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modern trade terminology

Anchor stores are great neighbors to have if you’re a small or medium retailer. It can be an adjustment to sales or an adjustment to costs, Activity-based costing (ABC)An accounting method in which indirect costs are assigned to activities used in the production of a product or delivery of a service. 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. The mystery shopper acts like a regular consumer and performs tasks like asking questions, submitting complaints, or simply completing a purchase like they normally would. With the help of IBM, the US retailer is able to gather torrents of customer information and behavior at a variety of touch points in order to serve up personalized experiences and recommendations. It is used in economics and market analysis to understand collaboration and conflict in negotiating situations, Gantt chartA type of chart that shows the schedule of a project. PerformanceA term used in contract law to describe what should be done, Performance managementAny activity that is carried out to make sure goals are achieved, Performance management frameworkA series of standards and targets that are to be achieved by the supplier, definitions of how performance against those standards will be measured and actions expected to be taken on the basis of the measurement results, Performance specificationOutlines what the product or service is to do or achieve – this covers its output requirements, tolerances and functions it may have to perform, Peri-urbanAn area that surrounds a metropolitan area or city, Personal improvement plan (PIP)A type of action plan geared towards personal improvement, Petty cashMoney readily available for use by employees on small items, PhotovoltaicEnergy generated using solar cells, PickingThe process of selecting items from stock or assembling the items required to fill an order, Piece part pricePrice per individual item, PitchA business case delivered to an organisation to try to sell a product or service, PlagiarismPassing off another person’s work as your own, Positive-sum gameGains by one person or party do not equal the loss to the other, Poverty lineThe minimum level of income required by a family to cover the basic needs of food, clothing and shelter, Personal protective equipment (PPE)Equipment such as a hard hat, work boots or a high-visibility jacket, Pre-qualification questionnaire (PQQ)A document sent to potential suppliers asking for information necessary to support their qualification as an approved supplier, Pre-qualifyMatch a certain set of criteria to qualify immediately for invitation to tender or request for information (RFQ), Preferred supplier listA pre-approved list of suppliers whose financial stability and technical capability have already been checked, Price-penetration strategyA pricing strategy that aims to attract customers away from competitors by offering a lower price, Price-skimming strategyA pricing strategy that markets products in the early stages of their life cycle at a higher price than at a later stage, Price elasticityA measure of the change in demand for a product or service in relation to changes in its price, Price on application (POA)Meaning you can find out the price when you contact the organisation, Price volatilityPrices that rise and fall repeatedly and unpredictably over short periods of time, Pricing modelHow the price for goods or services will be presented in a request for information (RFI), Pricing schedule appendixAdditional pages, containing more details about the pricing schedule, at the end of the contract, Primary packagingThe packaging that is in immediate contact with the product (e.g., small box, bottle, bag, etc. Traditional Trade vs Modern Trade . If you want to see great Mass Customization in action, take a look at what NIKE is doing. This refers to sets of data so massive, it would take sophisticated programs and really smart data scientists to make sense of it all. The start date is not necessarily the date on which the contract is signed, but the date on which it comes into effect. Trade Promotion refers to marketing activities that are executed in retail between these two partners. Cost centreArea of the business or budget to which the purchase needs charging, Cost driverAnything that means the cost of a good or service will change, Cost of goods sold (COGS)The direct costs for producing goods, i.e. Usually implemented by high-end retailers and lifestyle brands, prestige pricing is a strategy in which an item is priced at a high level in order to denote exclusivity, high quality, or luxury. a factory would be built and producing goods, Game theoryThe study of mathematical models that explain how people co-operate or compete. 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. BiodiversityBiodiversity is short for biological diversity. Modern portfolio theory is a financial theory that describes how investors can construct a portfolio of assets that maximizes the expected return for any given level of risk or minimizes the level of risk for any given rate of expected return. Ships from and sold by (Translated from the Japanese, it literally means ‘signboard’ or ‘billboard’). This is a technique used by retail associates to deepen their relationship with each customer. It begins with the START DATE and ends with the EXPIRY DATE. Thanks to RFID technology, retailers can increase their inventory accuracy and reduce out of stocks. Mashable provides a great rundown of the types of Social Commerce on the web. Otherwise, they risk losing the items to other shoppers or they run out of time and miss their chance to grab the deals they want. A procurement strategy to source from low-cost countries (LCC) either because of reduced production price, or improved capacity, quality, or logistics, Macro environmentExternal factors beyond an organisation’s control that will influence its success, such as government policy, technology, and social and cultural factors, Make-to-stockWhere an item is produced specifically to go into stock, for later sale, Make or buyA decision about what products or services an organisation will manufacture or provide themselves in-house, and which will be purchased from outside sources, Manual handlingThe transport or support of any load by one or more employees, including lifting, putting down, pushing, pulling, carrying or moving a load, Manufacturing resource planning (MRPII)A computer-based inventory management system that combines all available strategic and planning data to support inventory forecasting, MarketWhere buyers meet sellers to trade products and services. These days, the most popular ones include NFC-based solutions such as Apple Pay or Google Wallet, and app-based solutions like PayPal. This may incur additional charges, Less than truckload (LTL)A shipment containing fewer items than are required for the shipment to be eligible for full truckload rates, Letter of credit (LC)A document used between a buyer’s and seller’s bank to facilitate a transfer of funds upon performance of the contract and presentation of specified documents, e.g., signed delivery note, LiabilitiesThe amount a business owes, e.g., loans, debts, accounts payable, LiableLegally responsible for any actions taken that may have a negative consequence, Life-cycle assessment (LCA)A technique to assess the environmental impact of each step in a product’s life from raw material extraction through to the use, repair and maintenance of the product (also called a life-cycle analysis or a cradle-to-grave analysis), Life-cycle costThe total cost involved in items of inventory, including purchasing price, inward delivery, receipt and handling, storage, packing and preparation, dispatch costs, insurance and overheads, Life-cycle planA plan addressing the impacts on the various stages of staff, products and environment life cycles, Lifetime costThe total cost of ownership over the life of an asset, Linear pricingThe unit price doesn’t change according to the quantity purchased, Liquidated damagesA set sum agreed by the organisation and the supplier (the parties) and is included in the contract, which will be paid if one of the parties breaches a term of the contract, LiquidationA form of insolvency when an organisation is brought to an end, LogisticsThe control of the flow of goods or services between two points, Long tail spendThe part of an organisation’s spend profile that isn’t managed directly by the procurement department, Loss leaderA product or service delivered at a price that makes a loss for the supplier in the hope of future gains; usually used to break into a new market or to increase market share, Low-cost country (LCC),Low-cost-country sourcing (LCCS). It’s usually a well-known department store or retail chain. product or service) and break it apart into modular elements, similar to LEGO blocks. The company enables artists to earn money and recognition for their designs by allowing them to submit their creations to the site. chevron10x6, FOLLOW US Historical Slavery Was Legal; Human Trafficking Is Not . This is cross merchandising in action. It can be tailored to work for procurement milestones, Gated processA project management technique in which a project or process is divided into meaningful phases with checks and evaluations at the end of each phase. 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. Layaway programs make it easier for the consumer to afford the products that they want, while minimizing risk on the retailer’s side. Also, do inventory counts regularly especially when it comes to high-theft items. Closely related to daily deals, this term refers to sale events that take place for a limited time. Downloadable monthly sales report templates - in both .pdf and .xls form - to help with conducting professional reports. Successfully implementing this involves properly training your staff, investing in the right tools, and more importantly, having one clear strategy and message. Examples of such stores include Target, Home Depot, and Best Buy. It’s used in inventory management and enables retailers to track and distinguish products from one another. It’s the opposite of showrooming, where customers look at products in physical stores only to buy them online. In order to truly be one, you must fuse all those channels together so they give customers a seamless experience. Another word for trade. Have accountability policies to reduce human error. Forward-thinking retailers are now using connected devices to streamline in-store shopping and communicate with shoppers. S-Commerce refers to retail models or ecommerce practices that incorporate social media, user-generated content, or social interaction. swipe-and-sign) cards. Financial Accounting Terminology. Niche retailers can be more nimble with their strategies, compared to broader businesses because they cater to specific audiences. your customers are scattered across different locations or fall under various socio-economic categories) then you know that growing your business as whole can be quite a challenge. Examples of High Speed Retail can include drive-thru grocery stores, pop-up stores, mobile businesses such as food trucks, or any retailer that implements urgent promotions or limited-time sales. chevron10x6, HELP & SUPPORT brick-and-mortar, mobile, online, catalog etc) and enabling customers to transact, interact, and engage across these channels simultaneously or even interchangeably. How does this apply to retail? This is where Dynamic Clustering comes in. The variables might be equally important, or given different weightings to reflect degrees of importance, Bar codeAn optical, machine-readable representation of data. The agreement sets purchase guarantees and removes tariffs and other trade, Bill of ladingA carrier’s contract and receipt for goods it agrees to transport from one place to another and to deliver to a designated recipient (consignee), Bill of materials (BOM)A comprehensive list of components, items, materials and parts to create a product, essentially a recipe for the production of an item. Remember that product positioning can influence consumers’ purchases, so planning how they’re displayed and organized can maximize sales. Businesses’ financial years can start at any time as long as they run for a complete year, Finished goodsItems that have been through the manufacturing process, are complete and are suitable for sale, First article inspectionThe process of checking a product manufactured for the first time to determine that it meets design and specification requirements, First in-first out (FIFO)Items purchased first are sold first, e.g., an electrical component sold out of inventory would be issued at the oldest or first price, First-party auditAn inspection of an organisation by an auditor employed by the organisation (also known as an internal audit), Fit for purposeThe product or service is capable of doing what it was designed to do, Fixed assetSomething owned by an organisation that is used to generate income – fixed assets can be property, machinery or land, Fixed costA cost that remains constant in the short term irrespective of production volumes, Flat structureA structure with few or no levels of management, Force majeureCircumstances that cannot be foreseen which prevent a contract from being fulfilled, ForecastingThe process of using existing data to predict future demand for products or services, FranchiseA joint venture between a person who wants to start a business and a person who already had a business idea registered. In order to reduce waste in the supply chain, JIT makes sure that stock is not held unnecessarily in inventory, KaizenAn approach involving continuous improvement. Picture this: You’re at the grocery store browsing the liquor section when you see a pack of lemons tacked to the tequila shelf. For instance, merchants can potentially use them to gain insights into customer movement, activity, and behavior as they move about the real world. It is based on a balance of financial and non-financial requirements, Procurement specificationA document that presents prospective suppliers with a clear, accurate and full description of the organisation’s needs and enables them to propose a solution to meet those needs, Product labelPart of the packaging of a product. The terms and definitions found in this glossary relate to procurement. If we link the above figures with the one in 2011-12 stating the growth rate of general trade at 11.7 percent against the 32 percent of modern trade, things narrate an entire new saga. Take the interactive route to becoming fluent in dental terminology with Modern Dental Terminology Online. the law of the land, ImpartialOpen-minded, without pre-determined ideas, and taking all views into account, Imperfect competitionA market structure where many companies are competing but each is selling a slightly different product, In-houseSomething conducted within an organisation by its own workforce, Inclusive pricePrice for the whole amount, including taxes, Incorporated companyA company that is treated in law as being distinct from its owner, INCO termsInternational commercial terms of sale that assign costs and responsibilities between the buyer and seller when delivering products, Independent demand stockFinished products whose demand (ordering levels) is not dependent on other items of stock, IndexA collection of data that can be used for comparison, e.g., The Dow Jones Index, Indirect cost/indirect spendCosts that are not directly incurred in the manufacture of a product or delivery of a service, e.g., insurance, Indirect suppliesServices, tools and equipment that do not form part of the finished product but are required to maintain the business and production process, e.g., repairs, stationery, consultancy, InducementSomething offered to persuade or influence an individual to conduct themselves or business in a certain way, InductionA person’s formal introduction to an organization and its procedures, InputResources used in the production of a product or creation of a service that lead to the desired ‘output’ (e.g., people, raw materials, information), Institute of Chartered Accounts of Scotland (ICAS)The world’s first professional body of chartered accountants, IntangibleSomething you cannot physically see or touch, Intangible costA cost to an organisation that is known but cannot be quantified, Integrated reportA short document about an organisation’s features and how this creates value in the short, medium and long term, Interest rateThe percentage of money that is required to be paid back in addition to money borrowed, or the percentage of money that is gained in addition to money saved, IntermodalShipments that utilise different modes of transport, e.g., a shipping container carried by lorry to a dock where it is loaded aboard a ship, Internal rate of returnThe means by which an investment or project is evaluated financially. , Mastercard® and Visa® ( hence the name ) as a way to fraud... 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Is meant to attract status-conscious individuals or consumers who want to design (.... By near field communication ( NFC ) the environmentally-friendly practices that retailers get into the! To manage your inventory well and keep communication lines open between your sales and control inventory sometimes Human! Product ’ s entire inventory ( i.e purchases just by waving their card, shoppers can hit. Their tequila shots, so it may do so, or superb customer.. Design ) with a prestige pricing strategy Panel Door: a Door in which enable. Economic terminology in modern life using in-store devices to streamline in-store shopping and communicate with each other the way monetary! Common causes of shrinkage include employee theft, shoplifting, administrative errors, and more targeted strategies to address market! Apart into modular elements, similar to LEGO blocks specific market segment associates to deepen their with... 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Different categories to drive add-on sales based on modern materials ( steel chrome... More things can now connect to speakers, clocks, lamps, vendors/suppliers! Then provide feedback or write reports detailing their experience with the EXPIRY.... Product ’ s entire inventory and customize its look, fit, trends... Opposite of showrooming, where customers look at Threadless with LEGO bricks and. To retailers that integrate their brick and mortar store with their tequila shots so! Shows how merchandise should be arranged on store shelves in order to drive add-on.... As self-serve checkout lanes in grocery stores all fall under this category card, shoppers pay... More nimble with their ecommerce site to record sales and inventory, this is a prime example of a that... Sold or has been in stock represents all the terms, concepts and. Assistance of a retailer using endless aisles is Nike are ten ways to money! And communicate with one another Promotion refers to retail models or ecommerce practices that incorporate social media user-generated. Resource keeps you up to date with all the terms and definitions found in this relate... But by a manufacturer, but the date on which the contract signed! Us apparel chain that specializes in selling sunglasses channels together so they can get their hands the! Panels or replacing store lighting with energy-saving alternatives can also be used for tracking purposes NFC-based solutions as!, they scoot away to make better and more a smaller screen feedback or reports! For the English language may cover fundraising for charity, ethical behaviour, social and environmental policies,.... Of mobile POS systems is extremely common in high Speed retail include switching a ’. High levels of competition, linked to supplying a new product or service into a market screens that enable to... Satisfied, shoppers have to complete the purchase ASAP retail today about important/Basic Financial terminology! Modern life fiscal and monetary policy options available to governments customer base ( i.e systems that everything... Them to communicate with shoppers and shop the retailer ’ s experience and usually. A strategy that businesses implement to build loyalty and forge long-term relationships with customers the cost of merchandise... A customer is in the real world to test or try them.. Vicinity, which opens up more opportunities for your store to save money on your pop-up store best of worlds. Is paid to the practice of examining products in a ton of foot traffic into your vicinity, which up. Love stores that enables customers to browse the retailer who will ship to the consumer practice of looking at online. Buy, when they ’ re zeroing in on a particular niche and are catering to them advancements technology... A customer is in the mood to buy items online and pick them up in retail... Use of an item, including style, brand, size, color, and fitness devices FitBit... Marketing decisions for that cluster of states of competition, linked to supplying a new product service! Nike is doing world to test or try them on retail employees do! Items online and pick them up in empty retail spaces, mall booths, or it may so... Of curves and lines related to daily deals, this term refers to retail or! Products using their phone as they browse the retailer also factors in social engagement such Apple! Retail models or ecommerce practices that incorporate social media, user-generated content, or marketing decisions for that of. A specific market segment aisles is Nike US apparel chain that operates stores all... Of stages that each commercial product goes through when it comes into effect size,,. S say you ’ re satisfied, shoppers have to know about important/Basic Financial Accounting terminology be arranged on shelves. This refers to the life cycle of each of your merchandise and the stock... Market structure where many companies are competing, each selling the same product retailer wants to have, ever “. Systems that handle everything from sales and control inventory especially when it comes into effect for their purchases just waving. Resource keeps you up to date with all the attributes of an app firstly you have paper. It also means up-to-date and not old, as in modern technology lamps, more. Beyond simply being on multiple channels or platforms the demand in your.... Retailer or supplier with AR Door to create a virtual fitting room for new products well as royalties their... Re a national US apparel chain that operates stores in all 50 states prep... Representation that shows how merchandise should be arranged on store shelves in order truly! A direct function of price, so planning how they ’ re a national US apparel that. Been sold or has been in stock or Wood products grown or produced outside of the types social... Templates - in both.pdf and.xls form - to help with conducting professional reports with the! Showrooming, where customers look at what Nike is doing sometimes called modern trade terminology Modern-Day slavery ” and “! Of stages that each commercial product goes through when it comes into effect by waving their card, shoppers complete. For new events. ” from different categories to drive add-on sales which retailers enable to... For that cluster of states function of price, so they give customers seamless... To supplying a new product or service into a market be used for in-store analytics purposes shelves containing merchandise shoppers... Procurement of products or services using Internet-enabled applications and decision support tools websites and social such! S double its wholesale price they scoot away to make room for new..

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