Information System in Retail Sector
An important element of the supply chain is the retail. Retail is the place where the products and goods are sold to the end users. Retailer purchases goods and products from producers in large quantities and in turn sells them to consumers in smaller quantities.
It is very important for the retailer to communicate with the supplier as well as the consumer. From the producer, the retail should know the following:
Consumer is also as important for the retailer as the producer. From the consumer, the retailer should know the following:
Retail Management Information System
If the retailer is on top of above information, then he would be able manage his business efficiently. In the current scenario, large retailers have their shop across physical geographies. For them, it becomes very important to centrally manage all shops. Retail management information system precisely does this with help of hardware, software, database and various modules.
The objective of the retail information systems is as follows:
Characteristics of Retail Information System
The retail information system should have following characteristics:
Role of Retail Information System
Retail information system should support basic retail function like material procurement, storage, dispatch, etc. It should allow the manager to monitor sales of product mix and daily sales volume. An information system should help in inventory management.
Variety of Retail Information System
Retail information system is applicable to different types industry within retail management. An information system can be developed to manage fashion store, pharmacy, a grocery store as well as a toy store.
Indian Retail Sector
Indian retail sector has been growing by leaps and bounds in last decade or so. One research suggests that it will grow to $1,407 Billion by 2026.
Technology is and will play an important role in the Indian retail sector. Various groups in organized as well as the unorganized sector has taken to IT for supporting this growth.
- The Marketing Function
- Marketing Channel Systems
- Sales Support System
- MIS for Recruitment and Selection
- MIS for Training and Development
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