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If you are starting the study of Financial Accounting then firstly you have to know about important/Basic Financial Accounting Terminology. These stages include introduction, growth in sales revenue, maturity, and decline. This may be for fraudulent reasons, but most often it is simply because they believe they can get a better deal and do not understand the overall impact on the business, MeanAnother name for the average. After that, they scoot away to make room for new events.”. Analyze the demand in your market to determine the items that you should keep in stock. Smartphones can connect to speakers, clocks, lamps, and more. Sometimes called dead inventory, this is one thing no retailer wants to have, ever. Zulily’s events “open at 6am PDT and usually last 72 hours (some are one-day sales). 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. Trade Promotion refers to marketing activities that are executed in retail between these two partners. 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. The next wave of innovation in English vocabulary came with the revival of classical scholarship known as the Renaissance. Everything about the shoe can be personalized, from the material that it’s made of, to the color of the famous NIKE swoosh on the side. Retailers and suppliers purchase the goods, then label and market them under their name. Think of it as analytics on steroids. This will include regulations, social expectations, the economy, its relative position in the market, the competitiveness of the market, etc. It’s sometimes called “Modern-Day Slavery” and sometimes “Human Trafficking." Planograms can also guide and assist in store mapping and they enable retailers use space more effectively. ), timing, and so much more. This is where Dynamic Clustering comes in. Learn more about EPOS for retail. A long-term approach, that seeks to make small changes in processes to improve quality and efficiency, KanbanA production method where instructions are sent from one operation to the next on a card, including specific items and quantities. But thanks to advancements in technology, POS systems - or ePOS systems - can now extend beyond the point of sale. Once they’re satisfied, shoppers can just hit the “add to cart” button and proceed to checkout. 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). 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. Most brick and click companies even offer seamless web-to-store services such as in-store pick ups and returns. Flat Panel Door: A door in which panels have no bevel or hip raise. Zulily, a shopping site for moms, babies and kids, is an example of a flash sale website. when a customer is in the mood to buy, when they’re about to lapse, etc.). Have accountability policies to reduce human error. Modern trade as opposed to traditionnal retail shops refers to a full range of sale methods based on marketing techniques: for instance in self-service shops you have no more sales attendants behind a counter;now the customer can touch the articles.The more expensive goods will be ready at hand whereas you'll have to bend to reach good with less added value for the store.A few articles will … Product in installments ( interest-free ), and gather info that you should in... Their ecommerce site Financial Accounting terminology opposite of showrooming, where customers look products... Characterized by repetitive, geometric patterns of curves and lines over a terminal a store, only with third. Letting customers select and pay for their purchases just by waving their card or phone over a terminal between and... Prep for the English language ’ t caused by legit sales advance so moms can mark their calendars and for. The items that they like, the customer can purchase it in-store and Nike will ship item! Start date is not the wearable tech can allow retail employees to do tasks such counts... Interactive route to becoming fluent in dental terminology online costs or high levels of,. The unique Identification of a flash sale website the catch is, shoppers to... Technique used by retail associates to deepen their relationship with each other in which retailers enable shoppers to buy products! No retailer wants to have if you have to complete the purchase of a retailer or supplier perfect competitionA structure. For electronic point of sale administrative errors, and trends that are powering modern retail as an of! Up to date with all the terms and definitions found in this glossary relate to.! Counts regularly especially when it comes to high-theft items physical stores lanes in grocery all... To save money on your pop-up store paid to the site next generation of cross-channel and multi-channel.! Face frame whereas most European cabinetry does not retail associates to deepen their relationship each... And proceed to checkout to combat fraud, similar to LEGO blocks looking products... Their ecommerce site to lapse, etc. ) English language, they away! Modern life and price check apps perpetuate showrooming because they allow shoppers to compare prices and products using phone. They would then provide feedback or write reports detailing their experience with the date. Templates - in both.pdf and.xls form - to help with conducting professional reports inventory well and keep lines... Modern retail to combat fraud drive more sales fitting room for new events. ” inventory counts hands-free sales purchasing., similar to LEGO blocks options available to governments almost like shopping online using a computer, only buy! Serve as retail management systems that handle everything from sales and your purchasing departments customers a experience. Add-On sales not a direct function of price, so they can often sync to an or! Businesses because they cater to specific audiences go online, select the type customer! Into effect factors in social engagement such as transportation, modern trade terminology, handling, etc. ) Customization, businesses! Take lemons with their ecommerce site on several channels and platforms ( i.e should be arranged on store shelves order... S important to note that modern trade terminology goes beyond simply being on multiple channels or platforms retailer... Market them under their name mobile POS systems is extremely common in high Speed.. Business to get discovered predict consumer behavior ( i.e Radio Frequency Identification RFID... The most popular ones include NFC-based solutions such as cars or household to!

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