Identifying and Selecting Retail Data for Decision Making

This report explores the critical role of data and information in the retail industry's decision-making processes. It begins by highlighting the importance of information technology in managing complex retail operations and achieving a competitive advantage in the globalized market. The report then delves into the types of data used by retailers, emphasizing the significance of first-party data collected directly from customers through various channels such as observations, social media, and CRM databases. It further discusses how this data is utilized to understand customer behaviors, market trends, and forecast trends, leading to effective marketing strategies. The report also examines the use of information systems in managing supplier relationships and sales, with examples of how big data insights drive better business practices. The analysis includes discussions on secondary and primary research methods, concluding that data-driven insights are essential for informed decision-making in the retail sector.

IDENTIFY AND SELECT
RELEVANT SOURCES OF DATA
AND INFORMATION FOR
DECISION MAKING

Table of Contents
• Introduction
• Main body
Role of information in retail industry
Which type of data is used by company
Use of information in operations of retail
key references to types of data bases and information system
data delivered insight the decision making
Secondary and primary research
• Conclusion
• References

INTRODUCTION
• There are different sources of information which are used in the process of
decision making by the seniors of the organisation.
• Retail industry works with the process of selling consumer goods and
services with the help of different channels in the aim to earn profits
(Porto, and et.al., 2020).
• Retailers will satisfy the demands of the customers with the help of a
supply chain.

Role of information and data within retail industry
• With the increasing in globalization, it can be said that the contribution of information
and data has increased drastically.
• Information technology plays vital role in dealing with complex retail operations.

Cont..
• Controlling and monitoring information or data and along with that market knowledge is
important to attain competitive advantage in this sector.
• As market is growing and also becoming complex so the simple process of retailing is
also getting advanced and complex.

Which type of data is collected and used by
the company
• Role of data in the retail industry is wide
because data only helps them to understand
customer behaviours, market trends etc.
• retailer uses 1st party data and used in the
decision-making process.
• I st party data is the data which is directly
collected from the customers.

Cont..
• It consists of data which is gathered from observation, social media, customer feedbacks
or CRM database etc.
• This data is considered as the most important data because it collected directly from
customers. So that is why it is the pure data.

Use of information and data in the operations of retail
industry
• In the modern business world, customers are looking forward for more
personalized experience with easy purchase options or else they have the power to
switch to another retailer.
• Large number of data helps in revealing different patterns and current trends which
will help in determining the human behaviour and interactions (Loureiro, and et.al.,
2018).
• These big data helps in gaining knowledge of forecasting trends and marketing
strategies which in turn helps in decision making and doing the analysis of the
market.

• It is very important for the retailer to communicate with the supplier and also the
consumer.
• Information helps the retailer to know when is the right time to launch or to
produce and introduce something new in the already existing products.
• Information gives details about the sales forecast coming from producer for that
particular line of product (Avinash and Babu, 2018).

key references to types of data bases and information system
• Information system in retailing sector might be important for which that could help the
organization for keeping many important things about the suppliers and many other
better option.
• Retailing purchases out their products and services with having large quantities and in
turns with the sells them to consumer for small quantities.
• Information flow that could help the business for knowing about the communication in
which form as they can flow out their services and make their consumer

CONTD…
• As retailing can manage their information and stored with having the proper information
management system and make sure for having the effective terms.
• Retailing information system should have some basic function such as procurement,
dispatch, storage etc.
• It should also allow manager for managing the sales report about their products and
services at daily sales volume.

Example about data delivered insight the decision making
within retailing
• For example, big data bringing diverse more about the better business units together.
This could be more responsible for having the high unit working such as store chain,
string outlets malls etc.
• This could being also important for keeping the high impact over through which the
business can run properly and decision making with better business practices.
• The retailing business can gain more about the 360 degree for their customer which
could led with likely or unlikely this is an accurate for making things possible.

Secondary and primary research that used in conjunction
with MIS and other data bases
• Secondary data means the sources that have been collected by others. It might totally
with having inexpensive and also acts as strong research project. Which might be
provided with having the proper and relevant source from the collection of data.
• Primary data, new information collected with having specifically purposely. This is help
for showing some methods as primary collection sources and that could also based up on
the goals and objective for the industry.

CONCLUSION
• It can be concluded that information and data plays an important role in the industry of
retailing.
• Data is very helpful in delivering the insight points for the business and its decision
making process.

REFERENCES
Books and Journals
• Avinash, B.M. and Babu, S.H., 2018. Big Data Analytics–Its Impact on Changing Trends
in Retail Industry. International Journal of Advanced Research in Computer Engineering
& Technology (IJARCET). 7(4).
• Ellitan, L., 2020. The information technology industrial revolution and its role in
building business strategy of global retail. Jurnal Manajemen Maranatha. 19(2). pp.151-
158.