Skip to content

Digital Producer Magazine

Primary Menu

Digital Producer Magazine

  • Home
  • Retail
  • Types of Reference Data Used in Retail Operations
  • Retail

Types of Reference Data Used in Retail Operations

Reference data is a subcategory of master data that’s used to define characteristics and indicators. In other words, reference data is used for classification. Whether you’re a small-business owner or operating a large enterprise-level retail business, it’s important that you have a reliable way to govern your master data. Put simply, master data is any shared data across systems or departments in your organization. For example, if you have an inventory tracking system connected to your point of sale (POS), the data shared between these systems in your retail solution is considered master data.

Like other forms of data, reference data can be generated either from within your organization or from external sources. It’s generally agreed that there are two main types of reference data: multi-domain and real-time data. Multi-domain data isn’t industry-specific and can be produced by numerous departments (finances, human resources, etc.) and content. Real-time data, on the other hand, is usually produced either in capital markets or by military intelligence markets. Thanks to the internet of things (IoT), it’s also becoming more common for organizations to collect metadata from online sources involving big data stores. If you’re interested in running a retail store, here are some important types of reference data you can expect to collect.

Transaction Codes

img

Whether online or in a brick and mortar storefront, retail operations exist to sell products to customers. Naturally, your store has to keep track of sales, and part of this is done with transaction codes. These codes are a type of reference data that represent individual payments and bank transactions. There are three basic types of transaction data.

  • Cash Payments: These are payments made either by cash or by check.
  • Bills of Exchange (BOE): These are agreements similar to letters of credit. An example could be a draft against a bank account until the maturity date. These payments aren’t as common in the United States as they are in some European countries, but worldwide retailers may deal with them.
  • Bank Service: These codes are used for any purchases made from a credit or debit bank account.

All transaction data should be recorded in Accounts Receivable and Cash Management software.

Customer Segments

Customer segmentation is the common process of dividing retail customers into different groups based on their characteristics in order to make it easier to market toward each segment of the target audience. Demographics such as age, gender, location, and life stage are all common examples. A B2B business owner might segment business customers based on their industry, location, or products, to name a few important characteristics.

Each segment is an important factor in how you choose to advertise, improve customer service, test pricing, and develop new products. Without customer segments, you’ll have a hard time offering a better customer experience, and your retail establishment will suffer.

Inventory

img

Many different products are sold in retail stores, and each individual product needs to be tracked in order to accurately update inventory and keep track of purchases and security. This is done with individual serial codes on each product that are scanned at the retail location. If you sell security camera systems, for example, each of the retail security cameras in your possession should have their own code. This way, you always know what models are available and can accurately assist your customers and determine when to make new orders.

It’s always a good idea to set up your own retail surveillance system in your store. IP cameras with good video quality can keep watch on every area of your store to protect you against thieves, acts of vandalism, and other dangers. Some security systems can even alert law enforcement when criminal activity is detected.

Overall, reference data sets are important parts of your overall master data management. Without a good reference data solution, you may find it difficult to collect data and keep it consistent across all your departments.

Continue Reading

Previous Start a Retail Shop at Home With Amazon Liquidation Pallets

More Stories

  • Retail

Start a Retail Shop at Home With Amazon Liquidation Pallets

Video News

Categories

Recent Articles

  • Microscopic World Captured with Blackmagic Pocket Cinema Camera 6K by Protist Lab Films
  • UNDERTAKER 1 deadMAN SHOW Comes to Nashville July 29
  • IDTechEx Analyzes Meta’s VR Optics Future
  • 3D Cloud™ by Marxent Launches Interactive 3D Sectional Sofa Configurator for E-commerce
  • Upward Farms Scales its Packaging Automation
  • Blackmagic Design Announces New Blackmagic Pocket Cinema Camera 6K G2
  • Perfect Corp. Brings Together Industry Leaders to Showcase the Top Technology Trends Transforming Retail at The 2022 Global Beauty and Fashion Tech Forum in New York City
  • Join Nextech AR at the Wall Street Reporter’s NEXT SUPER STOCK Livestream on June 23, 2022
  • Take It Easy with Easy Breezy: Novakid Re-launches its Virtual Summer Camp for Children
  • Harvard MedTech To Participate in Study on Virtual Reality Therapy With Johns Hopkins Medicine

News

  • Camera
  • FilmMaker
  • News

Microscopic World Captured with Blackmagic Pocket Cinema Camera 6K by Protist Lab Films

  • News

UNDERTAKER 1 deadMAN SHOW Comes to Nashville July 29

  • News

IDTechEx Analyzes Meta’s VR Optics Future

  • News

3D Cloud™ by Marxent Launches Interactive 3D Sectional Sofa Configurator for E-commerce

  • News

Upward Farms Scales its Packaging Automation

  • News

Blackmagic Design Announces New Blackmagic Pocket Cinema Camera 6K G2

  • News

Perfect Corp. Brings Together Industry Leaders to Showcase the Top Technology Trends Transforming Retail at The 2022 Global Beauty and Fashion Tech Forum in New York City

  • News

Join Nextech AR at the Wall Street Reporter’s NEXT SUPER STOCK Livestream on June 23, 2022

  • News

Harvard MedTech To Participate in Study on Virtual Reality Therapy With Johns Hopkins Medicine

  • News

Take It Easy with Easy Breezy: Novakid Re-launches its Virtual Summer Camp for Children

  • News

Schrödinger Convenes Global Educators For Second Annual Educator’s Day

  • News

Leading Standards Organizations and Companies Unite to Drive Open Metaverse Interoperability

  • News

Top Ten Clix Chill Short Vid Streamers for Summer

  • News

More Than 80% of Healthcare Executives Expect the Metaverse Will Have a Positive Impact on Their Organizations, According to a New Accenture Report

  • News

Mythical Announces Two New Play-and-earn Games Arriving Next Year

  • News

Macy’s Launches Discord Channel and New NFT Series in Celebration of the 46th Annual Macy’s 4th of July Fireworks®

  • News

Harvard MedTech Executives Appointed to IAIABC Committees on Work Disability, Medical and Regulatory Issues

  • News

ELTON JOHN PARTNERS WITH JADU & SWEET TO RAISE FUNDS FOR ELTON JOHN AIDS FOUNDATION

  • News

Reality NFT powered by Golem Network’s decentralized solutions

  • News

Mr. McMahon to Appear on SmackDown® Tonight

Features

Partner Sites

IT Business Net
http://www.ITBusinessNet.com

Digital Producer Magazine
http://www.DigitalProducer.com

Digital Media Net Media Hub
http://www.DigitalMediaNet.com

Consumer Electronics Net
http://www.ConsumerElectronicsNet.com

Health Technology Net
http://www.HealthTechnologyNet.com

Crypto Coins Net
http://www.CryptoCoinsNet.com

You may have missed

  • DIT
  • Lead Story
  • Post Production
  • Transcode
  • Workflow

We got the Tools. You got the Speed.

  • Camera
  • FilmMaker
  • News

Microscopic World Captured with Blackmagic Pocket Cinema Camera 6K by Protist Lab Films

  • News

UNDERTAKER 1 deadMAN SHOW Comes to Nashville July 29

  • News

IDTechEx Analyzes Meta’s VR Optics Future

  • News

3D Cloud™ by Marxent Launches Interactive 3D Sectional Sofa Configurator for E-commerce

  • News

Upward Farms Scales its Packaging Automation

Copyright © Digital Producer Magazine All rights reserved.
error: Content is protected !!