Retail industry evolving every day and we have seen the era where it has risen to influence of day to day life to such an extent that we can’t live without it.
There are new retail terms and definitions that add up every day into the retail business and should know them clearly.
Knowing the retail terms that are used in stores & online is, key to advancing, in the industry and having your operations run smoothly.
So, whether you're managing or expanding your retail business, here’s a quick primer on key retail business terms you should know.
Management of Fashion and Luxury Companieskgvsanthosh
What is Fashion?, What is Luxury?, Luxury Segments in Retail, Fashion market segmentation, Business models, Business model framework, communication of brands, Global Retail Trends, Retail Distribution channel and its types.
Reference link:- https://www.coursera.org/learn/mafash#syllabus
Cross-merchandising - Try it to improve your sales volumeAnoop Ashok
Cross-merchandising is a retail strategy that groups complementary products from different categories together with the goal of increasing impulse purchases and sales. It aims to provide customers with related goods in one location to improve their shopping experience. Examples include placing bread near peanut butter or placing dresses and shoes together. Analyzing customer behaviors can provide insights for effective cross-merchandising strategies. The benefits are attracting more customers, triggering add-on sales, creating loyalty, and saving customers' time by having everything in one place.
Retailing Dictionary A To Z Retail BusinessAnoopsinghMba
This document provides definitions for over 100 common retail business terms starting with A through G. Some of the key terms defined include:
- Anchor store: A major store used to drive customers to smaller retailers in a shopping center.
- Brand: A name, symbol or mark associated with a seller's goods/services that distinguishes them from competitors.
- Brick and mortar: Refers to physical retail stores located in a building rather than online.
- Category killer store: A large specialty store with an enormous selection in its product category and low prices that draws customers from a wide area.
- Department store: A large retail unit organized into departments selling a wide variety of goods and services
The document provides guidelines for store design and window displays for H&M stores. It discusses making stores inspiring for customers and dressing windows to attract attention. The windows are the most important communication with customers and should be changed every 10-14 days. Guidelines are created at headquarters to inspire customers and emphasize collections. Online and catalog shopping complements physical stores by providing additional options for customers.
Retailing involves the sale of goods and services to consumers for personal use. The top ten largest retailers in the United States are led by Walmart, with supermarket and department stores making up many of the other spots. Retail in India is a large and growing industry, with various formats like malls, specialty stores, discount stores, and department stores emerging. New retail chains in India first emerged in the 1990s, shifting from manufacturers to pure retailers, and growth has continued with the emergence of shopping centers and hypermarkets.
Store design and layout, Visual MerchandisingAkeeb Siddiqui
The document discusses store layout and design strategies. It outlines different layout types including grid, racetrack, and free-form and describes their advantages and disadvantages. Key aspects of store design covered include using the entrance, signage, lighting and floor plans to guide customers through their shopping experience and influence buying behavior. The objectives of store design are to implement the retailer's strategy, influence customers, provide flexibility, control costs and meet legal requirements.
The document discusses principles of visual merchandising theory including store layout patterns like grid, loop, and free-flow types. It covers display parameters such as design, color usage, elements, and product placement. Store layouts include considerations for site plans, designs, and planograms. Fixtures types and dimensions are outlined. Display management principles cover approaches, placement, and evaluations. Factors important for visual merchandising inside theme parks and ways to turn off customers are also summarized.
Management of Fashion and Luxury Companieskgvsanthosh
What is Fashion?, What is Luxury?, Luxury Segments in Retail, Fashion market segmentation, Business models, Business model framework, communication of brands, Global Retail Trends, Retail Distribution channel and its types.
Reference link:- https://www.coursera.org/learn/mafash#syllabus
Cross-merchandising - Try it to improve your sales volumeAnoop Ashok
Cross-merchandising is a retail strategy that groups complementary products from different categories together with the goal of increasing impulse purchases and sales. It aims to provide customers with related goods in one location to improve their shopping experience. Examples include placing bread near peanut butter or placing dresses and shoes together. Analyzing customer behaviors can provide insights for effective cross-merchandising strategies. The benefits are attracting more customers, triggering add-on sales, creating loyalty, and saving customers' time by having everything in one place.
Retailing Dictionary A To Z Retail BusinessAnoopsinghMba
This document provides definitions for over 100 common retail business terms starting with A through G. Some of the key terms defined include:
- Anchor store: A major store used to drive customers to smaller retailers in a shopping center.
- Brand: A name, symbol or mark associated with a seller's goods/services that distinguishes them from competitors.
- Brick and mortar: Refers to physical retail stores located in a building rather than online.
- Category killer store: A large specialty store with an enormous selection in its product category and low prices that draws customers from a wide area.
- Department store: A large retail unit organized into departments selling a wide variety of goods and services
The document provides guidelines for store design and window displays for H&M stores. It discusses making stores inspiring for customers and dressing windows to attract attention. The windows are the most important communication with customers and should be changed every 10-14 days. Guidelines are created at headquarters to inspire customers and emphasize collections. Online and catalog shopping complements physical stores by providing additional options for customers.
Retailing involves the sale of goods and services to consumers for personal use. The top ten largest retailers in the United States are led by Walmart, with supermarket and department stores making up many of the other spots. Retail in India is a large and growing industry, with various formats like malls, specialty stores, discount stores, and department stores emerging. New retail chains in India first emerged in the 1990s, shifting from manufacturers to pure retailers, and growth has continued with the emergence of shopping centers and hypermarkets.
Store design and layout, Visual MerchandisingAkeeb Siddiqui
The document discusses store layout and design strategies. It outlines different layout types including grid, racetrack, and free-form and describes their advantages and disadvantages. Key aspects of store design covered include using the entrance, signage, lighting and floor plans to guide customers through their shopping experience and influence buying behavior. The objectives of store design are to implement the retailer's strategy, influence customers, provide flexibility, control costs and meet legal requirements.
The document discusses principles of visual merchandising theory including store layout patterns like grid, loop, and free-flow types. It covers display parameters such as design, color usage, elements, and product placement. Store layouts include considerations for site plans, designs, and planograms. Fixtures types and dimensions are outlined. Display management principles cover approaches, placement, and evaluations. Factors important for visual merchandising inside theme parks and ways to turn off customers are also summarized.
Visual merchandising is the practice of coordinating physical elements in a store to project the right image to customers. This includes elements like storefront, interior design, lighting, signage, and merchandise displays. The goal is to attract customers, engage them in the store environment, and motivate them to make purchases. Effective visual merchandising techniques include using mannequins, fixtures, and props to creatively display merchandise in a way that tells a story and highlights product features. Regularly changing interior displays is also important to keep the store looking fresh and interesting to customers.
This document provides an overview of visual merchandising concepts and principles. It discusses various exterior store design elements like signs, entrances, windows and structures. It also covers interior principles of design such as balance, emphasis, proportion, rhythm and unity. Specific window structures, lighting rules and display components are explained. The overall purpose of visual merchandising is to attract customers and motivate purchases through visually presenting merchandise.
This document discusses different levels of quality and price for clothing. It contrasts high and low quality items as well as high and low priced items. It also references haute couture as high quality, high priced clothing and basse couture as lower quality, lower priced clothing options.
This document defines key retail terminology used in supply chain management and store operations. It describes different types of stores like department stores, supermarkets, dollar stores, and online stores. It also defines common store terms regarding assortment planning, promotions, markdowns, markups, and more. Additionally, it outlines important concepts regarding inventory management, costs, purchase terms, and sales types. Key terms covered include purchase orders, invoices, replenishment, stock on hand, returns, and credit/debit memos.
The document discusses key performance indicators (KPIs) that are important for measuring the health and performance of a retail store. It describes several important KPIs including incremental sales, store traffic, shopper value, average shopper dwell time, conversion rate, sales per square foot, shopper to staff ratio, customer satisfaction, customer retention, profit margin. Regular analysis of these KPIs can help retailers optimize operations, staffing, promotions, and determine steps needed to improve performance and grow sales.
The document discusses retail store layout strategies. It begins by providing background on the growth of the Indian retail industry and Max, a retail brand established in India in 2006. It then examines different types of store layouts including grid, diagonal, angular, geometric/free flow, mixed, loop, and spine layouts. Each layout is described in terms of what type of stores it is suited for and its advantages and disadvantages. Maximizing sales and customer browsing experience within the allocated store space are highlighted as important considerations for retail store layout design.
Visual Merchandising guidelines and playbooks, get ahead in retailJosh Hansen
The presentation discusses the importance of creating visual merchandising (VM) guidelines for retail stores to ensure consistency across locations. It recommends communicating VM standards through merchandising playbooks containing photorealistic renders that inspire store associates. Guidelines standardize the customer experience, boost sales by highlighting strategic products, and make seasonal initiatives easy to implement uniformly. The presentation provides tips on developing guidelines, using renders to visualize concepts, and working with stakeholders.
A brief overview to fmcg retail supermarket sector pptVishnu Kumar
The document provides an overview of the Indian retail supermarket sector, covering topics such as retail formats, merchandising, inventory management, and technology used. It discusses the evolution of retailing from traditional general trade to modern formats like supermarkets and hypermarkets. Supermarkets offer a wide range of products to customers in a self-service environment, while hypermarkets combine supermarket and department store functions under one roof. The document also examines concepts like the retail life cycle and factors important for retail operations and management.
The document discusses Shoppers Stop, a leading Indian retailer. It provides an overview of the company, including its introduction in 1991, store formats and locations, private brands offered, and loyalty program. A SWOT analysis is presented identifying strengths like financial position and loyal customer base, as well as weaknesses like operating costs. Marketing strategies are outlined covering segmentation, targeting, positioning, and promotional activities. These strategies aim to position Shoppers Stop as a premium global retailer delivering a complete shopping experience to middle and upper class customers.
Visual merchandising is the activity and profession of developing the floor plans and three-dimensional displays in order to maximize sales. Both goods or services can be displayed to highlight their features and benefits. The purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.
Visual merchandising commonly occurs in retail spaces such as retail stores and trade shows.
The document provides details on a proposed fashion business called Rapunzel that sells ladies' accessories and frocks. It outlines the target market as middle to high class people in the local market initially focusing on a shop in Nugegoda. It describes product configurations in sizes, styles, designs, and materials. It discusses maintaining a customer database, advertising strategies, pricing models considering discounts and loyalty incentives, and a business model involving both online and offline sales through a showroom with a focus on expanding the Rapunzel brand regionally and internationally over time.
This document presents different types of retail stores. It discusses general merchandise retailing which includes specialty stores, specialized markets, department stores, general merchandise discount stores, and off-price retailers. Specialty stores focus on a narrow product line while specialized markets house stores in a particular product category. Department stores offer a broad variety of goods and discount stores sell brand name items at lower prices. Food retailing includes convenience stores, supermarkets, super centers/hypermarkets, and wholesale clubs. Convenience stores offer necessities while supermarkets are self-service retailers over $2 million in annual sales. Super centers combine food and other goods and wholesale clubs require membership fees.
Classification of jewellery-S. Manohari Assistant Professor yamini sekar
BRIDGE JEWELLERY
Bridge jewellery is manufactured to the same quality and standards as fine jewellery, only it's made with less expensive materials. This level of jewellery ''bridges'' the gap between costume/fashion jewellery and the fine jewellery world, offering heirloom-worthy style without such a high materials cost.
Bridge jewellery tends to be made using fine silver (including silver clays), sterling silver and ''vermeil'' (a gold electroplated silver) with semiprecious gems such as amethyst, garnet, cultured pearl, marcasite, mother-of-pearl shell, etc.
CONTIN…
The sterling silver bracelet (featured below) features marcasite, black agate and mother-of-pearl shell, making it an ideal representative for the bridge jewellery category.
A bridge jewellery component would be the sterling silver clasp (featured below), set with faceted peridot. Some of the new high-tech metals (such as niobium and titanium) meet these quality standards.
Many traditional birthstones (garnet, amethyst, peridot, topaz and more) meet the bridge jewellery definition.
JC Penney is a chain of American department stores founded in 1902 that operates around 1000 stores in the US and Puerto Rico selling conventional merchandise as well as branded goods. It has undergone changes over the decades including opening some freestanding stores, offering credit, and diversifying its product range. Gap is an American retailer founded in 1969 known for jeans, which has expanded to include brands like Banana Republic and Old Navy. It operates stores globally and has adjusted its inventory and store strategy over time. Both retailers sell a range of products including clothing, accessories, home goods, and cosmetics from their own and other brands.
This document discusses store layout, design, and visual merchandising. It outlines key objectives of store design like implementing strategy and increasing sales. Store design elements include layout, signage, and feature areas. Common layouts are grid, racetrack, and free-form. Signage identifies products and promotions. Feature areas attract customers. Space is allocated to maximize sales. Planograms and simulations determine optimal product placement. Visual merchandising uses fixtures and presentation techniques. Atmosphere elements like lighting and music should match customer shopping goals. Web site design prioritizes simplicity, navigation, and visibility to mirror positive in-store experiences.
This document outlines the key tasks and responsibilities involved in retail store operations. It discusses managing inventory, receipts, customer service, and events at the store level. The typical tasks covered include store administration and premises management, inventory management and display, receipt management, customer service, and managing events, promotions, and alliances.
Retail store operations encompass all aspects of running a retail store on a daily basis, including choosing a store location, designing the store interior and displays, managing product inventory through ordering, receiving, and pricing stock, handling cash and implementing fraud prevention controls, providing customer service, and overseeing employees, promotions, and store maintenance. Key functions involve location selection, visual merchandising, inventory management, loss prevention, staff training, and ensuring a positive customer experience throughout the shopping process. Effective retail store operations are critical for a store's success and competitiveness.
Visual Merchandising is the activity of maximizing the impact of Retail Display space and has become an important element in retailing. Visual Merchandisers create displays using color, lighting, space, product information, sensory inputs such as smell, touch, and sound as well as technologies such as digital displays and interactive installations. The objective of this highly practical program is to ensure that attendees are furnished with the core concepts and skills used in visual merchandising. Hamstech course will enable students to identify, select and pursue their career opportunities in the retail industry. The retail sector is a major employer and requires skilled staff in a range of jobs such as: Shop Floor Planning and Display, Window Display, Sales, Buying, Staff Management and Supervision.
This document provides an overview of retail merchandising concepts. It outlines the objectives of understanding merchandising philosophy, merchandise plans, category management, and buying organization formats. It then defines key merchandising terms and discusses the role and responsibilities of merchandisers, including planning, directing, coordinating, and controlling merchandising activities. The document also summarizes concepts related to merchandise management, accounting, and financial analysis, including sales forecasting, determining merchandise requirements, income statements, and calculating gross margin return on investment.
1. The document defines various retail terminology used in promotions, inventory management, transactions, and store operations. It includes terms like threshold promotions, markups, clearances, purchase orders, replenishment, and more.
2. Various retail metrics and strategies are also defined, such as conversion rate, inventory turnover, merchandise mix, plan-o-grams, suggestive selling, and visual merchandising.
3. Additional modern retail concepts are covered like mobile shopping, flash sales, pop-up stores, etailing, and integrating physical and online store operations.
Retail Dictionary: 40 Retail Terms Every Modern Retailer Needs To KnowVend
This document provides definitions for 40 retail terms that every modern retailer needs to know. It begins by explaining the purpose of the retail dictionary and then provides the definition and an example for each term. Some of the terms defined include anchor store, big box store, big data, brick and click, cashwrap, click and collect, and cross merchandising. For several terms it also provides a short expert commentary on the significance and impact of the term.
Visual merchandising is the practice of coordinating physical elements in a store to project the right image to customers. This includes elements like storefront, interior design, lighting, signage, and merchandise displays. The goal is to attract customers, engage them in the store environment, and motivate them to make purchases. Effective visual merchandising techniques include using mannequins, fixtures, and props to creatively display merchandise in a way that tells a story and highlights product features. Regularly changing interior displays is also important to keep the store looking fresh and interesting to customers.
This document provides an overview of visual merchandising concepts and principles. It discusses various exterior store design elements like signs, entrances, windows and structures. It also covers interior principles of design such as balance, emphasis, proportion, rhythm and unity. Specific window structures, lighting rules and display components are explained. The overall purpose of visual merchandising is to attract customers and motivate purchases through visually presenting merchandise.
This document discusses different levels of quality and price for clothing. It contrasts high and low quality items as well as high and low priced items. It also references haute couture as high quality, high priced clothing and basse couture as lower quality, lower priced clothing options.
This document defines key retail terminology used in supply chain management and store operations. It describes different types of stores like department stores, supermarkets, dollar stores, and online stores. It also defines common store terms regarding assortment planning, promotions, markdowns, markups, and more. Additionally, it outlines important concepts regarding inventory management, costs, purchase terms, and sales types. Key terms covered include purchase orders, invoices, replenishment, stock on hand, returns, and credit/debit memos.
The document discusses key performance indicators (KPIs) that are important for measuring the health and performance of a retail store. It describes several important KPIs including incremental sales, store traffic, shopper value, average shopper dwell time, conversion rate, sales per square foot, shopper to staff ratio, customer satisfaction, customer retention, profit margin. Regular analysis of these KPIs can help retailers optimize operations, staffing, promotions, and determine steps needed to improve performance and grow sales.
The document discusses retail store layout strategies. It begins by providing background on the growth of the Indian retail industry and Max, a retail brand established in India in 2006. It then examines different types of store layouts including grid, diagonal, angular, geometric/free flow, mixed, loop, and spine layouts. Each layout is described in terms of what type of stores it is suited for and its advantages and disadvantages. Maximizing sales and customer browsing experience within the allocated store space are highlighted as important considerations for retail store layout design.
Visual Merchandising guidelines and playbooks, get ahead in retailJosh Hansen
The presentation discusses the importance of creating visual merchandising (VM) guidelines for retail stores to ensure consistency across locations. It recommends communicating VM standards through merchandising playbooks containing photorealistic renders that inspire store associates. Guidelines standardize the customer experience, boost sales by highlighting strategic products, and make seasonal initiatives easy to implement uniformly. The presentation provides tips on developing guidelines, using renders to visualize concepts, and working with stakeholders.
A brief overview to fmcg retail supermarket sector pptVishnu Kumar
The document provides an overview of the Indian retail supermarket sector, covering topics such as retail formats, merchandising, inventory management, and technology used. It discusses the evolution of retailing from traditional general trade to modern formats like supermarkets and hypermarkets. Supermarkets offer a wide range of products to customers in a self-service environment, while hypermarkets combine supermarket and department store functions under one roof. The document also examines concepts like the retail life cycle and factors important for retail operations and management.
The document discusses Shoppers Stop, a leading Indian retailer. It provides an overview of the company, including its introduction in 1991, store formats and locations, private brands offered, and loyalty program. A SWOT analysis is presented identifying strengths like financial position and loyal customer base, as well as weaknesses like operating costs. Marketing strategies are outlined covering segmentation, targeting, positioning, and promotional activities. These strategies aim to position Shoppers Stop as a premium global retailer delivering a complete shopping experience to middle and upper class customers.
Visual merchandising is the activity and profession of developing the floor plans and three-dimensional displays in order to maximize sales. Both goods or services can be displayed to highlight their features and benefits. The purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.
Visual merchandising commonly occurs in retail spaces such as retail stores and trade shows.
The document provides details on a proposed fashion business called Rapunzel that sells ladies' accessories and frocks. It outlines the target market as middle to high class people in the local market initially focusing on a shop in Nugegoda. It describes product configurations in sizes, styles, designs, and materials. It discusses maintaining a customer database, advertising strategies, pricing models considering discounts and loyalty incentives, and a business model involving both online and offline sales through a showroom with a focus on expanding the Rapunzel brand regionally and internationally over time.
This document presents different types of retail stores. It discusses general merchandise retailing which includes specialty stores, specialized markets, department stores, general merchandise discount stores, and off-price retailers. Specialty stores focus on a narrow product line while specialized markets house stores in a particular product category. Department stores offer a broad variety of goods and discount stores sell brand name items at lower prices. Food retailing includes convenience stores, supermarkets, super centers/hypermarkets, and wholesale clubs. Convenience stores offer necessities while supermarkets are self-service retailers over $2 million in annual sales. Super centers combine food and other goods and wholesale clubs require membership fees.
Classification of jewellery-S. Manohari Assistant Professor yamini sekar
BRIDGE JEWELLERY
Bridge jewellery is manufactured to the same quality and standards as fine jewellery, only it's made with less expensive materials. This level of jewellery ''bridges'' the gap between costume/fashion jewellery and the fine jewellery world, offering heirloom-worthy style without such a high materials cost.
Bridge jewellery tends to be made using fine silver (including silver clays), sterling silver and ''vermeil'' (a gold electroplated silver) with semiprecious gems such as amethyst, garnet, cultured pearl, marcasite, mother-of-pearl shell, etc.
CONTIN…
The sterling silver bracelet (featured below) features marcasite, black agate and mother-of-pearl shell, making it an ideal representative for the bridge jewellery category.
A bridge jewellery component would be the sterling silver clasp (featured below), set with faceted peridot. Some of the new high-tech metals (such as niobium and titanium) meet these quality standards.
Many traditional birthstones (garnet, amethyst, peridot, topaz and more) meet the bridge jewellery definition.
JC Penney is a chain of American department stores founded in 1902 that operates around 1000 stores in the US and Puerto Rico selling conventional merchandise as well as branded goods. It has undergone changes over the decades including opening some freestanding stores, offering credit, and diversifying its product range. Gap is an American retailer founded in 1969 known for jeans, which has expanded to include brands like Banana Republic and Old Navy. It operates stores globally and has adjusted its inventory and store strategy over time. Both retailers sell a range of products including clothing, accessories, home goods, and cosmetics from their own and other brands.
This document discusses store layout, design, and visual merchandising. It outlines key objectives of store design like implementing strategy and increasing sales. Store design elements include layout, signage, and feature areas. Common layouts are grid, racetrack, and free-form. Signage identifies products and promotions. Feature areas attract customers. Space is allocated to maximize sales. Planograms and simulations determine optimal product placement. Visual merchandising uses fixtures and presentation techniques. Atmosphere elements like lighting and music should match customer shopping goals. Web site design prioritizes simplicity, navigation, and visibility to mirror positive in-store experiences.
This document outlines the key tasks and responsibilities involved in retail store operations. It discusses managing inventory, receipts, customer service, and events at the store level. The typical tasks covered include store administration and premises management, inventory management and display, receipt management, customer service, and managing events, promotions, and alliances.
Retail store operations encompass all aspects of running a retail store on a daily basis, including choosing a store location, designing the store interior and displays, managing product inventory through ordering, receiving, and pricing stock, handling cash and implementing fraud prevention controls, providing customer service, and overseeing employees, promotions, and store maintenance. Key functions involve location selection, visual merchandising, inventory management, loss prevention, staff training, and ensuring a positive customer experience throughout the shopping process. Effective retail store operations are critical for a store's success and competitiveness.
Visual Merchandising is the activity of maximizing the impact of Retail Display space and has become an important element in retailing. Visual Merchandisers create displays using color, lighting, space, product information, sensory inputs such as smell, touch, and sound as well as technologies such as digital displays and interactive installations. The objective of this highly practical program is to ensure that attendees are furnished with the core concepts and skills used in visual merchandising. Hamstech course will enable students to identify, select and pursue their career opportunities in the retail industry. The retail sector is a major employer and requires skilled staff in a range of jobs such as: Shop Floor Planning and Display, Window Display, Sales, Buying, Staff Management and Supervision.
This document provides an overview of retail merchandising concepts. It outlines the objectives of understanding merchandising philosophy, merchandise plans, category management, and buying organization formats. It then defines key merchandising terms and discusses the role and responsibilities of merchandisers, including planning, directing, coordinating, and controlling merchandising activities. The document also summarizes concepts related to merchandise management, accounting, and financial analysis, including sales forecasting, determining merchandise requirements, income statements, and calculating gross margin return on investment.
1. The document defines various retail terminology used in promotions, inventory management, transactions, and store operations. It includes terms like threshold promotions, markups, clearances, purchase orders, replenishment, and more.
2. Various retail metrics and strategies are also defined, such as conversion rate, inventory turnover, merchandise mix, plan-o-grams, suggestive selling, and visual merchandising.
3. Additional modern retail concepts are covered like mobile shopping, flash sales, pop-up stores, etailing, and integrating physical and online store operations.
Retail Dictionary: 40 Retail Terms Every Modern Retailer Needs To KnowVend
This document provides definitions for 40 retail terms that every modern retailer needs to know. It begins by explaining the purpose of the retail dictionary and then provides the definition and an example for each term. Some of the terms defined include anchor store, big box store, big data, brick and click, cashwrap, click and collect, and cross merchandising. For several terms it also provides a short expert commentary on the significance and impact of the term.
Traditional and modern formats of retail businessronielynLacay1
This document provides information on traditional and modern retail formats. It begins with descriptions of traditional retail, where salespeople visit stores to take orders, and modern retail, where IT systems suggest orders. It then compares traditional and modern retail in areas like order acquisition, execution, promotions, new launches, in-store organization, payments, and metrics. Various modern retail formats are also outlined, including malls, hypermarkets, cash and carry stores, supermarkets, specialty stores, discount stores, department stores, convenience stores, and e-retailers. Key concepts in retailing like consumer purchase behavior and factors influencing decisions are summarized.
This document provides an overview of the retail industry in India. It discusses the conceptual framework of retailing including definitions, the development of retail trade and chains, and the supply chain. It then discusses the Indian retail industry including key statistics on its size and growth, the share of organized versus unorganized retail, and common retail formats seen in India like supermarkets, department stores, and hypermarkets. It also provides a brief introduction to the city of Kota, Rajasthan, which is known for its coaching institutes that help students prepare for engineering and medical entrance exams.
Retailing from three different perspectives, Characteristics, Activities performed by Retailers, Organized Retail Trade, Advantages of organized retail, Types of Retailing, Store & Non-Store Retailing, Internet Retailing, Catalog Retailing (Mail-order retailing), Direct Selling (door-to-door retailing), Tele Selling, TV Home Shopping, Vending Machines (Automatic Retailing), Retail Formats, On the basis of Merchandise Offered or Store Strategy Mix, Super Market, Hyper Market, Shopping Mall, Form of Ownership, Independent, Retal, Franchising, Leased Department, Co-Operative Outlet
This document provides an overview of the retail market in India. It discusses different types of retail formats including department stores, discount stores, warehouse stores, convenience stores, hypermarkets, supermarkets, and e-tailers. It also covers various retail marketing techniques like internet marketing, direct marketing, word-of-mouth marketing, and public relations marketing. Additionally, it discusses the 7Ps of marketing which includes product, price, promotion, place, people, process, and physical evidence. The document aims to give readers an understanding of the Indian retail landscape and important retail marketing concepts.
This document provides an overview of the retail market in India. It discusses different types of retail formats including department stores, discount stores, warehouse stores, convenience stores, hypermarkets, supermarkets, and e-tailers. It also covers various retail marketing techniques like internet marketing, direct marketing, word-of-mouth marketing, and public relations marketing. Additionally, it introduces the 7Ps of marketing which are important considerations for retailers - product, price, promotion, place, people, process, and physical evidence. The document aims to give readers an understanding of the Indian retail landscape and key aspects of retail marketing.
This document provides an overview of mass retailers and their functions. It begins with introducing the members of Group 7 and providing definitions and background on retailing. It then discusses distribution channels and the need for them. The document outlines different types of channels and describes mass retailers and how they differ from typical retailers. It proceeds to list and describe various types of mass retailers and their key functions, which include reasonable discounts, bulk transactions, emphasis on brands and standards, customer service, variety, and bargaining power with suppliers. The retail product lifecycle and functions of mass retailers like qualified staffing are also summarized.
Retail involves the sale of goods and services to end users. Retailers purchase products in bulk from manufacturers and then sell smaller quantities to consumers for a profit. Retailing can be done in fixed locations like stores, door-to-door, or online. Common retail outlets include department stores, discount stores, supermarkets, convenience stores, and online retailers. Retailers aim to attract different customer demographics and can specialize in specific product categories or adopt various pricing strategies.
Retail involves the sale of goods and services to end users. Retailers purchase products in bulk from manufacturers and then sell smaller quantities to consumers for a profit. Retailing can be done in fixed locations like stores, door-to-door, or online. Common retail outlets include department stores, discount stores, supermarkets, convenience stores, and online retailers. Retailers aim to attract different customer demographics and can specialize in specific product categories or adopt various pricing strategies.
Retail management glossary, Basics concepts of retailing, retailer, Merchandising, Retail pricing, Retail Branding, Merchandise, retail operations, merchandise management, store layout, green retailing, Store and Non store Retailers, Price bundling, retail mix, retail strategy,
The document provides an overview of retailing, including key definitions and concepts. It discusses the main sectors of retailing like department stores, specialty stores, discount stores, and warehouse clubs. Some of the main challenges faced by the retail sector are changes in consumer behavior, legal and security issues, and technological changes. Retail growth can be analyzed using different theories such as the wheel of retailing, retail accordion theory, theory of natural selection, and retail lifecycle theory. Understanding retail consumers involves comprehending their shopping habits, purchasing patterns, and reactions to promotions based on factors like demographics, culture, income, and psychology.
This document provides an overview of different retail formats. It begins by defining retailing as the sale of goods or services directly to the final consumer. It then broadly classifies retailers into shop-based and non-shop based formats. Under shop-based retailers it discusses street vendors, kiosks, mom and pop stores, convenience stores, department stores, multi-brand stores, boutiques, franchise stores, specialty stores, discount/value stores, supermarkets, hypermarkets, warehouse stores, dollar/price stores, pop-up stores, and phygital stores. For non-shop based it covers tele-shopping, direct marketing, catalog shops, and vending machines. The document provides details on the characteristics of each
The document discusses retailing and the functions of retailers. It provides definitions of retailing as involving the sale of goods to consumers through distribution channels to earn a profit. The key functions of retailers mentioned are:
1) Buying and assembling goods from wholesalers and manufacturers.
2) Warehousing and storing goods in stores until they are sold to consumers.
3) Selling goods directly to consumers through various methods to satisfy consumer demand.
This document discusses retail management. It provides definitions of retail management and describes the key functions of retailers, including sorting products, breaking bulk, holding stock, providing additional services, and acting as a communication channel. It also classifies different types of retail institutions such as independent retailers, chain retailers, franchises, leased departments, and others. Overall, the document provides an overview of retail management concepts and classifications of retail institutions.
This document discusses retail management. It begins by defining retail and retail management. It then covers retail functions like sorting, breaking bulk, holding stock, and additional services. It discusses the benefits of retail for consumers, manufacturers, and wholesalers. It also classifies different types of retail institutions like independent retailers, chain retailers, franchising, leased departments, and more. Finally, it provides examples of different types of retail stores.
Chapter 16 Managing Retailing, Wholesaling And Logistics Mendozamendozamaryrose
This document contains 10 learning questions about retail, wholesaling, and logistics management. It provides definitions and examples of different types of retailers like department stores, discount stores, and supermarkets. It also distinguishes between retailers and wholesalers. Additional topics covered include levels of customer service, types of non-store retailing like direct selling and direct marketing, factors considered in retail marketing decisions, pricing strategies of retailers, private label brands, and decisions regarding inventory management and logistics.
The document provides an overview of the retail industry in India and analyzes retail trends and consumer behavior. It discusses the structure and key aspects of retail operations. The document also includes a case study of Vishal Retail Ltd, one of the largest retail chains in India, outlining its company profile, departments, products, and organizational structure.
Merchandising definition. Role in apparel sector
Alphabetical meaning of MERCHANDISER, quality and job responsibility.
Merchandising process
Buyer, order, business procedure and legal requirements for apparel business.
An accident can occur at any time without any warning, and sometimes it can cause serious harm.
Any such untoward incident can have a significant impact on your finances; not only can the treatment be expensive, but if you suffer from any form of disability, it can affect your earning potential. You must think about how to manage, in case of an accident that may lead to disability.
Personal accident insurance provides a cover for permanent partial disability, temporary total disability and permanent total disability. If you suffer a grave injury, apart from expenses, there could be a loss of income at least for some time. The insurance will not only pay for expenses incurred in the treatment of injuries sustained but also provide a monthly or a gross payment till the time you aren’t working, which regular Life Insurance will not provide.
Even in the event of death, the future of your loved ones will be protected with a Personal Accident insurance.
With unpleasant surprises like accidents happening now and then, having insured for the accident is not an option. Even after an accident, one can enjoy financial stability and peace of mind if she/he had taken the Personal Accident insurance.
Today, as consumers become more aware and responsible about what they eat and drink, there is an increasing interest in, and consequently a rising demand for, organic products.
Without proof of certification, you cannot be assured that the product is, indeed, organic.
The organic labels certify that the products contain, among others, the following attributes: pesticide free, free of genetically modified/transgenic seeds, environmentally friendly, respects the workers safety, small-scale production, local production system, sustainable agriculture without use of chemical fertilizers.
The certification is among the attributes considered most important when buying organic products by the consumers. Consumers perceive superior value of products that possess an organic certification label.
With regard to the consumers’ opinions referring to labels, most believe that the labels give more credibility to products.
The researcher also found that product with an organic label is a differentiating factor at the moment of buying, due to the credibility, guarantee, confidence and safety conveyed by the label.
The roots of ecolabelling are found in the growing global concern for environmental protection on the part of governments, businesses and the public. As businesses have come to recognize that environmental concerns may be translated into a market advantage for certain products and services, various environmental declarations, claims and labels have emerged, such as natural, recyclable, eco-friendly, low energy, recycled content, etc.
Governmental, industry, NGO, investor and consumer efforts and awareness will serve as 5 key driving forces of sustainability in the months and years ahead.
Neoprene is a family of synthetic rubbers made by the polymerization of chloroprene. Neoprene can be produced into sheets at any thickness desired. In neoprene fabric the neoprene sheets are sandwiched between pieces of other fabrics, such as polyester or spandex, for function or for appearance.
For fashion, fun or functionality, neoprene is an extremely useful fabric and the uses for modern neoprene fabric are so many and so varied, you probably have something made of neoprene right by you now.
Designers already named neoprene as ultimate fabric for year ’round usage. Though typically reminiscent of material used for a scuba suit, designers are doing so many awesome things with the material this season. It’s sporty and cool,
Scuba fabric is the fashion version of neoprene, the skin-tight fabric used by scuba divers. Scuba is a double-knit fabric, usually made of Polyester mixed with Lycra. Some average stretch fabrics will stretch all over the place without structure but scuba has a far more calculated approach that results in a fabric that lends itself particularly well to feminine clothing.
With time, however, the scuba trend has become more sophisticated. From scuba dresses to scuba skirts, now you can wear this fabric to the office or for a night out in the town.
The document discusses online-to-offline (O2O) commerce strategies. It notes that while e-commerce is growing, the majority of retail sales still occur offline. An effective O2O strategy discovers customers online and uses tools like in-store pickup to persuade them to visit physical stores. This benefits retailers by turning online researchers into offline buyers. O2O helps address challenges of e-commerce like returns and packaging waste by leveraging the efficiencies of brick-and-mortar stores. While online shopping grows, an integrated online and offline approach is needed for long-term retail success.
Gemba Walk is the act of visiting the shop floor in Lean and Kaizen. Literally translated as 'The Real Place', it emphasis the importance of understanding for the management / leadership, what is happening at every level.
Gemba walks are a critical continuous improvement technique.
With a thoughtful and structured approach, Gemba Walks can improve communication and collaboration between staff and leaders. Employees also are more likely and able to describe inefficiencies, safety hazards, and other concerns when they are in their own workspace. This results in the identification of opportunities for improvement that may otherwise be missed.
The document discusses smart textiles, which are textiles that can sense and react to environmental conditions. Originally textiles provided protection from weather, but now integrate technologies to increase functionality. Smart textiles are classified into passive, active, and ultra-smart varieties based on their ability to sense and react. Examples include fabrics that monitor health, control devices, and regulate temperature. Significant opportunities exist in medicine, sustainability, and wearable technology as the industry grows.
Historically, components have been produced by using subtractive or formative manufacturing processes.
Now manufacturers have a third process option – additive manufacturing, otherwise known as 3D printing.
3D printing is a process of creating a three dimensional physical object from a digital design (model).
The desire to play with fabric’s third dimension drew the researchers to 3D printing.
Thanks to this revolutionary technology, every piece of apparel is unique, made to measure with your own customization and its production process produces zero waste.
There are plenty of challenges that must be overcome before 3D-printed apparel goes main stream. The major challenge for 3D printing is replicating clothing fabrics such as silk, tulle material, or satin, among others.
Until the material problem gets solved, 3D-printed clothing will continue to look a whole lot more like an art project than an actual industry.
Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
The document provides an overview of ISO 9001 and key concepts for quality management systems. It discusses seven quality management principles: customer focus, leadership, engagement of people, process approach, improvement, evidence-based decision making, and relationship management. It also covers the purpose and benefits of documentation, objectives, scope, audits and continual improvement in ISO 9001 certified organizations. The goal of ISO 9001 is to help organizations meet customer and regulatory requirements through an effective, systematic approach to management.
Over the last decade or so, as we started to become aware of the hazards of using PERC and other petro-chemicals, companies began looking for newer, more environmentally friendly solutions. Specialized equipment has been developed to aid in the finishing of wet-cleaned garments, and special softeners and additives have been created specifically for the wet-cleaning process.
The reason to choose a wet-cleaning system over dry-cleaning is obvious. It’s safer. For you, for me, for our children and the environment. Perchloroethylene is a toxic substance. It is dangerous to human and animal health and it harms the very environment we depend upon.
It is now totally safe to clean virtually any garment using the Wet Cleaning process!
The document discusses various documents and approvals involved in the apparel merchandising process. It describes tech packs, specification sheets, fabric consumption calculations, thread consumption calculations, proto samples, and color approvals. The key steps are analyzing tech files to prepare costing sheets, negotiating prices with buyers, getting approvals on materials, proto samples, and colors before bulk production. Virtual prototyping is also mentioned as an emerging technique to communicate designs digitally.
Global trade is dependent 80% on sea route than air route, simply for the fact that air route is far more expensive and is used only in case of light weight cargo, perishable cargo, and priority shipments or in other conditions where shipping would not be possible.
Shipping trade is characterized by shipping companies who own vessels and specialize in the transportation of certain types of cargo like General Cargo, Containerized cargo, bulk commodities carriers, oil tankers, gas tankers, OD cargo carriers, etc.
As the business processes and business entities in international trade are becoming more complex, it is becoming increasingly difficult to manage all of the activities on one’s own. Logistics service providers are an important factor in the business success of companies engaged in trade activities at national and international level. Logistics intermediaries come in different forms and under different names, but they all have the same goal: to provide help to companies in the transportation, storage, shipment and distribution of goods from the seller to the buyer or the final consumer.
Virtual reality uses headsets to fully immerse users in simulated 3D worlds, replacing the real world. Augmented reality enhances the real world by overlaying digital images and information. While VR aims to create separate virtual worlds, AR enhances the real world experience by supplementing it with computer-generated perceptual information. Major applications of AR include gaming, navigation, design, marketing, and retail by allowing users to visualize products in their real-world environment through their device cameras.
Lasting success requires credible business practices and the prevention of such activities as fraudulent accounting and labour exploitation.
Recognition of the need for more ethically responsible business practices has seen the emergence of a strong global movement to embrace and promote the concept of social responsibility.
ISO 26000 : 2010 standard offers a definition of what it means to be a socially responsible organization and why it is important that companies adopt this position.
Emotional intelligence is the single biggest predictor of performance in the workplace and the strongest driver of leadership & personal excellence. So what is emotional intelligence?
This document discusses yarn properties that are important for knitting, including count, twist, evenness, and imperfections. It compares combed and carded yarns, noting that combed yarn is of higher quality with fewer imperfections. Combed yarn produces knit fabrics with less pilling, shrinkage, and higher grammage. While more expensive to produce, combed yarn results in fabrics with better properties for knitting. The document also discusses yarn count, count variation, unevenness percentage, and classifications of yarn fineness.
Knowing the basics of raw material, yarn production process and the other factors influencing quality will put the sourcing manager at the same eye level as a spinner /supplier when negotiating quality issues.
As a consequence this puts the sourcing manager in the position to pay the right price for the corresponding quality level.
This kind of know-how supports a retailer enormously in his efforts to establish a reliable supply chain which is based on mutual understanding.
The clothing industry generates more than $250 billion each year worldwide. With so much money at stake, it is tempting for companies to ignore the ethical practices, such as sustainability, pay rates, and employee safety that the industry should practice.
As companies expand their manufacturing and sourcing capabilities around the world, supply chain workplace conditions are increasingly scrutinized, particularly in developing countries
Consumers increasingly want to buy products produced under conditions where minimum standards of human rights for workers in global supply chains are achieved.
In the context of globalisation and international competition, many companies source labour-intensive goods from developing and newly industrialised countries. However, working conditions in these countries often do not comply with basic labour standards, such as those established by the International Labour Organization (ILO). To address this issue, many companies and associations have created individual codes of conduct and monitoring systems.
SA8000 and BSCI are some of the monitoring systems. The audit process helps to identify the better suppliers who can take on more business as non-conforming suppliers drop out of the supply chain.
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2. O Trying to make sense of the jargon in today’s retail sector
can be tough, with new words seeming to pop up all the
time, mostly due to rapidly developing retail technology.
O We need to keep up with the trends and technologies
making an impact in retail today
O Here is a handy list of key retail terms.
2
3. A popular saying goes:
O If you can't measure it, you can't improve it!
O Key Performance Indicators (KPI) are essentially the
Report Cards of our business.
O Some of the Reports generated in Organized retail business
are as follows:
3
4. Units Per Transaction or UPT
O A sales metric used in the retail sector to measure the
average number of items that customers are purchasing in
any given transaction.
O UPT = Total number of items sold / Total paying
customers.
O The higher the UPT, the more items customers are
purchasing for every visit.
4
5. Items Per Transaction
O A measure of average number of products bought in one
transaction.
O The formula is total items sold for the day, week or month,
divided by the number of transactions in the day, week or
month.
5
6. Average basket size
O Average basket size refers to the number of items getting
sold in a single purchase.
O It is the equivalent of total units sold ÷ number of invoice
6
7. Average Number of Transactions
O The average number of transactions is calculated by using
the number of transactions over a specified period of time
and dividing that by the time period of the desired
outcome.
O An example of this may be – total number of transactions
for the year would be 1095 and the desired outcome is how
many transactions on average would there be daily?
Therefore the equation is 1095/365(days in a year) = 3
transactions per day.
7
8. ATS:
O This is the acronym for “average transaction size”, or the
average amount spent by a customer in a single transaction
or purchase.
O It is calculated by dividing the total dollar value of sales
during a given time by the number of transactions (bills
raised) during that time.
O An example of this may be - sales of $200,000 for the year,
generated from 10 sales or transactions. Therefore the
equation would be 200,000 / 10 = $20,000. The average
transaction value is $20,000.
8
9. O Average transaction size is an important metric because it
can help retailers measure their success in making
increasingly larger purchase from each customer.
O This metric is a valuable way to determine whether the size
of the sales is growing.
O Ideally, the average transaction size should always be
increasing since it strongly suggests that the retailer is
having not just continued, but successful in selling
products to its customers.
9
10. ATV:
O This stands for average transaction value.
O Like ATS, this is the average amount customers spend
every time they make a purchase.
O This can be calculated on a daily, monthly or annual
basis.
O The words ATV & ATS are used interchangeably.
10
11. Monthly sales index:
O A measure of seasonal sales that is calculated by dividing
each month’s actual sales by the average monthly sales,
and then multiplying results by 100.
O If the result is more than 100, that means there’s been
growth; if less than 100, there’s been a loss.
11
12. Backorder:
O A backorder is an order for a good or service that cannot
be supplied at the current time due to a lack of available
supply and for which the customer is prepared to wait for
some time.
O The item could still be in production.
12
13. Business Models
Business to Business (B2B)
O The business model and process of one company selling to
another company.
Business to Consumer (B2C)
O The business model and process of a company selling to direct
consumers.
Bricks and Mortar
O A business that has a physical store location (or multiple
locations) where merchandise can be purchased.
13
14. Etailing
O Short for “Electronic Retailing”, this is the practice of
selling goods over the Internet.
O Etailers come in all shapes and sizes, from big name giants
such as Amazon and Zappos to neighborhood mom & pop
stores selling items on their website.
14
15. Brick and Click / Click and Collect
O The feature of buying things online through a store’s
website and then picking it up later.
O It allows the consumer to buy products before stock lasts. It
is also convenient for them because now they can pick them
whenever they want to.
O Most brick and click companies even offer seamless web-to-
store services like buy online pick up in store and buy online
& return in store.
15
16. Omni-Channel Retailing
O Omni-channel means establishing a presence on several channels
and platforms (i.e. brick-and-mortar, mobile, online, catalog etc)
and enabling customers to transact, interact, and engage across
these channels simultaneously or even interchangeably.
O Giving the 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.
16
17. Boutique:
O Refers to small shops or stores that are independently
owned and often sell a product assortment that is not
duplicated exactly in any other store.
17
18. Product breadth / Breadth of Assortments.
O In the retail industry, product breadth is the variety of
products (product lines) that a store offers.
O The range or number of different items offered for sale –
i.e. wide = many different items, narrow = a limited range
of items for sale.
18
19. O The product breadth is the number of product lines, while
the product depth is the variety within each of those lines.
19
20. O The product breadth and the product depth combine to
make up the store's product assortment or merchandise
mix.
O Product Breadth + Product Depth = Product Assortment
20
21. Bundled pricing:
O Companies that bundle together a package of goods or
services to sell for a lower price than they would charge if
the customer bought all of those goods or services
separately.
O (ex: gift hampers )
21
22. Carrying cost:
O This can also be referred to as a holding cost.
O It is primarily made up of the cost associated with the
inventory investment / cost of the goods and storage cost.
22
23. Cash wrap Area
O This is the main checkout area of a retail store.
O In other words, this is where shoppers head to, when
they’re ready to pay for their items, usually consisting of a
cash register machine.
O Most cashwraps even have shelves containing merchandise
that shoppers can pick up on their way out.
23
24. Consignment merchandise / SOR:
O This is inventory that a retailer does not own or pay for
until it’s sold.
O In a consignment arrangement, goods are left by an
owner (consignor) in the possession of consignee /
fulfilment centre to sell them.
O The consignor/seller continues to own the
merchandise until it’s sold.
O Typically the agent, or consignee, receives a
percentage of the revenue from the sale.
24
25. Cross Merchandising
O This refers to the practice of displaying or putting
together products from different categories to drive
add-on sales.
O Picture this: You’re at the grocery store browsing the
Incense stick section when you see a pack of match
box kept in the shelf.
O This is cross merchandising in action. Retailers know
that, people often take match box with Incense stick,
so they strategically placed the two items together.
25
26. Dead Stock
O Sometimes called dead inventory, this is one thing no
retailer wants to have, ever.
O Dead stock pertains to merchandise that has never been
sold or has been in stock for a while.
O Sometimes this is because a particular item is just
seasonal, but other times it’s because the product simply
isn’t in demand.
O The best way to deal with dead stock is to keep
communication lines open between sales and purchasing
departments.
26
27. Dog:
O This is retail slang for products that aren’t selling. (Dead
Stock)
27
28. Drop Shipping
O This refers to an arrangement between a retailer
and a manufacturer/distributor in which the former
transfers customer orders to the latter, who then
ships the merchandise directly to the consumer.
O In other words, the retailer doesn’t keep products in
stock. (Marketplace arrangement)
O Instead, it sends orders and shipment information to
the manufacturer/distributor and they will be the
ones who will ship to the consumer.
28
30. EPOS
O EPOS is an abbreviation for electronic point of sale.
O Basically, any computerized system used to record sales
and control inventory.
30
31. Fast fashion:
O This is clothing that moves from the catwalk or fashion
shows to stores quickly.
O The clothes represent the most recent trends. Stores like
Jennyfer, H&M and Zara have built their businesses on fast
fashion.
31
32. Forecast:
O An estimation of future demand for products or services.
O Historical demand is used to calculate future demand, with
adjustments for seasonality and trends.
32
34. Impulse purchase:
O Also called an impulse buy, this happens when a customer
makes an unplanned purchase of a product or service right
before checking out at the store.
O Some retailers set up small items around their cashwrap to
encourage this behaviour (like a grocery store that puts
magazines and candy in the checkout lane).
34
35. Internet of Things
O Otherwise know as IoT, this terminology refers to smart objects
(your watch for instance) that connects to the web sending data
back and forth.
O IoT is the concept of getting objects such as cars or household
appliances to “talk” to each other.
O More and more things can now connect to the web, and this
enables them to communicate with one another.
O Smartphones can connect to speakers, clocks, lamps, and more.
O Because of IoT the shopping experience will become
increasingly personalized and targeted.
35
36. Keystone pricing:
O This is a method of selling merchandise for double its
wholesale price.
O It’s an easy way for retailers to cover costs and make a
reasonable profit.
36
37. Layaway / Lay-By
O This is an agreement between the retailer and the customer
in which the retailer puts an item on hold for the shopper
until it is paid for in full.
O The consumer pays for the product in instalments (interest-
free), and will only receive the item once the payments are
complete.
O The arrangement is a win-win for both parties.
37
38. Loss Leader
O A known marketing tool in retail, a loss leader is an item
that’s sold at a loss in order to attract more customers into a
store.
O Once they’re inside, the retailer counts on the customer to
buy other things together with the loss leader, thus
generating profits for the business.
38
39. M-commerce
O Stands for ‘mobile commerce’ which allows people to buy
or sell products over a computer network, such as the
internet, using a wireless mobile devise e.g. a smartphone
or tablet.
39
40. Marketplace
O The E-commerce marketplace or the online e-commerce
marketing is a place or a website where one can find
different brands of products coming from multiple vendors,
shops or person showcased on the same platform /site.
O The marketplace owner is responsible for attracting
customers and the processing transactions, while the third
party vendors deal with the manufacturing and shipping.
O Some market places are : Amazon, eBay, and Flipkart
(India)
40
41. Markup:
O A markup is the amount of money added to the wholesale
price to obtain the retail price.
41
42. Markdown
O Unlike limited-time sales or promotional discounts, a
markdown is a devaluation of a product due to its inability
to be sold at the original planned selling price.
O The price of the merchandise is permanently reduced to
move inventory and make room for new products.
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43. Discounts and Markdowns
O A discount is given because of who the customer is, i.e.
employee, loyal customer, senior citizen, etc.
O A discount is usually, but not always, a percent off the retail
price.
O An example is a 20% discount given to employees.
O A markdown is a reduction in price that is usually due to
merchandise issues.
O For example, there is excess inventory due to missed sales
plans, the customers did not like the particular merchandise,
etc.
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45. Planogram (Plan-O-Gram)
O This is a detailed floor plan of a store.
O This is a visual representation that shows how merchandise
should be arranged / the placement of products and product
categories, on store shelves in order to drive more sales.
O Remember that product positioning can influence consumers’
purchases, so planning how they’re displayed and organized
can maximize sales.
O Planograms can also guide and assist in store mapping and
they enable retailers use space more effectively.
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46. Product life cycle:
O This describes the stages a product goes through once it’s
in market.
O There are four stages: introduction, growth (in sales),
maturity, and decline, and they show whether the expected
sales are strong or poor.
O By paying close attention to the life cycle of each product,
you can gather information to improve future product,
promotions, and offerings.
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47. Segment (Consumer or Market)
O A single part of the market, separable from the rest of the
market.
O 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.
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48. Shrinkage
O This pertains to the difference between the amount of stock
that you have on paper and the actual stock you have
available.
O In other words, it’s a reduction in inventory that isn’t
caused by actual sales.
O The common causes of shrinkage include employee theft,
shoplifting, administrative errors, and supplier fraud.
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49. Stock-Keeping Unit
O More commonly known as SKU, this term pertains to the
unique identification of a particular product.
O A SKU code often appears as a machine-readable bar code
and is used in inventory management and enables retailers
to track and distinguish products from one another.
O A SKU represents all the attributes of an item, including
style, brand, size, color, and more.
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50. S - Commerce
O Social Commerce or S-Commerce refers to retail models or
ecommerce practices that incorporate social media (e.g.
Facebook, Twitter, Pinterest, blogs, on-line reviews, etc) to
encourage consumers to buy products and services online.
O Do note that the role of social networks like Facebook or Twitter
in S-Commerce isn’t necessarily to serve as platforms for buying
and selling; rather, they’re meant to assist the process and help
drive sales.
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51. Showrooming
O Showrooming is the consumer practice of examining
products in a store, only to buy them for a lower price
online.
O Shopping and price check apps will spread showrooming
because they allow shoppers to compare prices and
products using their phone as they browse the store.
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52. Suggestive Selling
O Suggesting the purchase of related items in addition to the
original purchases, like a tie with a shirt, blouse with skirt,
hats with jackets and so on.
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53. Top of Mind
O Refers to the store, brand or product that first comes into a
consumer’s mind when he/she thinks of a category of
merchandise.
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54. Up Selling
O Enticing a customer to buy more expensive products, an
upgrade or add-ons with the hopes of increasing their final
order value.
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55. Webrooming
O This is the practice of looking at products online before
buying them in actual brick-and-mortar stores.
O It’s the opposite of showrooming, where customers look at
products in physical stores only to buy them online.
O Image-based websites and social networks such as Pinterest
or Instagram help spread/perpetuate webrooming.
O Users see items that they like while browsing these sites and
then go out in the real world to test or try them on.
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