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Mar 9, 2024 · Here are several advantages of incorporating popular retail terms into your everyday vocabulary: Clear Communication: Communicate effectively with colleagues and suppliers to minimize the risk of misunderstandings. Operational Efficiency: Navigate day-to-day activities, from inventory tracking to advertising. Informed Decision-Making: Gain the ...
Oct 4, 2018 · You can, for example, say “sorry” to a customer too many times. Even if you’re a member of the company’s team, it is often better to say “I” than “we.”. And not every piece of ...
- Anchor Store
- Augmented Reality
- ATS
- Bar Code
- Backorder
- Big Data
- Brick and Click
- Card Terminal
- Carrying Cost
- Cashwrap
This one can sometimes be referred to as “anchor tenant”, “key tenant” or “draw tenant”. In short, an anchor store is one of the largest - most often thelargest - store in a shopping center or mall. Most commonly, they are large, well-known department stores, supermarkets, or retail chain stores. They help drive foot traffic to the center and can m...
This relatively new and expanding concept is all about supplementing the physical environment with a virtual one. AR brings computer-generated, 3D rendered objects into the real world. In retail, AR can be used in several ways including fitting room simulations, shoppable catalogs, or apps that let you see in-store deals.
This is a common acronym and relates to the amount spent per customer in a single transaction. It can be calculated by dividing the total value of sales in a specific time frame by the number of transactions. This figure is useful in determining whether sales size is growing.
A barcode is a unique, machine-readable code made up of alternating dark and light lines that correspond to a number. Barcodes are used for faster checkout and can help you track inventory in and out.
Used when a certain quantity of a product could not be fulfilled on an order, so it is put on backorder for when it is back in stock.
This term refers to a massive amount of data that is so big you would need a sophisticated computer program or data scientist to make sense of any of it. No matter where the data comes from, big data means you're looking to analyze behaviors, demographics, social info, and much more.
This term is for those brick-and-mortar retailers that integrate with an ecommerce platform. With the two integrated, the physical store and online store are able to offer a seamless service like click and collect and in-store returns for online purchases.
Also called a card reader, this machine connects to the point of sale to process card payments. Modern terminals accept contactless payments and chip-and-pin technology.
Also often referred to as holding cost, carrying cost is associated with the cost of inventory and storage.
This term refers to the main checkout area in a retail store. This is the place shoppers head to when they are finished shopping and ready to pay. Retailers will set up their POS Systems and ring up sales here. Cashwraps can also include merchandising shelves to capture impulse purchases.
Apr 1, 2024 · 4. Merchandising. Retail merchandising is the strategic promotion and marketing of products within a retail space to encourage sales. It involves a combination of visual display techniques, product placement, and pricing strategies to attract customers and enhance their shopping experience. 5. Retail Markup.
Jan 21, 2021 · EVM. EVM stands for Europay® Mastercard® and Visa® and it refers to the recent chip technology that has made purchasing with credit cards far more secure. Prior to EVM, credit cards were read at retail stores using a magnetic strip. It worked just fine until fraudsters began finding ways to compromise them.
Consignment. A method of sales where the retailer sells merchandise that belongs to other people or vendors in return for a commission. Convenience Store. A small retail store that sells a limited line of merchandise, that includes snacks, beverages and tobacco, as well as everyday grocery items. Conversion.
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Jun 19, 2024 · Talk to sales. The retail industry is booming, and so is ecommerce. With a $5.3 trillion contribution to GDP, retail is the largest private-sector employer in the US, supporting around one-fourth of the country’s workforce. By 2027, ecommerce is expected to account for 41% of all retail sales. With numbers like that, it’s important to stay ...
