The Vend Retail Dictionary: 50 terms every retailer needs to know
Apr 23, · In the retail industry, on call scheduling has become commonplace. In these working trades, “on call” means the employee can’t actually predict whether he or she will be needed at work on a given day with this likedatingus.com: Tracy Colman. Being on-call can happen for someone in just about any occupation. Even retail workers have on-call shifts. IT: Information technology support means that you have to keep your services up and running at any time of day.
These stores bring in a ton of foot traffic into your vicinitywhich opens up more opportunities for your business how to search users on spotify get discovered. AR brings computer-generated objects into the real world — kind of like how in the movie Space Jam, Michael Jordan can be seen playing basketball with Looney Tunes characters.
Case in point: Topshop teamed up with AR Door to create a virtual fitting room for its Moscow location. Using augmented reality technology and Microsoft Kinect, they were able to create a fitting room simulator that allowed the customer to see how a dress looks on her without actually trying it on.
Its name pretty much says it all. This refers to sets of data so massive, it would take sophisticated programs and really smart data scientists to make sense of it all. Think of it as analytics on steroids. Crunching the numbers, analyzing, and extracting action steps from all that information takes a ton of work, but it usually pays off for retailers because Big Data gives them tremendous consumer insights.
With the help of IBM, the US retailer is able to gather torrents of customer information and behavior at a variety of touch points in order to serve up personalized experiences and recommendations.
On top of that, the retailer also factors in social engagement such as blogs and gift registries to further connect with its customers. This term refers to retailers that integrate their brick and mortar store with their ecommerce site.
These retailers bring the best of both worlds into their business. Most brick and click companies even offer seamless web-to-store services such as in-store pick ups and returns.
Powered by BLE Bluetooth Low Energy technology, Beacons are devices that can transmit messages to other Bluetooth-enabled gizmos, such as smartphones, tablets, and smartwatches. This enables retailers to send tailored notifications to shoppers depending on where they are in the store or what type of customer they are.
Beacons can also be used for in-store analytics purposes. Most solutions come with tools for measuring foot traffic, dwell time, and more, enabling retailers to gather data and further get to know their customers and their store. This is the main checkout area of a retail store.
Most cashwraps even have shelves containing merchandise that shoppers can pick up on their way out. This is a service in which retailers enable shoppers to buy items online and pick them up in their physical stores. Modern consumers love stores that offer click-and-collect because it makes their life a lot easier. How to cut black peoples hair refers to the practice of displaying or putting together products from different categories to drive add-on sales.
This is cross merchandising in action. Groceries know that people often take lemons with their tequila shots, so they strategically placed the two items together.
This is how to make your own word search puzzle for free technique used by retail associates to deepen their relationship with each customer. Clienteling involves relationship-building activities such as using CRM software to collect and track customer dataproviding personalized shopping experiences, and following up with shoppers in a relevant and timely way. This refers to a system of payments powered by near field communication NFC.
They include NFC-enabled credit and debit cards, smart cards, and smartphones that allow customers to complete transactions without physically touching a payment terminal. Instead of having to swipe their card, shoppers can pay for their purchases just by waving their card or what is four- handed dentistry over a terminal.
Sometimes called dead inventory, this is one thing no retailer wants to have, ever. Dead stock pertains to merchandise that has never been sold or has been in stock for a while. Retailers can get rid of dead or unmoving inventory through sales or donations, but the best way to deal with dead stock is not to have it in the first place.
Analyze the demand in your market to determine the items that you should keep in stock. Also, be sure to manage your inventory well and keep communication lines open between your sales and your purchasing departments. If you have a fragmented customer base i. This is where Dynamic Clustering comes in. Dynamic Clustering is all about identifying patterns or opportunities in various and diverse segments to bring about the best strategies for each cluster.
By using Dynamic Clustering, you are able to identify similar patterns and trends in four different states, namely California, New York, Nevada, and Massachusetts. This then enables you to make better and more relevant sales, purchasing, or marketing decisions for that cluster of states.
See, unlike a mag stripe card, which stores static information about the cardholder, an EMV card is embedded with a chip, which creates a unique code that changes for every transaction. This makes it less susceptible to fraud because even if a hacker manages to counterfeit a chip card, the original transaction code is not usable again and the card would get declined.
So rather than stocking up on every item and SKU, you can implement an endless aisle by giving shoppers access to devices like touch screens and iPads. One example of a retailer using endless aisles is Nike. If they see something they like, the customer can purchase it in-store and Nike will ship the item to them.
EPOS is an abbreviation for electronic point of sale. Basically, any computerized system used to record sales and control inventory. Learn more about EPOS for retail. Closely related to daily deals, this term refers to sale events that take place for a limited time. The catch is, shoppers have to complete the purchase ASAP. Otherwise, they risk losing the items to other shoppers or they run out of time and miss their chance to grab the deals they want. Zulily, a shopping site for moms, babies and kids, is an example of a flash sale website.
After that, they scoot away to make room for new events. Zulily does announce its flash sales in advance so moms can mark their calendars and prep for the sales they wish to attend. This refers to the environmentally-friendly practices that retailers get into. Other practices, such adding solar panels or replacing store lighting with energy-saving alternatives can also be considered as green retailing. Examples of High Speed Retail can include drive-thru grocery stores, pop-up stores, mobile businesses such as food trucks, or any retailer that implements urgent promotions or limited-time sales.
This is because aside from being fast, lightweight and easy to set up, mPOS solutions run in the cloud and can update every aspect of the business inventory, CRM, payments, etc in real-time, thus helping merchants stay up-to-date at all times. Most mPOS systems also come with convenient capabilities such as emailing receipts and processing mobile paymentsmaking it easy for High Speed Retailers to conduct business much faster. This is a network of businesses and contractors that work and coordinate closely together to manufacture, transport, distribute, and sell retail goods.
Unlike a regular supply chain which is more of a linear process that follows a product from one phase to the next, an Integrated Supply Chain is more collaborative and can entail joint product development, shared information, and common systems. More and more things can now connect to the web, and this enables them to communicate with one another. Smartphones can connect to speakers, clocks, lamps, and more.
How does this apply to retail? Forward-thinking retailers are now using connected devices to streamline in-store shopping and communicate with shoppers. A few examples of IoT in action include merchants using in-store devices to track real-time shopping behaviors and send tailored offers to customers. This is an agreement between the retailer and the customer in which the retailer puts an item on hold for the how to build a shipping container home until it is paid for in full.
The consumer pays for the product in installments interest-freeand will only receive the item once the payments are complete. The arrangement is a win for both parties. An LBO is the purchase of a company using borrowed funds. Unlike limited-time sales or promotional discounts, a markdown is a devaluation of a product due to its inability to be sold at the intended price.
The price of the merchandise is permanently reduced to move inventory and make room for new products. Author B. Pine, in his Harvard Business Review piece entitled Beyond Mass Customization, advised businesses to take their offering i.
Anything you want, thanks to the large number of modules with different sizes, different shapes, different colors and the simple and elegant linkage system for snapping them together. Then you must work with each individual customer, creating a design experience through some sort of design tool that helps customers figure out what they want.
Through its NIKEiD service, the shoe retailer gives customers a truly personalized footwear experience, allowing them to build their own pair from scratch.
Customers can simply go online, select the type of shoe they want to design i. This pertains to the services and technology that enable consumers to pay using their mobile phones, instead of traditional forms of payment like cash or credit cards. Mobile payment solutions come in many forms. An increasingly common trend thanks to the popularity of smartphones and tablets, mobile shopping is the practice of purchasing goods or services using a mobile device. This is an activity practiced by how to ease a urine infection research companies, watchdog groups, or even retailers themselves to evaluate product or service quality or compliance.
The mystery shopper acts like a regular consumer and performs tasks like asking questions, submitting complaints, or simply completing a purchase like they normally would. They would then provide feedback or write reports detailing their experience with the retailer. This term refers to the practice of selling only to a specific market segment. Niche retailers can be more nimble with their strategies, compared to broader businesses because they cater to specific audiences.
A good example of a niche retailer is Sunglass Hut, a popular retail chain that specializes in selling sunglasses. Consider this as the next generation of cross-channel and multi-channel retail. Omni-channel means establishing a presence on several channels and platforms i. Giving gay marriage proposal what would you do customer the convenience and flexibility to purchase an item using your shopping app, and then letting them pick up the merchandise in your store, plus allowing them to process a return via your website, is an example of omni-channel retailing.
In order to truly be one, you must fuse all those channels together so they give customers a seamless experience. This is a visual representation that shows how merchandise should be arranged on store shelves in order to drive more sales. Planograms can also guide and assist in store mapping and they how far is it from london to beijing retailers use space more effectively.
Pop-Up-Stores are short-term shops or sales spaces that come and go within a given period. These stores can be set up in empty retail spaces, mall booths, or even in the middle of a park.
Looking to set up one for your business? Here are ten ways to save money on your pop-up store. Usually implemented by high-end retailers and lifestyle brands, prestige pricing is a strategy in which an item is priced how to find asymptotes of tangent a high level in order to denote exclusivity, high quality, or luxury. When an item is prestigiously priced, it is meant to attract status-conscious individuals or consumers who want to buy premium products.
Louis Vuitton is a prime example of a retailer with a prestige pricing strategy.
Mar 29, · They call you if you're needed. They expect you to be able to work (for example, in town, sober, etc.) and able to reach the store in a reasonable amount of . Glossary of key retail and retail marketing terms. Many people who are entering the retail industry – either as a store manager, owner, or vendor – need help learning retail terminology. With that in mind we have compiled this list of key retail terms. Out Of Stock – Physically means no product to sell or no product on the retail shelf, can be estimated from store inventory data OPS Typical abbreviation for Operations OPM Operations Product Manager – Responsible for launch of the productFile Size: KB.
Many people who are entering the retail industry — either as a store manager, owner, or vendor — need help learning retail terminology.
With that in mind we have compiled this list of key retail terms. If you want to learn more about these and other concepts that can help you to build a top-notch retail operation, contact us for a free one-hour consultation!
Ad-to-Sales Percentage — The amount of advertising dollars that you spend expressed as a percentage of your sales. The SKU is the smallest divisible unit for keeping track of inventory. For example, in a shoe store the SKU might be defined by manufacturer, style, color and size. For this reason it is important for retailers to have the ASN so that they do not have to count or receive every piece of inventory individually.
Art — Also called artwork. The illustration for print ads. Could be photography if the store uses photos. Larger stores create their own art. Average Inventory Cost — Average inventory cost is found by adding the beginning cost of inventory for each month plus the ending cost inventory of the last month in the period.
If calculating for a season, divide by seven. If calculating for a year, divide by thirteen. Audit -The formal process of examining how your store performed in relation to plan. All too often, management completes programs but does not review how things went and where improvements can be made for the future. Bar Code — The bar code is a machine readable code made up of alternating dark and light bars.
The spacing between these bars signals the reader what the numerical code is. The longest currently is Breadth of Assortments — The range or number of different items offered for sale — i. Campaign — Planned advertising schedule of specific length — usually up to 13 weeks in length. Card Reader — A magnetic code reading device that is usually built into a register keyboard. Circular Classification — Special printed advertising supplement inserted and delivered with the newspaper or mailed directly to the consumer.
Can be printed in tabloid or full newspaper size as desired, using color and paper better than regular newsprint to call attention to a special event or store wide sale. Occupant or resident mailing lists can be purchased for distribution of circulars.
The result is that shoppers will have this store in a top-of-mind position and travel further to shop there first. Comp Sales — Comparable-store sales are a measurement of productivity in revenue used to compare sales of retail stores that have been open for a year or more. Historical sales data allows retailers to compare this year's sales in their store to the same period last year. Computer-based training — The delivery of retail training programs to store, field, and operations personnel via the Internet or corporate Intranet.
Contribution Margin — Contribution margin is the difference between total sales revenue and total variable costs. The term is applied to a product line and is generally expressed as a percentage. Conversion Rate — The number of people who enter a store divided into the number who made a purchase. CO-OP: An advertising allowance offered by a vendor, payable upon proof of an ad having been run.
Cost of Goods Sold: The price paid for the product, plus any additional costs necessary to get the merchandise into inventory and ready for sale, including shipping and handling. Core — The base component of a particular aspect of your business, e. Can also define merchandise that is central to a retailers success, core is product that is never out of stock.
CRM — Customer Relationship Management: Customer relationship management CRM is a business strategy designed to reduce costs and increase profitability by strengthening customer loyalty. The EAN has thirteen numbers, with one being placed the leading left outside the bar code. The next six numbers are assigned to the manufacturer and the remaining six are for product identification. Elearning — A method of delivering retail training to store and field personnel.
Electronic Data Interchange EDI — The transfer of data between two companies in a format that can be read and understood by both parties. EDI messages are sent through a Value Added Network VAN which is a third party mailbox that both vendors and retailers use to store the messages in transit.
EDI is roughly times faster than fax to send data and maintains an audit trail. It involves all the senses of sight, hearing, touch, smell and taste. Event — A happening. A special promotion, off-price sale, fashion show, store wide sale or merchandise import fair. Facing — The number of identical products or same SKU facing out toward the customer. Facings are used in plan-o-grams and when zoning a retail store. Flighting — Scheduling a heavy advertising schedule for a period of time, then stopping advertising altogether only to come back later with another heavy schedule.
Used to build strong impact to support sales goals, seasonal selling, new product introduction. FSA Forward Sortation Area — The first three digits of a postal code in Canada, FSAs have specific boundaries and can be used as a location system for customer analysis and direct mail. Gift with Purchase — A promotional technique that includes giving a gift with the purchase of a specific item. Used extensively in the cosmetics area.
Gondola — Primary merchandising fixture consisting of a base, free-standing vertical wall, and a number of four of sections of shelving. Gross Margin — Gross margin is the difference between what an item costs and what it sells for. Often calculated to compare vendors or categories of merchandise. The formula is gross profit dollars for the year divided by average inventory at cost.
GRP or Gross Rating Points — The sum of all average quarter-hour ratings in a schedule; also the total reach multiplied by frequency. Represents the total audience reached, including duplications. A rating point is a number based on the audience compared to all the potential listeners in that demographic region.
The formula is total items sold for the day, week or month, divided by the number of transactions in the day, week or month. Inventory — Inventory is the merchandise a retail store has on hand. The term also refers to the act of counting, itemizing and recording in-stock merchandise or supplies. Inventory Turnover — The number of times during a given period that the average inventory on hand is sold and replaced. Keystone — Keystone pricing is a method of marking merchandise for resale to a price that is double the wholesale price.
Layout — The design or plan of a print ad, done in pencil, ink or by computer print-out. The layout indicates the position and sizes of the various elements of the ad — the headline, art, copy, signature, and floor line. Layouts are distributed to copywriters, artist typesetters, buyers and merchandise managers. Loss Leader — Merchandise sold below cost by a retailer in an effort to attract new customers or stimulate other profitable sales. Loss Prevention — Loss prevention is the act of reducing the amount of theft and shrinkage within a business.
Markdown: A planned reduction in the selling price of an item, usually to take effect either within a certain number of days after seasonal merchandise is received or on a specific date.
Marketing Calendar: A marketing calendar is a tool used by retailers to show where and when marketing events, media campaigns and merchandising efforts are happening, as well as the results. Marketing — The art and science of gathering facts on consumers; determining which of their needs and wants offer you opportunity; deciding which segment can be best served within the scope of your resources; and then formulating a strategy to capture profitably a reasonable share of market through highly focused merchandising, ser Merchandise Mix: A merchandise mix is the breadth and depth of the products carried by retailers.
Also known as product. Merchandise Presentation — The methods and techniques involved in fixturing, stocking, displaying, signing, ticketing products so that sales are increased. Merchandise Mix — A merchandise mix is the breadth and depth of the products carried by retailers. Minimum Advertised Price — A vendor's pricing policy that does not permit its resellers to advertise prices below some specified amount.
It can include the resellers' retail price as well. Minute — second commercial; word script. Net is your own dollars only. Objective — The end goal that you want to achieve, usually expressed in a measurable number.
In advertising, the effect you want advertising to have on the consumer. Open-to-buy — Merchandise budgeted for purchase during a certain time period that has not yet been ordered. Operating Expenses — The sum of all expenses associated with the normal course of running a business. Outpost Display — A secondary display — placed outside the department. Plan-O-Gram — A detailed plan of floor, wall and fixture layout.
It requires a mapping of what items go where for each square foot or product frontage of shelf pace, wall, or hanging rack. Particular emphasis is put on placing the most profitable products in an advantageous purchasing position. A system with the PLU feature will display the description and price of an item when the item number is entered or scanned at point of sale. It is also a good deterrent to price ticket switching in some cases.
Point-of-purchase Display — Point-of-purchase displays, or POP displays, are marketing materials or advertising placed next to the merchandise it is promoting.
These items are generally located at the checkout area or other location where the purchase decision is made. For example, the checkout counters of many convenience stores are cluttered with cigarette and candy POP displays. Quick Response — Quick response is the name given to the system that immediately replenishes goods based on consumer demand. The use of current technology links the manufacturer, supplier, retailer and retail outlet together to speed up communications, reduce paperwork, reduce inventory carrying costs, and have what the customer wants when they want it.
Currently being used at the pallet level for receiving, slow adoption at the Point of Sale due to both cost and some technical issues. Receipt Printer — A specially built narrow carriage printer that used to print customer receipts.
Segment Consumer or Market — A single part of the market, separable from the rest of the market. It can be clearly identified as being different by a set of distinct and common characteristics such as demographics, lifestyle, geographic location, or buying habits.