Digital Cash: Advantages and Disadvantages
There is a proliferation of electronic payment systems in the 21st century. Debit and credit cards have become the norm, and cash has become obsolete. However, many people still prefer to use cash because of some benefits that it offers. Up until now, people have been facing a choice between using the electronic medium and […]
Executive Implementation Team Owns BPI Program
In any Organization, the BPI initiative to be a success would need to be first understood and owned as well as sponsored by the leadership. The leadership here includes mainly the business unit leaders who become the main sponsors of the BPI program. It is important for the Leaders to understand why BPI is required […]
Different Types of Information Systems and their Components
Introduction An information system is integrated and co-ordinate network of components, which combine together to convert data into information. Components of information systems An information system is essentially made up of five components hardware, software, database, network and people. These five components integrate to perform input, process, output, feedback and control. Hardware consists of input/output […]
Why Companies Engage in International Business
To Expand Sales The first and foremost reason is that western multinationals would like to expand their sales and acquire newer markets so that they can record impressive growth rates. Considering the fact that the developing countries are peopled with consumers who have aspirations to western lifestyles, it is, but natural that the western companies […]
What is Ease of Business rankings and why do they matter to countries like India?
The Recently Published Ease of Business Rankings The news that India jumped 30 places in the Ease of Business Rankings as published by the World Bank and which covers 190 countries worldwide was met with jubilation and chest thumping by the Indian Government, which promptly announced that the Indian Economy was on a path to […]
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:
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:
The retail information system should have following characteristics:
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.
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 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.
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Communication Systems and Groupware – Information System Concepts that Apply in All Functional Areas of Business
February 12, 2025
