency Identification Tags): Wireless barcodes that provide wireless communication b/w objects & readers; uses tags that can store data; tracks products/eqpt. in real time w/o contact or line of sight