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. 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