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Retail Management Information System
Management Information Systems (MIS) are crucial in the retail industry for enhancing operations through technologies like point-of-sale data collection, inventory control, and supply chain improvements. Retailers such as Walmart and Amazon utilize emerging technologies for efficiency and customer engagement, while tools like Universal Product Codes (UPC) and Electronic Data Interchange (EDI) facilitate better tracking and communication. Advanced technologies, including RFID and AI, are transforming customer interactions and inventory management in the retail sector.
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Retail Management Information System
- 2. Management informationsystems 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.
- 3. Retailers likeWal-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 processingsystem Supply Chain improvement. Reduce unsold inventory through online auctions. Efficiency across business functions Data processing and analysis Customer experience and loyalty. Advertising and promotions
- 5. What is aUniversal 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.
- 7. Efficient stockingof merchandise Collection of data Efficiency in operations Helps Communication
- 8. EFFICIENT STOCKING OFMERCHANDISE 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 andscope of operations Financial resources available to the organization Nature of the business Human resources available
- 11. • Customer data Manyretailers 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 datasynchronization 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 DataInterchange (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
- 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. Company XYZ Computer with EDI software EDIService Network Vendors Customers Branch Office Distributors Stores Banks Transporters Notes, Documents, Images, Letters, Purchase Orders, Invoice, Queries, Order Entry, Shipment Details, Payment Orders, Bankers Advice, Miscellaneous claims.
- 16. • Generation ofa 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 ofthe 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. 1. Radio FrequencyIdentification (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. 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. • Point OfSale.Thephysical location of atransaction but usually refers to any device or systemused to record the transaction for theretailer. • CPOS: Acomputer-based POSwhich employs software to implement thePOSfunctionality 6
- 21. • UserInterface • Inventory •Reports • Invoicing • Receivables • AccountsPayable • Credit CardPayments
- 22. • Display /Touchscreen • CashDrawer • Receipt Printer • Bar code scanner (fixed, attached,portable) • Label / Report printer • Mag stripe reader • POSKeyboard • Scales • PDA • Pole Display 9
- 23. This approachcombines 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.
- 24. AI-powered shoppingcart 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
- 25. An electronicshelf 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
- 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