Retail Management Information System

Retail Management Information System,meaning ,importance,Factors,Universal product code,Radio frequency identification.

1. Role of IT in Retail Sector

2. Management information systems have several applications in the retail industry. MIS is the systematic use of technology and people to manage the flow of information. In retail, MIS is used for point-of-sale data collection, logistics, inventory control and internal communication, all of which affect retail operations and marketing. Introduction

3. Retailers like Wal-Mart, Zara, Amazon, Metro, continue to effectively use new and emerging technologies to stay continually relevant to the ever changing consumer around the world. In India, organizations like GCMMF, Asian Paints, HLL and McDonald have effectively harnessed the power of emerging technologies to control costs, enhance supply chain efficiencies and achieve differentiation in the marketplace in terms of product and service.

4. Transaction processing system Supply Chain improvement. Reduce unsold inventory through online auctions. Efficiency across business functions Data processing and analysis Customer experience and loyalty. Advertising and promotions Need of technology in Retail

5. What is a Universal Product Code (UPC )? A UPC, short for universal product code, is a type of code printed on retail product packaging to aid in identifying a particular item . The purpose of UPCs is to make it easy to identify product features, such as the brand name, item, size, and color, when an item is scanned at checkout. UPCs are also helpful in tracking inventory within a store or warehouse.

6. Implication of a customer transaction

7. Efficient stocking of merchandise Collection of data Efficiency in operations Helps Communication USES OF INFORMATION IN RETAILER

8. EFFICIENT STOCKING OF MERCHANDISE Basis of sales analysis and decision on replenishment Re-ordering and merchandise planning Trends in sales can be analyzed it helps to avoid situation of stock out, spot merchandise or product, higher inventory turns. HELPS COMMUNICATION: Retailers stores can also communicate with each other and with the warehouse Electronic Data Interchange can also e used for communication with suppliers and vendors.

9. COLLECTION OF DATA Data can be about consumers, purchases, frequency of buying and typical basket size Customer preference for certain brands can be identified. EFFICIENCY IN OPERATIONS: Serves as a basis for integrating the functioning of various departments Automated process, billing etc reduce times

10. Scale and scope of operations Financial resources available to the organization Nature of the business Human resources available Factors affecting the use of technology

11. Challenges Customer data Many retailers struggle with information overload because they’re required to collect and sift through mass amounts of data, then convert it into useful information in a customer- centric industry . Transparency and tracking Retailers must increase transparency between systems, as well as obtain better tracking to integrate systems from manufacturer through to the consumer while obtaining customer and sales information.

12. Global data synchronization Due to radio frequency identification/electronic product coding, the entire supply chain has become more intelligent . Retailers must enable the use of real-time data to watch inventory levels. In addition, radio frequency identification tagging positions the company to be able to safeguard its shipments by allowing products to be tracked from manufacturer through the entire supply chain.

13. Electronic Data Interchange (EDI) refers to the structured transmission of data between organizations by electronic means. • A way to exchange transcripts (and other important data) without paper. EDI can be transmitted using any methodology agreed to by the sender and recipient. This includes a variety of technologies, including modem (asynchronous, and bisynchronous), FTP, Email, HTTP, AS1, AS2, etc Application of Technology

14. Working of EDI 1. Exchange of data with several trading partners directly in a standard format. 2. Interaction with multiple companies through a central information clearing house. Here each companies add EDI program to its computer to translate the company data into standard formats for transmission, and for reverse translation in the data.

15. EDI Business Cycle Company XYZ C o m pu ter with EDI software EDI Service Network Vendors Customers B r a n ch Office Distributors S t o res B a n ks Transporters EDI Des tinat ion EDI Desti nation E DI De stina tion EDI Destination ED I Dest inatio n ED I Des tinat ion EDI D estination Notes, Documents, Images, Letters, Purchase Orders, Invoice, Queries, Order Entry, Shipment Details, Payment Orders, Bankers Advice, Miscellaneous claims.

16. Benefits of EDI Generation of a paper document on a form by software application. Delivery of a few copies of document to the internal dept to be filed and others to the trade partners via postal service. Retyping the document received by the trading partner on the form into their computers which may offer introduce errors. Generation of a paper acknowledgement and sending it to the originating company. Generation of a file containing the processed document by the application program.

17. Conversion of the document into agreed standard format. Electronic transmission of the file containing the document over the network , which may link the originating company and its trading partner. Automatic generation of the receipt and its delivery over the network to the originating company.

18. Information technology in Retail 1. Radio Frequency Identification (RFID ) As name implies, RFID is an ID-identification- system Relies on a small chip that is implanted in a tag. The chip can record and store data, such as a serial number, price or purchase record. Electronic scanner can use radio signals to read or track the ID tag.

19. Use of RFID in Retail RFID Smart Labeling Monitor unattended inventory Shipping and Receiving applications Provide real time tracking and locating of tagged items on shelves Check-out Process Reduce time spent in line Reduce labor/time cost of employees Streamline check-out process with ability to scan multiple items and pay for them all at once Inventory Control

20. 2. POS Point Of Sale. The physical location of a transaction but usually refers to any device or system used to record the transaction for the retailer. CPOS: A computer-based POS which employs software to implement the POS functionality 6

21. POS Software: User Interface Inventory Reports Invoicing Receivables Accounts Payable Credit Card Payments

22. POS Hardware-Components Display / Touch screen Cash Drawer Receipt Printer Bar code scanner (fixed, attached, portable) Label / Report printer Mag stripe reader POS Keyboard Scales PDA Pole Display 9

23. This approach combines vision cognition technology with machine learning to accurately account for shopper behavior and product where abouts in-store. you download an app and scan it when you enter the store. After that, you’re free to pick up whatever you want and then simply walk out . A combination of overhead cameras and sensors on its shelves, along with its AI-driven software, to follow your every move and keep track of everything you grab off the shelves, using sensors. If someone tried to steal something, they would still get charged for the item. 3.CHECKOUT-FREE PLATFORM

24. AI-powered shopping cart is a plug-and-play solution— no installation is required Shoppers can simply throw items into their cart , and built-in sensors identify the items and  tally a virtual basket . During the shopping journey, It helps shoppers discover in-store deals with its interactive screen. Once done, they can conveniently pay on the cart and leave the store Eg : Caper shopping cart 4.SMART SHOPPING CARTS

25. An  electronic shelf label  ( ESL ) system is used by retailers for displaying product pricing on shelves. The product pricing are automatically updated whenever a price is changed from a central control server . Eg : RSG Inc Electronic Shelf Labeling 5.Electronic shelf label

26. Virtual Reality (VR)  literally makes it possible to experience anything, anywhere, anytime. It is the most immersive type of reality technology and can convince the human brain that it is somewhere it is really not. Head mounted displays are used with headphones and hand controllers to provide a  fully immersive   experience. Eg : Specsavers ’ Frame Styler tool 6.Virtual reality experience