Importance of knowledge management systems in online retail compared to traditional retail.
The retail industry involves selling goods or services to customers through various channels of distribution with a view to turning a profit. This makes it one of the world’s oldest professions, with evidence of markets and stores stretching back to antiquity.
Knowledge management systems (KMS) are becoming an essential resource for gaining a competitive advantage in all industries. A well implemented KMS enables industries selling products and services to numerous small customers to understand and track these customers, a practice which traditionally was limited to industries with few large clients, as industries with many customers had no economic way of recoding and using records of customer interactions. An industry that increasingly benefits from real-time collection and usage of customer data through KMS and customer knowledge management systems (CKMS) is retail. The retail industry involves selling goods or services to customers through various channels of distribution with a view to turning a profit. This makes it one of the world’s oldest professions, with evidence of markets and stores stretching back to antiquity.
A sub-segment of the retail industry which not only depends on KMS to gain a competitive advantage, but whose existence has become dependent on KMS is online retail. KMS are present in all business areas and are directly impacting almost every line of the profit and loss statement of an online retailer. Customer acquisition, customer retention, product offering, pricing, marketing mix and purchasing are some of the key areas of e-commerce in which decisions are very often taken with the help of advanced KMS.
Question 1 (25 Marks)
Knowledge management is beneficial to every organisation, no matter the use case. It can increase operational efficiency, empower employees, improve the customer experience, and build a foundation for AI. Discuss FIVE (5) steps any business needs to consider when implementing a knowledge management system.
Question 2 (25 Marks)
Knowledge management system (KMS) is the cognisant process of structuring, defining, sharing, and retaining the experience and knowledge base of team members within an enterprise. VEND, a retail management software company’s KMS has a consumer-centric design method. Elaborate on AT LEAST FIVE (5) benefits of the KMS example, VEND.
Question 3 (25 Marks)
The Internet of Things (IoT) forecasts that billions of sensors will be connected to the internet and that this information needs to be collected. The use of IoT in retail industry is tightly connected to Global Positioning System (GPS) and Radio Frequency Identification (RFID) technologies that help brands track products through the entire supply chain process. Discuss any five applications of IoT used in the retail industry.
Question 4 (25 Marks)
The use of information systems in retailing is often overlooked, yet these systems provide retailers with extremely valuable tools to help them succeed in the ever-changing modern retail environment.
Discuss how are information systems used in retail. (5 Marks)
Discuss ANY FOUR (4) examples of retail information systems. (20 Marks)
Answers to Above Questions on Knowledge Management
Answer 1: Knowledge management system is an important requirement for every business because of the huge volume of data that businesses need to maintain in order to provide services to its customers. Knowledge management systems help businesses in a number of ways such as in retrieving knowledge to improve understanding, collaboration and process alignment. However, there are important steps to be considered in implementing a knowledge management system such as identifying the needs and goals of the organisation, choosing the right technology, developing a knowledge management strategy, performing the implementation of a knowledge management system, and finally monitoring and evaluating the overall performance of such a system.
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