Can India Really Guarantee a Minimum Income?
Elections to the central government are due in India in 2019. This is the reason why all political parties have suddenly become very concerned about the economic welfare of the poor people in the country. This is the reason why different political parties are proposing different measures in order to tackle this poverty. One of […]
As the World Ages, are we prepared to deal with the Consequences of the Shock of Grey
The Consequences arising from the Shock of Grey The world is ageing before our eyes, and the moot question to ask ourselves as citizens of nations, as employees and workers of corporates, and as children of aged parents as to whether we are ready for the consequences of the so-called “Shock of Grey”. This term […]
What the rise of Cloud computing means for the IT Industry?
The Emergence of Cloud Computing While much has been written and said about the emergence of Artificial Intelligence and how it has the potential to disrupt the software and the IT (Information Technology) industry with its ability to do away with lesser skilled jobs as well as ensure that the industry enters into a new […]
What is Health Insurance and the Different Health Insurance Systems around the World
Health Insurance around the World All of us would have heard the term Health Insurance in some form or the other and most of us would have taken health insurance policies to protect ourselves and our families from the prohibitive costs of healthcare. However, health insurance is a term that is actualized in practice differently […]
Need for Business Process in Organizations
To survive and grow your business in the current times, you have got to learn the ropes of business once again. If you look at the market, you will see a lot of brands and organizations that were in the fore front in the last few decades no longer exist. The leadership in the market […]
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
