ASSIGNMENT OF BRL-015
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(A) Short Type Questionsl. Wha1 is e-retailing? Explain the components of e-retailing.
2. List the steps for Advanced Customer Analytics.
3. What is information technology? What are its applications?
4. Distinguish between the following:
a) Location Hierarchy and Time Hierarchy
b) interior display and window display
c) Magnetic stripe readers and Fingerprint readers
d) lnformation System (lS) and Database Management System (DBMS)
5. Write short notes on the following:
a) Impact of IT on retail business
b) POS Station Security Methods
c) Retail reporting
d) Features of the Retail Loyalty Programme
6. Briefly comment on the following:
a) "Retail is about detail and accurate details help in taking the right decisions''.
b) "The POS system can provide standard and customized reports to the retailer".
c) "Networks and telecommunications are the important components of information systems"
d) "Retailers are racing to become better at slicing and dicing reams of data they collect from multiple channels".
7. Discuss the benefits and considerations of implementing a CRM system.
(B) Essay Type Questions
8. State tbe various transactions to be performed under the goods dispatch- picking function through MMS.
9. What do you understand by campaign management? Discuss the process of implementing campaign management.
(A) Short Type Questions
1. What is e-retailing? Explain the components of e-retailing.
ANS: Electrnnic retailing (E-tailing) is the sale of goods and services through the internet. E-tailing can include business-to-business (B2B) and business-to-consumer (B2C) sales of products and services.
E-tailing requires companies to tailor their business models to capture internet sales, which can include building out distribution channels such as warehouses, internet webpages, and product shipping centers.
Notably, strong distribution channels are critical to electronic retailing as these are the avenues that move the product to the customer.
COMPONENTS:
Customer Engagement
To convert potential consumers, you need to make a good first impression. Your website represents your online presence, and you need to be creative as well.
Getting the best design for your website can last your impression, and easy navigation to your website can give your consumers an excellent shopping experience. You can go for a less stylish design or bold themes with colors to represent your website.
Quality Of Your Products
The quality of your products can help you gain trusted and loyal consumers. This also reduces your time, cost, and risk of getting return requests for defective products.
This will create a negative impression that products you sell online are not of good quality. You create a good impression and brand reputation by ensuring your online consumers that your products are genuine and of good quality. Getting ISO accreditation is another way of gaining your consumers' trust.
Standardization Of Your Product Prices
Online consumers always look for and compare the product prices that you offe r. Product pricing is considered to be a marketing tool and has a direct effect on your conversion rates. This is the reason why you must evaluate your product prices.
You have to keep in mind that when an online consumer visits a website, the first thing they look for is the product's price A proven way to standardize your product pricing is by having a cost- based model that works in three steps deciding your cost price, wholesale price, and your retail price.
By standardizing your product p1icing strategy, you will always succeed in the type of online retail business you have.
Ensuring Your Store Security
Your online store must be secured so that your consumers will have the confidence to purchase your products. Your online retail shopping cait should have excellent secmity features tl1at will prevent your consumers' personal information from falling into the wrong hands. This can directly improve your business' reputation.
There ru:e different ways to secure your eCommerce website. One is by using an SSL (Secure Socket Layer) ce1tificate that encrypts data on your website to secure it from online threats. Another is implementing advanced verification methods. This will earn your consumer's trust because they know you are taking good security measures.
Reliable and Trusted Customer Support
Online consumers trnst the reliability part. If your customer support attends to their questions, queries, and problems relating to product purchase, payment, returns, and delivery adds reliability and trust to your brand.
Your customer service should be available 24/7 and must provide your consmners with an excellent approach. Additionally, you can use a chatbot for connecting with your audience on a personal level.
Having good customer service will help you gain and retain consumers. This will also help you build your brand identity.
Enabling M-Commerce
Your online eCommerce business should be able to adapt to technological advancement to stay competitive in the market. M-Commerce or Mobile Commerce is an innovative trend in online retailers nowadays.
Most consumers do their product reseai·ch, pmchase, and payment with the use of their smartphones. Having a mobile app for your online retail store is the main component of an effective eCommerce business. It is also irnpo1tant that you should monitor and upgrade your app regularly.
Utilize The Power Of Social Media
There are approximately 4.4 billion internet users worldwide, out of which 3.44 billion are active on social media. Most companies sell products or services on Instagram Shopping as it generates more attention and eng agement than Facebook.
Therefore, promoting your eCommerce business on social media will surely boost your store's presence, engagement, and conversion rate.
2. List the steps for Advanced Customer Analytics.
ANS: Step 1: Identify y our customers
The primary step is to identify your potential customers and define their specific characteristics about them. The attained factual info1mation is segmented into the following catego1ies: Demographic: Age, gender, income
Geographic: Location, type of area (Rural, suburban, urban)
Psychographic: Values, interests, beliefs, personality, lifestyle, social class
Technographic: Type of technology the buyer is using; tech-savviness
Behavioral: Habits, frequent actions, b uying patterns
Industry (For B2B): Based on the industly a company belongs to.
Business size (For B2B): Size of the company
To obtain the above data, a g eat place to start for established businesses is your customer database.
If you aim to expand this information, you can use your existing communication channels to gather further details through surveys.
Step 2: Define the needs of your Customers
Now that you have identified your customers, the next step is to understand and specify their needs and challenges. This is the step where you need to go hands-on with your rese arch. Getting to know your customers' needs helps you determine whether or not your product or service hits the mark.
To understan d the needs of your customers, you can a d opt the following approaches:
Engage directly with potential Customers
A very reliable way to get to know your customers is to simply ask them, either in person or on a call. You can reach out to your customers, conduct one-on-one interviews, create focus groups, and invite buyers to test your new products. You can collect an an1ple amount of data through these techniques.
However, we recommend prioritizing accuracy over the quantity of data.
A technique that can help you get a deeper insight into your customer's needs and opinions is the five whys technique. While practicing so, be mindful of the way you conduct the interview. It is essential to keep the customers in a comf01table and conversational enviromnent to attain accurate answers.
Collect data f om your Customer support
Customer support is the place where you can find feedback and criticism given by your customers. Analyzing this data helps you understand the p ain points of your customers. You can fmther elaborate on this data by interacting with the customers who had issues with your products.
Run surveys and mention statistics
Talking to your customers helps you get qualitative inf 01mation that you can use to alter yom product or se1vices according to your customers. The next part is to attain quantitative inf01mation, in other words, presenting numbers to support the previous data.
Conducting smveys is one of the commonly used methods for quantifying infonnation. You can conduct in-app smveys, post-purchase smveys, or link smveys in email and apps, etc.
The second method is b y collecting statistical data to suppo1t your conclusions from the inteiviews. These include stating studies related to customer choices, results from popular smveys, etc.
Step 3: Create a Customer Persona
Now, it's time you present the information using a customer persona. A customer persona is a representation of a segment of customers with similar traits. Creating customer personas helps you process the data more efficiently.
You can use customer persona templates that are available online. To help get you staited, we have created a customer persona example.
Step 4: Explain the product alignment to the Customer's Needs
You've gathered info and created customer personas. The final step is to explain how your product or service caters to the needs of your customers. Here, you specify the solution you offer to your customers to tackle tl1e challenges they face.
Mention the USPs of your product and its features, and they benefit the customer. Here, you also mention how your offerings make your customers' lives better.
3. What is information technology? What a re its applic ations?
ANS: Infonnation technology {IT) is the use of any computers, storage, networking and other physical devices, infrastructure and processes to create, process, store, secure and exchange all fo1ms of electronic data. Typically, IT is used in the context of business operations, as opposed to technology used for personal or entertainment pmposes. The commercial use of IT encompasses both computer technology and telecommunic ations.
The Harvard Business Revie w coined the term information technology to make a distinction between purpose-built machines designed to perfo1m a limited scope of functions, and generalplllpose computing machines that could be programmed for various tasks. As the IT industry evolved from the mid-20th century , computing capability increased, while device cost and energy consumption dec1eased, a cycle that continues today when new technologies emerge.
Developed Information Technology in c reases productivity
In business, people look to complete more tasks in a shorter duration and this can be achieved on ly if the business has a well-developed Info1mation Technology.
Faster communication, electronic storage, and protection of valuable records are the advantages that IT gives an enterprise.
Developments in IT are driven by new demands in the competitive business enviromnent on one hand and profound changes in the nature of computers on the other.
Information Technology frameworks come looking like numerous mechanically progressed gadgets that help convey significant data to administrators and hence they utilize this data to settle on vital choice with respect to the tasks of their organization.
IT has to do with PC applications, on which practically every workplace is needy.
IT provides electronics storage systems
Info1mation Technology facilitates electronic storage systems that are used by companies to protect their valuable records. Secure maintenance of customer and patient files is vital to business integrity.
Infonnation Technology includes a set of tools, processes, and methodologies such as coding/programming, data communications, data conversion, storage and retrieval, systems analysis and design, and systems control.
These are employed with equipment that collects, processes, and presents info1mation. Ever since computers were introduced, it has changed facets of businesses. They use computers and software to ensure that their businesses nm smoothly.
IT secmity engineering systems
Storage systems, for example, virtual vaults, protect data by just pennitting ce1tai11 clients inside an organization to get to, pull out, add or change the records.
IT secmity engineering systems shield our electronic data from being hacked, or cleared out dming a technological disaster.
Electronic security engineering means our significant records will stay unapproachable.
Data innovation improves our organization's productivity by creating compute1ized cycles to take trouble off our staff.
Thus, our representatives are allowed to take a shot at different things while the PC mns their reports, makes questions, tracks tasks, and screens financials.
IT makes remote working possible
IT systems give remote access to an organization's electronic network so that their employees can work from their homes or any remote places. Such that,
This availability permits the organization to build profitability since the employees can, in any case, complete work, in any event, when they aren't trnly in the workplace.
4. Distinguish between the following:
a) Location Hierarchy and Time Hierarchy
ANS: Location Hierarchy Basics and Structure
1. Brief Explanation
The Location page provides a structure to manage the various locations that comprise UC, including its properties, buildings, structures (campus infrastructure and utilities), floors, and spaces
2. The Location Hierarchy structure set up in Tririga
Locations are presented as a hierarchy, or drilldown tree that can be navigated from the highest level, Locations, to the lowest level, Space. TI1e list below provides a brief description of each level of the hierarchy and its function. The paranthetical information references the unique Tririga fotm used to build the given level.
Level 1 : Locations (root), contains all of the the physical locations across the UC system
Level 2: University of California (Location Catego1y), represents UC system
Level 3: Campus (Location Categ01y), represents each local campus as a whole and will contain campuses, medical centers and/or other properties that are part of that campus system
Level 4: Campus (Property), represents the physical campus property and contains the buildings, structures and land parcels that are patt of the campus
Level 5: Building (Building), represents the actual buildings that are part of the campus property
Level 5: Structure (Structure), represents the other str·uct ures and facilities that make up the campus, for example utilities (water, sewar, electrical se1vices), infrastructure (roads, walkways) and strnctures (stadiums, greehouses)
Level 5: Land (Land): represent the parcels of land that are pait of the campus
Level 6: Floors (Floor): represent the floors that are part of each building
Level 6: Ve1tical Shaft (Ve1tical Shaft): represent the ve1tical shafts that ai·e part of each building
Level 7: Space (Space): represent the spaces and rooms that are located on a floor of a given b uilding
TIME IDERARCHY:
The time hierarchy enables you to compai·e line item scenarios a11d activities with others within a defined scenaiio group. For example, you ca11 roll up a scenario and activity using a monthly calendar into a quaiterly view to compar·e it with a scenario ar1d activity using a quaiterly calendar·. The time hierarchy allows for aggregation of budget transactions to increasingly summarized time periods (such as monthly u-ansactions that are aggregated to qua1terly).
You must include and define any calendar in your time hierarchy that is used in a nonhistory planning scenario within the scenario group. History-type scena1io calendaJs are normalized through period mapping mles within the scenario group, and their calendars are not required.
b) Interior display and window display
ANS: While window display is ananged outside, interior display is done inside the shop. Products placed in interior display are often kept within the easy reach of the buyers.
Advantages of Interior display advertising
Interior display offers the following advantages:
1. Interior display saves a substantial pmt of selling effort. By looking at an interior display, buyers get to know more info nnation about the product.
2. Interior display helps to sell allied products.
3. The inte1iors of the shop becomes quite attractive.
4. Interior display is flexible. It can be changed according to the requirements of the seller.
For ananging window display, the following points should be considered.
1. The window chosen for window display should be attractive. It should attract prospects to step into the shop.
2. The space available in the window should be adequate for effective display of products.
3. Window display should be clearly visible and colorful
4. A paiticular display should not be exhibited for a long period. It should be frequently changed so as to create interest of the passer-by.
5. Window display should stimulate attention, desire and action of the prospects.
6. Timeliness of display of goods is impo1tant. Products which are bought more during a particular season should be kept in a window display. For example, there is no use displaying rain coats in summer.
7. The window should not be clattered with several products.
Merits of window display advertising
1. Window display promotes the sale of the displayed product.
2. By displaying the product, window display acts as a selling point.
3. The dealer's time and money is saved from canvassing for the goods when he goes for window display.
4. Products well displayed build the image of the shop.
5. It enhances of the status of the shop.
6. Window display is an indispensable part of retailing business.
c) Magnetic stripe reader s and Fingerprint readers
ANS: Magnetic stripe readers are used to scan and decode the info1mation stored on a magnetic snipe cards. Like barcodes, magnetic stripe cards are very common because they are an easy way to store data on an ID card.
In order to use magnetic stripe cards and readers, your organization will need to have a system in place that will inte1pret and use the data stored on the magnetic stripe. Common types of systems include POS, time and attendance, and membership systems. Examples of encoded data include membership numbers that can be used to pull up member profiles, or a financial account numbers that can be used to process a payment.
Generally, magnetic stripe readers don't encode or write data onto ID cards. Cards are encoded by an encodin g module on the ID card printer at the time the card is p1inted. Most ID card printers can be ordered with an optional magnetic stripe encoder, which adds around $400 to the cost of the system.
In addition to an encoder on your ID printer, you will also need ID card software that can encode magnetic snipe cards. All AlphaCard Complete ID systems include Alpha.Card ID Suite software which has the ability to encode magnetic stripe data.
Magnetic stripe readers come in several different types, from the all in one machine at the grocery checkout that you swipe your card thr ough, enter a PIN on, and sign, to simple standalone scanners. Some magnetic readers will only read LoCo magnetic cards, while other will read both LoCo and Hi Co cards. Learn more about magnetic snipe encoding.
The fingerprint identification insn·ument is a special insnument for identification through the biometric fingerprint of the human body. Fingerprints are unique and immutable for life, so it is ve1y safe and convenient to use as one of the ways of identification. Fingerprint identification devices are widely used in identity v erification occasions such as banking, social security, public security, time and attendance, access contl'ol, computer and network security, and Internet shopping payment methods.
The Chinese name fin gerp1int identification device is used for identity recognition. Advantages are safe and convenient. Principles of identification through human biometric fingerp1ints. Applications Banking, social secmity, public secmity, attendance, and access control. The fingerprint identification device is a sensor (area type) based on the principle of living body acquisition and identification. It is an online or offiine product composed of software and hardware such as high-perfo1mance fingerprint comparison algorithms. The work of the hardware part is to collect fingerprints and transfer them to the In the host, the identification and comparison tasks are completed by the fingerprint recognition software installed in the host. The product adopts the world's most advanced living leather fingerprint collection technology, which prevents fake fingerprints, has a high recognition rate, is compact, durable, and is cost-effective.
d) Information System (IS) and Database Management System (DBMS)
ANS: infonnation system, an integrated set of components for collecting, st01ing, and processing data and for providing info1mation, knowledge, and digital products. Business finns and other organizations rely on info1mation systems to cany out and manage theiI operations, interact with their customers and suppliers, and compete in the marketplace. Information systems are used to mn intero1ganizational supply chains and electl'onic markets. For instance, c01porations use information systems to process financial accounts, to manage their human resources, and to reach their potential customers with online promotions. Many major companies are built entirely around information systems.
A collection of info1mation which is managed such that it can be updated and easily accessed is called a database. A software package which can be used to manipulate, validate and ren·ieve this database is called a Database Management System.
For example, Airlines use this sofnvare package to book tickets and confirm rese1vations which are then managed to keep a n·ack of the schedule.
There are majorly four types of database:
Network Database: When the details of multiple members can be linked to the files of multiple owners and vice versa, it is called a network database.
Hierarchical Database: When the data stored in the f01m of records and is connected to each other through links is called hierarchical database. Each record comprises fields and each field comprises only one value.
Relational Database: When the data is organised as a set of tables comprising rows and columns with a pre-defined relationship with one another, it is called a relational database.
Object-oriented Database - the information is represented as objects, with different types of relationships possible between two or more objects. Such databases use an object-oriented programming language for development.
5. Write short notes on the following:
a) Impact of IT on retail business
ANS: Technology in the retailing industry has provided a new dimension. The introduction of point of sale equipment, bar codes and huge storage capacity for billing and payment database has facilitated the management of large set-ups with ease. Operations can be recorded in a strnctured and systematic manner, providing detailed analysis of the sales and volume of transactions. Electronic transactions have increased the volume of sales in the country. Flexibility in the mode of payment and cashless transactions has helped in d1iving sales. Communication assists in maintaining a competitive advantage in retaining and attracting customers. The introduction of new technology may be intricate for retailers, but the convenience and cost effectiveness create the need for new advancements. Large stores need to monitor inventories and expenses of establishments. With automated machines and h igh-end computers making the task simpler, the focus of retailers can stay on retaining customers with new strategies. Security systems also do help for a safer shopping, for retailers as well as customers, providing immense mental relief. Such technological advancements are only now coming into India and the need for it has been acknowledged. The point of sale (POS) applications will provide for quicker consumer check-out and multiple payment options like credit cards. Solutions ranging from simple Point of Sale (PoS) systelllS to complex retail ERPs have been implemented mainly by large, mid-sized and manufacturer-retailers in India. Using ERP packages and solutions like Retail Pro, higher-end solutions like IDA, SAP IS Retail or Retek facilitate backend operations.
Along with business optimization software, mobile computing and B2C concept assist retailers to cut cost and increase efficiency, but these solutions are mainly targeted at big retail stores with chains in India. Though these solutions have been implemented, returns on these investments take a longer period. The emphasis of retailers are now in utilizing IT solutions like CRM, OLAP, CPFR tools to cany out the behavioral analysis to stay in the competitive market. Retail ERP packages have been implemented b y large retailers but today they are experiencing difficulty in utilizing it fully, one of the key reasons could be the lack of adequate training. But it is expected that the demand and utilization of these packages will grow in the near future. It is estimated that about 400 to 500 mega bytes of data are transmitted daily between point-of sales counters and co1porate headquarters of retail chains in developed countries. Relay of transaction data in such volumes helps to maintain a close working rela tionship between retailers and vendors to predict consumer demand, shorten lead times, reduce inventory holding and thereby save cost. Retailing database also helps in tracking purchase behavior through demographic and psychographic information. This clearly is an indication of technology serving as an effective means to build the retail business and not just restricted to supporting and improving the operational efficiency. Use of electronic communication like e-marketing could well be a cost-effective f01m of attracting and retaining customers. With internet penetrntion and awareness on the 1ise in the country, emarketing does prove to be a good communication tool. Use of technology could fmther be extended to home shopping, direct mails and telemai·keting. It can also facilitate g rowth in newer applications like kiosks, intelligent vending machines, PC net shops, etc.
b) POS Station Security Methods
ANS: Ransomware can be devastating to an individual or an organiz ation. Anyone with impo11ant data stored on their computer or network is at risk, including government, healthcare systems, financial institutes, or other critical infrastrncture entities.
Recovery can be a complicated process that may require a reputable data recovery specialist's se1vices, in addition to the high cost of the production shutdown and the data breach penalties or refund p lans for the victims dealing with their customer's data.
The cmTent known threat to watch is tl1e Sodinokibi, also referred to as Sodin and Revil. Sodinokibi is a ransomware-as-a-se1vice (RaaS) operation known for breaching c01porate netwmks using exploits, exposed remote desktop se1vices, spam, as well as hacked Managed Se1vice Providers.
This new threat, wo11h watching as the attackers on top of using the typical tactics, also target the POS systems. In the detected Revil attacks, the attackers were scanning the organization's network for PoS systems as part of a credit card data theft attempt or as a11 additional valuable tar·get worth encrypting.
Most targeted businesses and industries were hosting, managing, or receiving payment using POS systems, making the cost and the impact of the cybersecurity incident considerably heavy as it comprises critical customer data.
Like most malware, Sodinokibi requires elevated privileges to install its payload, exploiting remote desktop services, and unsecure connectivities.
It is highly recommended to avoid and p revent this menace, especially for businesses using POS Systems to align their security readiness with an adequate standard that has been defined to safeguard their customers' credit card data.
PCI DSS compliance englobes a set of requirements covering many security domains that can help p revent ransomware attacks. Like most malware, Sodinokibi exploits remote desktop se1vices, and unsecure connectivity requires elevated privileges to install its payload.
As the compliance mandates a multi-factor authentication for all external and internal admin accesses, a proper RBAC approach to reshi.cting system access to authorized users and secure incoming and outgoing channels to the organization network.
All those requirements, among others, can help organizations to prevent and reduce the risk of the ransomware menaces. What PCI DSS can offer more than any other security standard is that it dedicates five controls to secure the POS systems from tampe1ing, substitution, or any potential compromise.
POS systems are critical devices in the PCI DSS compliance as they capture and store credit card data. All POS systems should be used with strong cryptography connection, to use only PTSDapproved point-of-interaction (POI) devices, and for some merchants not to be connected to any other systems within the organization environment.
PCI DSS also focuses on identifying and listing all their POS systems, facilitating the task of monitoring and maintenance, providing the POS Systems users with the proper secmity training to detect and react in case of tampe1ing compromise attempts.
By Complying with the PCI DSS in general and the POS security requirements in paiticular, organ izations can prevent and, or at least limit such threats.
To ensure that you 're keeping POS systems protected, get in touch with our cyber secmity expe1ts. The PCI compliance journey may seem ove1whelming, but we are more than ready to walk you through this journey guaranteeing that nothi ng is missed.
c) Retail reporting
ANS: Retail Repmt is a feature-rich shopping centre management and retail analytics software solution that keeps all your information and communications in one, central location. Anyone can access the retail analytics platform from any browser, any where in the world. Drive your pe1fo1mance, boost your sales achievements, optimise your marketing and proactively manage your tenants at the touch of a button.
three types of retail reports:
Merchandising field rep01ts
Promotion field reports
Competitor rep01ts
MERCHANDISING FIELD REPORT:
For brands making a remarkable amount of their sales in-store, merchandising repo11s are highly insightful. Merchandising repo11s come up with details regai·ding the conditions of their products on the shelf Maybe one of their most valuable functions is that they help your merchandisers consistently track inventory and avoid the dreaded out-of-stock since when your product goes missing from the rack, your brand takes a big hit.
PROMOTION FIELD REPORTS:
Advertising events can help provide brands with a huge boost on engagement with new potential customers, but there's no doubt they're expensive on staffing and execution. Evaluate (and maximizing!) ROI depends on getting cleai· data about when and where your team executes events in the field, and how effective these events are ;
Propaganda Type: Is it a sampling, demo, trade show,?
Event: What was the occasion? Was it a holiday?
Span: What was the span and timing of the promo?
Products: What was being sampled? How many units of it?
Locate: Where were you physically locate within the store or at the event?
Number of workers: How many workers staffed this event? Was this an appropriate number?
Congestion: What was the foot congestion like during this event?
COMPETITOR REPORTS:
Brands that invest in field sales teams get an inside look at competitors' performance whenever reps are out in the field. Innovative brands use their field teams to report on competitors' price points, shelf positions, market shares, and more. Here are some examples of what you should ask reps to look for when conducting a competitor report:
Identifying Challengers: Who are your biggest challenges in this location? Which items are they successful with?
Competitor Price: How does your competitor's pricing differ from yours? Differences in sales between brands could be a result of calculated
Competitor Promotion: Do they have running promotions or events?
Competitor Image: This documentation will show merchandising effo11s and packaging design by competitors.
New Competitor Warning: Do you have a new neighbor on the shelf, or have any existing competitors scored more shelf space or lam1ched a new
d) Features of the Retail Loyalty Programme
ANS: A retail loyalty program is a type of reward pro gram that's built from the ground up to answer the industry-specific challenges that most retailers face. This market has the potential for high purchase frequency since customers have access to a large catalog of products from various brands.
1) Points Programs
A basic points system is the simplest and most straight-fo1wai-d type of program. In short, for every dollar a customer spends, they receive a certain amount of points in ret11m. TI1ese points accumulate until the customer is able to redeem them for a rewa1d. For the most part, the number of points received per dollar is fixed and does not change between customers or purchases.
2) Stepped Points Programs
Stepped points begin to add a weighted system to a loyalty program. TI1e w eighted system can be used to encourage certain behaviors as well as tap into the exclusivity factor desired by many consumers. Let's look at two examples of stepped points programs:
3) Pay to Play Programs
If your first thought was, "Who would pay an upfront fee when there are so many free rewards programs?", you 're not alone. But if you start to take inventory of your rewards memberships, you may discover upfront fees are pretty common, from annual fees for airline mile credit cards to your Amazon Prime membership.
4) Partner Programs
Some companies choose to pa11ner with each other to reward their mutual customers and encourage repeat business within the network. A paitner program can be a great way of introducing your brand to a new group of potential customers with the endorsement of a brand that they already tlust. One of the largest partner programs is the AAA Membership. There is an up-front cost that vaiies by mai·ket, and this provides you with coverage for roadside assistai1ce, towing, and other automobile-related se1vices. In addition, members receive discounts and rewards with dozens of other brai1ds for eve1yday home ai1d travel expenses. AAA members automatically save at more than 100,000 online and store locations across the countl-y, including with brands such as 1-800- FLOWERS, Hai·d Rock Cafe, and Samsung.
5) Referral Programs
Many brands which are household names today used refen-al programs when they were just starting out. PayPal, Uber, and AirBnB all used refe1rnl programs to generate initial buzz about their companies in their first years of business. Let's look at the AirBnB Refenal Program which the company ended in February 2021. AirBnB Members were able to earn thousands of dollars' worth of Travel Credits if they sent a refe1rnl link to a friend who in tum created an account and m ade a rese1vation. Refetrnl links could be shared via email, text message, and, of course, via the ahnighty social media. AirBnB even used specialized API to dete1mine which ftiends in a member's network would be most likely to use a referral link, and the company would then suggest sending a link to this pa1ticular list of friends.
6. Briefly comment on the following:
a) "Retail is about detail and a ccurate details help in taking the right decisions".
ANS: Focus on the customer and provide world-class customer se1vice - Understand their wants, needs and desires - build your business to deliver these.
Establish your brand and values - Build a brand that has the basic values to achieve what the customer requires and clearly defines your business and its way of operating.
Establish a customer-focused culture - Build a team that lives and breathes your values, making world-class customer se1vice the hea1t of every team and successfully growing your business.
Make sure quality is in everything you do - Make sure that everything you do is done to the best ability of you and your teams - always strive to give the best service every day with every person you interact with.
Reward and incentivise to develop a motivated and happy team - A motivated and happy team will lead to happy customers, which leads to success - listen to and look after your team. Manage your cash - Cash is sanity and profit is vanity, a business will go bankmpt due to lack of cash, not lack of profit. Understand where your money comes from and where it goes.
Develop and communicate a clear vision, strategies and plans - Know what you are trying to achieve and have a plan to get there. Share the vision, strategies and plans with all your teams and paitners.
Make your customers the heait of every team and make them feel special - Happy and satisfied customers are loyal and keep you successfully retailing.
Retail is detail - Get the details right for the customer and look after the detail - understand what is happening and make sure you 'dot the i's and cross the t's'.
It's not rocket science - Retail is one of the oldest fo1ms of business - we buy a product and sell it on to the end consumer with a margin; make sure that that your margin delivers a profit. Make decisions - Just do it. Do not procrastinate; analyse the information, make decisions and give it a go - if it doesn't work, try another way.
Manage with facts and info1mation - Use the data and information you have in your business. Keep your emotions in check and make decisions based on solid information, analysis and reseach.
Don't forget to sell your products and your business - After all we ai·e in the retail business to sell products to customers - that is the reason they visit your stores and what they require from your business.
Be yourself and enjoy - this is your jomney to achieving your potential in retail - make sure you take pleasure in it.
b) "The POS system can provide standard and customized reports to the retailer".
ANS: Point of sale is the moment in which a customer pays for goods or services. That process will be more secure and smooth with a point-of-sale (POS) system. At a b a sic level, a POS system consists of hardwai·e and software that work together to process and track transactions. They're used by businesses ranging from neighborhood florists to restaurants to national grocery chains. Companies with offline and online s ales favor POS systems that integrate with their ecommerce platfonns.
POS hardware includes tenninals with displays, receipt p1inters and signature-capture capabilities that process transactions as well as add-on tools such as barcode scanners, scales and printers able to generate receipts and labels.
POS software is the engine that allows POS hardware to complete transactions. At a minimum, this software calculates the p1ice of the product o r se1vice being purchased plus all relevant taxes and fees, processes credit card payments and issues receipts either physically or via email. In addition, today's POS software can track and report on sales trends, inventory levels and employee hours. Some optionally caphire customer infonnation, such as email addresses, which can be added to the customer record and used for marketing initiatives.
Omnichannel POS software helps businesses operate more efficiently and profitably by centrally managing orders no matter where they originate from and orchestrating fulfillment from multiple locations. Capabilities to look for include tracking and updating changes in invento1y levels, adjusting pricing based on sales or discounts, accommodating the needs of B2B customers and capturing loyalty info1mation.
Some POS software can integrate with the company's back-end business systems, such as accounting software to produce accurate, up-to-date financial reports.
c) "Networks and telecommunications are the important components of information systems".
ANS: Telecommm1ications are the means of electronic transmission of infomiation over distances. The infonnation may be in the form of voice telephone calls, data, text, images, or video. Today, telecommunications are used to organize more or less remote computer systems into telecommunications networks. TI1ese networks t hemselves are run by computers.
A telecommunications network is an aiTangement of computing and telecommunications resources for communication of infonnation between distant locations.
A telecommunications network includes the following components:
1. Terminals for accessing the network
2. Computers that process information and are interconnected by the network
3. Telecommunications links that f01m a channel through which infonnation is transmitted from a sending device to a receiving device.
4. Telecommunications equipment that facilitates the transmission of information.
5. Telecommunications soft\vare that controls message transmission over the net work.
Two principal types o f telecommunications networks can be distinguished from the point of view of their geographical scope. They are:
1. Local area networks
2. Wide a1ea networks
Local area network (LAN): is a privately owned network that interconnects processors, usually microcomputers, within a building or on a campus site that includes several buildings.
Wide area network (WAN): is a telecommunications network that covers a large geographical area.
d) "Retailers are racing to become better at slicing and dicing reams of data they collect from multiple channels".
ANS: Slicing and Dicing refers to a way of segmenting, viewing and comprehending data in a database. Large blocks of data is cut into smaller segments and the process is repeated until the c01rect level of detail is achieved for proper analysis. Therefore slicing and dicing presents the data in new and diverse perspectives and provides a closer view of it for analysis. For example a report is showing annual perf01mance of a pai1icular product. If we want to view the quaiterly pe1fo1mance, we can use slicing and dicing strategy to drill down to the quaiierly level.
OLAP (Online Analytical Processing) is a computer process that enables user to select and extract data from different viewpoints. Slicing and Dicing tenn is generally used in OLAP databases that presents data to the end user in multidimensional cube format like a 3D spreadsheet ( called an OLAP cube). The OLAP cube comprises numeric facts called measures which ai·e categorized by dimensions.
Slicing refers to selecting a subset of the cube by choosing a single value for one of its dimension and creating a smaller cube with one less dimension.
Dicing on the other hand generates a subcube by picking two or more values from multiple dimensions of the cube. The cube is rotated independent of its dimension.
* Location = "Vancouver" or "Toronto".
* Time = "Q1" or "Q2".
* Item = "Modem" or "Mobile".
Thus dicing and slicing allows detailed analysis of data from different angles.
7. Discuss the benefits and considerations of implementing a CRM system.
ANS: 1. Better customer service
Modem CRM software has many functions, but the software was created to improve businesscustomer 1elationships, and that's still its main benefit. A CRM manages all of your contacts and gathers impo1tant customer info1mation - like demographics, purchase records and previous messages across all channels - and makes it easily accessible to anyone in your company who needs it. This ensures that your employees have all they need to know about the customer at their fingertips and can provide a better customer experience, which tends to boost customer satisfaction.
2. Increased sales
A CRM tool can help you streamline your sales process, build a sales pipeline, automate key tasks and analyze all of your sales data in one centralized place, potentially increasing sales and productivity. A CRM helps you establish a step-by-step sales process that your employees can rely on every time and that you can easily tweak as issues arise.
3. Improved customer retention
Once you've procured and converted leads, it's vital that you put in the work to retain them as customers and promote customer loyalty. High customer turnover can have many negative e f fects for your business, like diminished revenue or dismpted cash flow, so use your CRM and the infonnation it provides about your customers to encourage repeat business. The CRM will provide sentiment analysis, automated ticketing, customer support automation and user behavior tracking to help you determine problems and quickly address them with your customers.
4. Detailed analytics
It's one thing to have plenty of data about your customers, but you need to know what it means and how to use it. CRM software typically has built-in analytic capabilities to contextualize data, breaking it down into actionable items and easily understood metrics. Metrics such as clickthrough rates, bounce rates, and demographic information allow you to judge the success of a marketing can1paign and optimize accordingly.
5. Higher productivity and efficiency
CRM software uses marketing automation technology, which expedites menial tasks like drip campaigns and frees up your employees' time to focus on work only humans can handle, like creating content. It can also ensure that no tasks slip through the cracks (e.g., all impo1tant emails are always sent to the right people). Additionally, a CRM can show you a dashboard of how your business processes are working and where your workflows could improve.
6. Centr alized database of information
Another thing CRM software does best is providing a centralized database with all infonnation on your customers, making it easily accessible to anyone in your company who needs it. This makes it easy for a sales representative to see what products a certain customer is interested in, for example. If the customer has previously interacted with the company, the CRM will include records of that interaction, which can inform furure marketing effoits and sales pitches. This saves your employees the time of digging tln-ough old files and records, and it makes for a better and more productive experience for the customer.
7. Managed communications with prospective leads
Lead nurturing can be an arduous and complicated process, with many steps and oppo1tunities to communicate. A CRM automatically manages the process, sending your employees alerts when they should reach out to the prospect and tracking every interaction, from emails to phone calls. "One great advantage of [CRM] is that you can see your customer's journey holistically," said Michael Miller, CEO of VPN Online. "With every phase in the design and every email you sent out reviewed, you can quickly figure out the next move to make. It's like seeing it from the top view, and you can easily create a decision on what to do next."
8. Improved customer segmentation
A list of hundreds of contacts can be unwieldy and overwhelming. For example, how do you know which customers want to see your email about your new in-store product? A CRM will automatically segment your contact lists based on your criteria, making it easy to find the ones you want to contact at any given time. You can sort contacts by location, gender, age, buyer stage and more.
"Automation actually allows the marketer to have a more meaningful understanding of the customer and have more valuable interaction when they do interact because of it," Philips said. "The important part to understand about automation is that we don't want to write a general email to our customers. Instead, we want to send emails reflecting customers' preferences, interests and values by segmenting them into groups using the data gleaned within the CRM."
9. Automated sales reports
Your team can easily collect and organize data about prospective and cmTent customers using the CRM software's dashboard and reporting features, which allow employees to automate and manage their pipelines and processes. Toe CRl\1 can also help your team members evaluate their pe1fo1mance, track their quotas and goals, and check their progress on each of their projects at a glance.
10. More accurate sales forecasting
With any business operation, you need to be able to review your past perfonnance and strategically plan for the future. Using the automated sales repo1ts in CRM software, you can identify key trends and get an idea of what to expect from your future sales cycle performance, while adjusting you r goals and metrics to suit those projections.
11. Streamlined internal communications
Aside from facilitating communication between your business and your customers, a CRM can make it easier for your employees to communicate with each other. A CRl\tf makes it easy to see how other employees are speaking with a potential customer, which helps your team maintain a unified brand voice. It also allows team members to send each other notes or ale1ts, tag each other on projects, and send messages and emails, all within one system.
(B) Essay Type Questions
8. State the various transactions to be performed under the goods dispatch0 picking function through MMS.
ANS: 1. Planning of deliveries to be made Goods shipments don't take place in a vacuum; they're connected to other warehouse operations. This is why planning is of the utmost importance. Organizing daily dispatches of merchandise involves the following actions:
Know and confam which orders are to be prepared and sent throughout the day. S01t the list of orders to be prepared.
Assign the orders to the can-iers and indicate the time slots during which they need to pick up the parcels.
Schedule loading dock occupancy.
Provide the necessary space in the temporary storage area next to the dispatches.
2. Goods consolidation and sorting
The consolidation phase is usually included as prut of the picking or order preparation process. Neve11heless, because of its location in the warehouse and proximity to the dispatch area, we can also consider it as part of the overall order shipment process.
Goods consolidation consists of combining and grouping together products from various picking or warehouse zones for their subsequent shipment. Nonnally, an adjacent space within the dispatch area is reserved for this task.
Of comse, merchandise consolidation depends largely on the type of picking canied out. If order prep is executed chaotically, you mn the risk of holding up shipments in the dispatch a1ea until all their SKUs have been gathered.
3. Documentation and conditioning check
Goods dispatch represents the last contact between the product and the warehouse. It is during this process that the final documentation verification takes place. This prevents enors and ensures that customers receive what they have ordered.
To achieve this you need to check the va1ious associated documents (goods receipt, picking order, delivery note, road map, waybill, etc.), make sure the products ordered are those that are on the pallet or in the package, and verify all this inf 01mation in the warehouse management system.
In addition, you have to confirm that the weight and volume of the order are in line with can-ier requirements and then label it. Finally, the merchandise is packaged or wrapped (in boxes or on pallets), sealed and stretch wrapped.
Other tasks that may be performed in this goods dispatch phase are the personalization of shipments ( e.g., gift wrapping, in the case of certain e-commerce businesses) and the assembly of kits or packs (ve1y common with promotional products).
4. Loading of the goods
Now that we've gotten all our ducks in a row, there are still some steps we need to take before loading the parcels onto the conesponding truck:
Verify that the trailer waiting to be loaded is the coIlect one.
Place the merchandise on tl1e huck, balancing out the loads. In addition, the trailer should be securely anchored to the loading docks. This is usually done using handling equipment, such as pallet trucks or forklifts, and should be canied out with great care.
Hand the documentation to the cruTier to be signed.
Strategies for optimizing the goods dispatch process
Some good practices for optimizing product dispatch processes include:
1. Schedule times in conjunction with the t rans portation service
Goods dispatch planning will always be more precise when you have wru·ehouse management software that can control and organize a vast amount of info1111ation and guide the team of workers in canying out the related tasks.
A warehouse management system such as Easy WMS can group orders by: delive1y route, vehicle type, customer, and shipping p1iority, among other categories. These parameters are configured in the software according to the company's inventory characteristics.
The WMS also allows you to organize orders by employing both static ru1d dynamic picking. In the first case, organization takes place at the beginning of each working shift or day, using methodologies such as wave picking). When it comes to dynamic organization, picking and dispatch operations are adjusted as new orders are received.
2. Standardize and simplify document management
One of the essential steps in goods dispatch operations is document verification and management. The goal here is to reach zero e1rors, which is fostered by:
Integration of the warehouse's labeling and documentation rnles witl1 tl10se of the canier: this pe1fectly streamlines the prncess and facilitates data processing. In the case of Easy WMS, the Multi Cru1ier Shipping Softwru·e module makes it possible, for exan1ple, to p1int labels that ru·e compatible with the major transportation agencies' systems. It can also assign tracking numbers to each package directly from the wru·ehouse.
Use of tl1e WMS witl1 automatic assistive devices: voice picking, for example, enables operators to load pallets and boxes with both hands and validate packages more quickly. What's more, the WMS has a double-verification option to limit human eITor as much as possible.
3. Assess automation options in the goods dispatch process
Shipments can be automated with the help of:
Conveyors in the temporary storage or preload ai-ea: to streamline the loading of hucks with pallets, it is common to install live roller conveyors. These types of conveyors have brake rollers that maintain a constant sliding speed to ensure load stability.
9. What do you understand by campaign management? Discuss the process of implementing campaign management.
ANS: Campaign management refers to the planning and implementation of new marketing initiatives, though it can be extended to include other business facets such as advertising, sales, and customer support.
The te1m campaign is used to describe a specific initiative within a wider strategy.
For example, your company will be performing marketing activities year-round, and you'll - hopefully - have an overarching strategy and plan that desc1ibes what those activities will be. Then - throughout the year - you' 11 undertake many marketing campaigns, such as promoting a new service offering.
Campaign management involves 4 critical aspects:
Planning
Execution
Tracking
Analysis
These duties may be perfonned by a single person - or they may be distributed across an entire team- so it's important to implement some form of campaign management software to track and manage all of your initiatives.
There are vaiious stages in campaign management which can be listed as follows: Initiation of the campaign: This involves the client coming up and specifying the requirements of the campaign and tl1e pre-planning stage of the entire process to follow. The specifications mentioned by the client are carefully considered as the process of the campaign needs to be based on that and the final deliverables need to be met in those terms.
Campaign Design: This involves designing of how the campaign should follow and is done by the creation teains at the agencies or the heads of the adve1tising who have sufficient experience in handling the task.
Campaign Preparation: Following design, preparations are done to implement the design by gathe1ing resources needed for the implementation.
Campaign launch and Execution: This involves finally b1inging up the campaign in front of the tai·get audience.
Campaign Closure: once the objective of the campaigns is met and the client feels that the target market is attracted, the mission is accomplished and the campaign automatically is closed.
Post can1paign Follow-up: This involves getting a feedback as to how the campaign performed and met its objectives and gain an idea as to if there can be in1provements to either cut costs or in sh01t perfonn and conduct the campaign with more efficiency or ways to improve its effectiveness.
Assessing Campaign Effectiveness
While campaigns are designed to attain ce1tain objectives, the effectiveness of campaigns is the ultimate requirement for the client. The campaign must be able to accomplish the task of effectively making a potential customer into a consumer of the product. This can be done only if the campaign is checked at each and every stage. The right timing and the tight target ensures that the campaign is effective. However sometimes because of vruious reasons which could range from improper positioning to lack of appropriate targets, campaigns can fail. There have been numerous examples where companies have failed to create the impact they sought to owing to simple design mistakes even though the pro duct was excellent. Thus , it becomes all the more impo1tant to review the campaign from time to time at vaiious stages and make decisions as to what is the right time to launch a campaign or include something new into the campaign or close it. All the steps of effective campaign management need to be implemented throu ghout the process and ensure that the campaign is successful.
