Applications+in+the+retail+industry

=Stock Control=

Modern stock control systems make use of bar-coded information that is then scanned into computers. This ensures that the computer knows exactly which products have entered and left the stock room. In a retail outlet an EPOS (Electronic Point of Sale) system is used to record exactly what has been sold, allowing up to date stock records to be kept. This data can assist when making the decision on how much new stock to order and when to order it. It is possible to set up an electronic data interchange (EDI), this is a permanent electronic link with the suppliers that can automatically re-order stocks. All of the information will be held in a database. This will make it easy for the business to carry out an aged stock analysis. This is a computer printout of the stock in order of its age. This makes it easier for the manager to make decisions about future prices and purchases. For example, it may be decided to make price reductions on any products that have been in stock for too long (sale) and to reduce the orders for types of stock that have been lying around for too long (size or colour).

=EPOS= EPOS tills allow their customers to pay for their shopping using a debit or credit card instead of cash. (EPOS = Electronic Point Of Sale)

 The money has to be taken electronically from the customer's bank account and paid to the supermarket's account. This process of moving money is called Electronic Funds Transfer at the Point of Sale or EFTPOS. On the back of a debit card, you will see a black magnetic stripe. This contains the electronic details needed to allow money to be transferred from your account. The card is swiped through the magnetic reader on the till, which allows it to pick up the information. At that point, an automated request for approval is sent to the bank computer via the telephone network.

=Internet Shopping= = =

The most recent development in the supermarket world is the introduction of the Internet shopping service.

=Advantages=

Convenience
Online stores are usually available 24 hours a day, and many consumers have Internet access both at work and at home. A visit to a conventional retail store requires travel and must take place during business hours.

Information and reviews
Online stores must describe products for sale with text, photos, and multimedia files, whereas in a physical retail store, the actual product and the manufacturer's packaging will be available for direct inspection (which might involve a test drive, fitting, or other experimentation).

Price and selection
One advantage of shopping online is being able to quickly seek out deals for items or services with many different vendors (though some [|local search] engines do exist to help consumers locate products for sale in nearby stores). Search engines, online [|price comparison services] and [|discovery shopping] engines can be used to look up sellers of a particular product or service.

=Disadvantages=

** Frauds ** Credit card fraud is one of the most common types of fraud in online shopping. Every time you use your credit card for an online purchase, you run the risk of credit card fraud. ** Hidden Costs ** There may be nasty surprises which may take place. Hidden cost like unexpected delivery charges or a product that isn't exactly what you had in mind

** Physical appearance ** Another disadvantage is that you can not physically see or touch your products online while in a normal retail stores you can