In odder business, stores use store cards, reward programs and coupon programs to give customers offers and discounts with the idea of bringing back repeat business. An example is loyalty cards that are held by the customer and swiped at the point of sale by the cashier. Once the card is swiped, information from the sale is placed into a database on the card which can be retrieved later for discounts when a later purchase is made. The card also provides statistics to organizational analysts to determine the type of customers who shop at the store.
Efficiency is one of the largest advantages with the implantation of technology in the retail world. Advancement allows retailers to be smoother when dealing with requests and complaints from the consumer. Consumers leave a digital fingerprint when purchasing product. Demographics can determine types of people and what they purchase. The use of technology makes this faster and simpler to accomplish. One of the greatest advantages to retail management information systems (RIMS) is that is can be custom tailored for each specific industry.
Support of various languages, reign and domestic currencies, tax structures, and multiple cost structures are another benefit offered by RIMS. Because of the diversity and capabilities of RIMS, some can support multiple business models. These business models include franchise, consignment, direct sales, and online. Identifying customers and personalizing service for the customer is made possible by exploiting the database and using refined mining practices. Trend forecasting, sales predictions and customer analysis with the needs of the market will aid in avoiding overstocking.
Since the global marketplace is so diverse and dynamic, retail management information systems are an essential tool and function for managers to utilize. Conclusion There is no set method to which technology can be utilized in a retail environment. The possibilities are almost as limitless as the imagination allows. Technology has had both a positive and negative impact on retail business as a whole. The benefits include more precise customer analyzing, more efficient operations, and better customer satisfaction.