They are often sold quickly and at a low cost. Retailing Management RETAILING DICTIONARY A to Z of Retailing Business 2. If the result is more than 100, that means there’s been growth; if less than 100, there’s been a loss. Because this technology encrypts bank information, chip and PIN cards have wholly replaced traditional magstripe cards which had to be signed for. Typically, the agent, or consignee, receives a percentage of the revenue from the sale. The spacing between the bars signals to the reader what the numerical code is. Usually the franchisor specifies the products and services to be offered by the franchisee and provides an operating system, the brand and operational support. CRM: Customer relationship management is an online system for managing relationships with your current and prospective customers, and stores a directory of their information online. Leveraged buyout (LBO): An LBO is the purchase of a company using borrowed funds (such as loans from banks and investors). 3/10 ROG: 3% discount is allowed within 10 days of receipt of goods. Any organisation that processes credit card payments needs to prove it is PCI compliant. Retail is the sale of products directly to end users. Forecast: An estimation of future demand for products or services. Our retail dictionary can help you navigate all of the lingo you’re hearing day-to-day and keep you up to date with the latest trends. What does retail mean? It is calculated by dividing the total pound value of sales during a given time by the number of transactions during that time. If you’re new to retail, it can be hard to keep up with all the jargon used in the industry. Check out our ever expanding dream dictionary, fascinating discussion forums, and other interesting topics related to dreaming See Dead stock. Inventory management: This is a system a retailer uses to make sure the right inventory is in the right place, at the right time and in the right quantity. See Dead stock. DICTIONARY OF AUTOMOTIVE TERMS Illustrated glossary for automobiles, motorcycles, bicycles, and motors. retail at (something) To sell (some product or item) directly to consumers at a particular price. Walmart is an example of a retail store. pertaining to, connected with, or engaged in sale at retail: the retail price. Point-of-sale (POS) system: At the most basic level, a point-of-sale system includes the hardware and software that allows a retailer to check out customers, record sales, accept payments and route those funds to the bank. Dry storage: Though dry storage can have other meanings in different industries, in warehousing it is typically used to describe non-refrigerated storage of food products, such as canned and dry goods. This biology dictionary is here to help you learn about all sorts of biology terms, principles, and life forms. For example, one type of shoe could have 40 SKUs, in various combinations of sizes and colours. Private label: A brand that is not owned by a manufacturer but by the retailer or supplier. retail (uncountable) The sale of goods directly to the consumer, encompassing the storefronts, mail-order, websites, etc., and the corporate mechanisms, branding, advertising, etc. As a part of this, the retailer is making sure that ordering, shipping, handling and related costs are kept in check. What does retail mean? Showrooming becomes more and more common as mobile usage increases and new price-check and shopping apps emerge. Retailing DictionaryANCHOR STOREA major retail store in a shopping centre; used to drive business to smaller retailers. It’s also called gross profit margin. As such, the retail world is full of jargon and words that can be hard to understand. Learn more about the minds behind Intelligence Node. Consignment merchandise: This is inventory that a retailer does not own or pay for until it’s sold. The letter would show evidence that the product was in fact delivered or that the service requested was rendered. We will keep updating this glossary of retail buzzwords and … The resources below have been provided to help narrow your search to specific, targeted drug information. Dead stock: Also known as dead inventory, it’s how retailers classify products that have never sold or have been in stock for a long time. GAMES; BROWSE THESAURUS; WORD OF THE DAY; WORDS AT PLAY. This is the equivalent of a house account. 8/10 EOM: 8% discount is allowed if the invoice is paid within 10 days from the end of the month. Retailers that use loss leaders rely on the fact that once customers are in the door, they buy other items that do turn a profit. Learn more about the kind of evidence you need to defend against non-fraud chargebacks. Supply chain management: The management of the flow of goods and services, involving the movement and storage of raw, work-in-process and finished goods from the point of origin to point of consumption. In a sense, a retailer is an intermediary or middleman that customers use to get products from the manufacturers. It’s a system that displays the description and price of an item when the item number is entered or scanned at the point of sale. Eley Williamsdid her doctoral dissertation on "mountweazels," fake words inserted into dictionaries as copyright traps — and she builds on that in her charming debut novel, about an epic dictionary. They do not sell to companies that resell their products. Social commerce: New retail and e-commerce practices that incorporate social media, user-generated content or social interaction. Many of these, though, are important to keep in mind as you’re trying to grow your business. Multichannel retailing: Selling merchandise through more than one independently managed channel, such as brick-and-mortar shops, catalogues and online. Procurement: This is the process of sourcing, negotiating and strategically selecting goods for your retail shop. retail (n.) early 15c., "sale of commodities in small quantities or parcels or at second hand" (opposed to wholesale), from Old French retail "piece cut off, shred, scrap, paring" (Modern French retaille), from retaillier (see retail (v.)). Retail definition is - to sell in small quantities directly to the ultimate consumer. 2. Synonyms for retail in Free Thesaurus. DC: This is an acronym for a distribution centre. A SKU is often confused with a UPC (universal product code), as they both are used to identify products. Stock-keeping unit (SKU): This is a number (usually eight alphanumeric digits) that retailers assign to products to keep track of stock internally. 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