Benefits of MIS in retail industry:

Management information systems have several uses in the retail industry. MIS
is the systematic use of technology and people to control the flow of
information. In retail, MIS is used for point-of-sale, logistics, inventory
management, and internal communications. All of these have implications for
retail and marketing.

CRM and POS

Customer Relationship Management (CRM for short) is a well-known
marketing system that allows businesses to use POS terminals to set up
customer accounts and collect data about relationship history. The front-end
service agent executes the transaction and the relationship software database
collects and stores the information. With CRM, you can take advantage of the
most important customer relationships. This is key to the success of small
retailers competing with large chains. You can use customer data to better
know your top customers, provide targeted marketing promotions, and
improve your overall customer experience. For example, a customer who has
purchased a particular product is a good target for updating or upgrading an
offer when an opportunity arises. You can also send direct mail to customers
after a long absence.

Logistics
Small retailers are clearly at a disadvantage compared to large chains that use
expensive technology to control the flow of information and goods during the
retail distribution process. If you have multiple locations, you can handle it by
connecting your branch computer directly to a major supplier or distribution
centre. In this way, the supplier can automatically retrieve shipping data from
the store for order processing. When the order is ready, the seller can
electronically send the shipping order to the store to notify the store that the
item is in the middle. The store's computer displays the inventory of the items
that actually arrived.

Inventory Management
Inventory Management is closely related to logistics and sales. At the store
level, MIS technology allows retailers to update prices and perform inventory
checks more efficiently. Previously, employees avoided manually adding sticker
prices to their products. Since then, scanners have evolved to allow employees
to scan new prices for each product. Today, retailers often use electronic
scanners that synchronize directly with their computers, making it easy to
change the retail price of a particular inventory item rather than modifying
individual products. Not only does this speed things up, but it also makes it
easier for employees to compare their actual inventory with computer
inventory data to see what's missing.

Internal Communication
MIS technology offers several advantages for internal communication. You can
program your branch computer to display daily messages and important notes
for all employees to read. If you have employees who work at different times
or in multiple locations, they can communicate with other employees or
branches by email. This allows you to share important messages more quickly.
Some retailers also offer online training programs or tutorials that allow new
employees to train at their own pace or at their convenience. Discussion
forums and bulletin boards are an additional mechanism for internal
communication when there are multiple shops.