RETAIL INFORMATION SYSTEMS

abhishreshthaa

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RETAIL INFORMATION SYSTEMS:



For any retail strategy, gathering and reviewing information is valuable. For this, retailers use the RIS (Retail information systems) which anticipates the information needs of retail managers; collects, organizes, and stores relevant data on a continuous basis; and directs flow of information to the proper decision makers.



As computer technology has become more sophisticated and less expensive, more retailers are developing comprehensive information systems. 2 very popular systems are:



1. UPC- Universal product code, and


2. EDI-Electronic Data Interchange.


Also, to improve inventory planning and forecasting, a new program is now in place. It is called CPFR- collaborative planning, forecasting and replenishment.


Also gaining importance is the concept of Database Management, which is used to gather, integrate and apply information related to specific areas.
 
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