Retail dictionary 101 important terms all retailers should know electricity and magnetism purcell pdf

###########

• ATS: This is the acronym for average transaction size, or the average amount spent by a customer in a single transaction or purchase. It is calculated by dividing the total dollar value of sales during a given time by the number of transactions during that time. gas kinetic energy formula This metric is a valuable way to determine whether the size of your sales is growing — ideally, you want increasingly larger sales over time.

• Chargeback rebuttal letter: If a business wants to refute a chargeback, it might send a chargeback rebuttal letter to persuade the customer to withdraw the dispute. The letter would show evidence that the product was in fact delivered or that the service requested was rendered. Learn more about the kind of evidence you need to defend against non-fraud chargebacks.

• Click and collect: This omnichannel feature allows customers who buy an item online to pick it up in the brick-and-mortar store; it’s also called buy online pick up in store, or BOPIS. Consumers love the ease and convenience of this feature, which allows them to avoid shipping costs and wait times. Over 50 percent of customers have used a service like this according to a JDA software survey.

• Consignment merchandise: This is inventory that a retailer does not own or pay for until it’s sold. In a consignment arrangement, goods are left by an owner (consignor) in the possession of an agent (consignee) to sell them. The consignor continues to own the merchandise until it’s sold. Typically the agent, or consignee, receives a percentage of the revenue from the sale.

• Dead stock: Also known as dead inventory, it’s how retailers classify products that have never sold or have been in stock for a really long time. Sometimes dead stock is the result of seasonality (people don’t buy Christmas ornaments in May), while other times the stock just isn’t in demand — ever. Also called dead inventory, this is one thing no retailer wants to have. You can get rid of dead stock with sales and promotions, or you can avoid it all together with careful analysis.

• Drop shipping: This refers to an arrangement between a retailer and a manufacturer in which the retailer transfers customer orders to the manufacturer, which then ships the products directly to the consumer. When using a drop shipping method, the retailer doesn’t keep the products in stock. The order and shipment information is just passed on to the manufacturer. k electric bill statement Sometimes referred to as direct shipping.

• EMV: EMV stands for Europay, Mastercard, Visa. The technology is the global standard for credit cards that use computer chips to authenticate (and secure) chip-card transactions. Because this technology encrypts bank information, it’s much more secure than magstripe cards (which hold static information about the card holders). gas bloating nausea Learn more about EMV standards.

• Flash sales: These are sales that are available for a limited time. The huge discounts (we’re talking 50 percent off and up) entice consumers to buy, and the limited time frame — usually anywhere from several hours to a couple of days — forces them to act quickly. Some e-tailers, like Gilt or Zulily, have built their entire business on flash sales.

• FIFO (first in first out): This is an inventory management cost strategy that assumes the first units of stock purchased are the first ones that are sold, regardless of whether or not they were. It’s a common way to calculate the value of inventory: If you assume the first inventory in (the older inventory) is the first out, then the cost of the older inventory is assigned to the cost of goods sold and the cost of the newer inventory is assigned to ending inventory. The cost of goods sold is essential to evaluating inventory turnover and determining the efficiency of your inventory management.

• Franchise: This is a way that some businesses expand by distributing their goods and services through a licensing relationship. In this contractual relationship, a franchisor grants a license to a franchisee to conduct business under the business’s name. Usually the franchisor specifies the products and services to be offered by the franchisee and provides an operating system, the brand, and operational support. McDonald’s and Subway operate through franchise systems.

• Layaway/lay-by: This is a service that allows the customer to put an item on hold with a retailer until the item is paid for in full. The customer pays installments on the product until it’s entirely paid off. While some retailers offer this kind of program all year, it is commonly advertised during the holidays. a gas has Layaway programs make it easier for the consumer to afford products and reduce financial risk for the retailer.

• Customer-facing display: A customer-facing display (CFD) — also known as a customer display or monitor — is usually a separate screen that allows customers to view their order, tax, discounts, and loyalty information during the checkout process. Because they can view what you are ringing up, CFDs help reduce inaccuracies and incorrect purchases, creating a better experience for your customers.

• Mystery shopping: This is an activity where a market research company, watchdog group, or even a retail owner sends in a decoy shopper to evaluate the products or the customer service in a store. The mystery shopper behaves like a regular customer (or performs specific tasks) and then provides feedback to help the store improve its practices.

• Off price: This is merchandise purchased for less than the regular price. Selling off-price merchandise can be a great way to get customers to your store. There are some retailers that only sell off-price merchandise, like Nordstrom Rack, which sells designer merchandise at drastically discounted prices. (Its parent company, Nordstrom, attributes some of the company’s overall growth to its off-price retailer.)

• Omnichannel marketing: Omnichannel marketing aims to create a seamless experience across all of a brand’s marketing channels. This is different from multichannel marketing. Most retailers already have multichannel marketing; they use a website, social media, email, and other channels to push out brand messages, promotions, etc. Where omnichannel differs is that it takes into account how consumers interact with all of those channels and how they move from one to another; omnichannel marketing is all about connecting the dots between the channels. The goal is to keep customers moving around within the brand ecosystem, with each channel working in harmony to nurture more sales and engagement. electricity facts label An omnichannel marketing strategy may include things like cross-channel loyalty programs, in-store pickup, smartphone apps to compare prices or download coupons, and interactive in-store digital lookbooks, in addition to more traditional channels. Learn more about how to run an effective omnichannel marketing strategy for retail.

• PCI compliance: PCI DSS stands for Payment Card Industry Data Security Standard. It sets the requirements for organizations and sellers to safely and securely accept, store, process, and transmit cardholder data during credit card transactions to prevent fraud and data breaches. Any organization that processes credit card payments needs to prove it is PCI compliant. Read more about PCI compliance in our guide.

• Planogram: This is a detailed floor plan of a store. It visually represents the placement of products and product categories throughout a store (on shelves, racks, etc.) that best drives sales. A planogram is a helpful tool for thinking about how placement impacts purchase behavior and how retailers can be most efficient with their space.

• Product life cycle: This describes the stages a product goes through once it’s in market. There are four: introduction, growth (in sales), maturity, and decline, and they show whether the expected sales are strong or poor. By paying close attention to the life cycle of each product, you can gather information to improve future product, promotions, and offerings.

• 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. But the right retail point of sale can do more than record sales. With the right software integrations, it can help you run your entire business and affect your long-term growth. gas jet size chart Read more in our handy guide to choosing the best POS system for your small business.

• Retargeting: This is an advertising practice in which online ads are targeted to consumers based on their previous actions. A retailer like Nordstrom, for instance, retargets consumers based on what they’ve browsed on its site. A consumer may have looked at a pair of shoes on Nordstrom’s website, and is then retargeted with an ad for those shoes on Facebook.

• Stock-keeping unit (SKU): This is a number (usually eight alphanumeric digits) that retailers assign to products to keep track of stock internally. It’s used in inventory management to track and distinguish one item from another. A SKU represents all the attributes of a product, including brand, size, and color. For example, one type of shoe could have 40 SKUs, in various combinations of sizes and colors. A SKU is often confused with a UPC (universal product code), as they both are used to identify products. electricity billy elliot karaoke The difference is that SKUs are unique to a retailer, whereas a UPC applies to a product no matter what retailer is selling it.

• Social commerce: New retail and e-commerce practices that incorporate social media, user-generated content, or social interaction. This doesn’t mean that social platforms, like Instagram, are the platforms where purchases happen; instead, the social networks help drive sales. There are a variety of types of social commerce: peer-to-peer marketplaces, group buying, peer recommendation sites, social network–driven sales, and user-curated shopping, to name a few.

• Triple net lease: This is a rental agreement on a commercial property in which the tenant agrees to pay all ongoing expenses of the property (like real estate taxes, building insurance, and maintenance) as well as things like rent and utilities. Because the landlord doesn’t have to worry about variable costs of ownership, this type of lease generally has a lower rental rate than a standard lease.