This paper presents the applications of Information Technology in retailing. The retail market is a state of exponential growth. Retailing includes all the activities involved in selling goods or services for the final consumer. These activities include demand and sales forecasting, inventory management, store management, transportation etc. This paper focused on how Information Technology may be beneficial in retailing? Information technology is the capability to electronically input process, store, and output, transmit, and receive data and information. It plays a very important role in today's business world. New technologies evolved in retailing are Radio Frequency Identification (RFID), Smart Operating Solution Smart Ops, and Point of Sale (POS) etc. The result indicates that, retail complexities may reduce with the help of Information Technology solutions. The right solution can result in improved productivity and major cost saving through key advantages such as more accurate supply chain, forecasting and better inventory management. Information Technology also help retailers to solve major problems related to customer services like customer loyalty and customer satisfaction. Introduction
"Retailing includes all the activities involved in selling goods or services directly to final consumer for their personal, non business use". Retail is all about selling, selling big and selling huge. It's all about ensuring that the customer first of all comes to the store and then buys. This also means that one should connect to the customer and should be able to hold him in one place and give him all that he desires from one location. One of the key factors in achieving an organized and efficient retail operation is the use of technology as an enabler . Information Technology is the key enabler to improving customer satisfaction, operational efficiencies and by extension, profitability. Technology has been the great enabler of business and especially retail enterprise. We are now wireless and seamless and cashless and everything less and can get any information we want and need. A typical pan national retail operation would have multiple regional warehouses, offices and retail outlets. In such an operation, how does the headquarters know the daily turnover at each of its outlets, how does it know which products are selling the most in which region at which outlet, how does one store know if a stock – out item in its own inventory is available at another store location for whom it is slow moving item? Most of these issues can be solved by the appropriate use of technology. Need of Information Technology in Retailing
Information technology, as defined by the Information Technology Association of America (ITAA), is " the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware." Encompassing the computer and information systems industries, information technology is the capability to electronically input, process, store, output, transmit, and receive data and information, including text, graphics, sound, and video, as well as the ability to control machines of all kinds electronically.
Information Technology's Role Today
Every day, people use computers in new ways. Computers are increasingly affordable; they continue to be more powerful as information-processing tools as well as easier to use. Computers in Business One of the first and largest applications of computers is keeping and managing business and financial records. Most large companies keep the employment records of all their workers in large databases that are managed by computer programs. Similar programs and databases are used in such business functions as billing customers, tracking payments received and payments to be made, and tracking supplies needed and items produced, stored, shipped, and sold. In fact,...