GLOSSARY
Of Retail Terms
K.P.I- Key Perfomance indicators:
- Upselling
-Reward cards/loyalty cards
-Sales Target
Human Resources
-Overseeing various aspects, training and recruitment.
Customer Service
- To rpovide assistance to customers in order to meet their needs
Supply Chain
-Integrates, co-ordinates the movement of goods
Raw Materials
-The basic material from which a product is produced
Retail
-The sale of food to the public. Process of selling consumers good or services through multiple channels of distrubution to earn a profit.
Multi-channel Retailing
-Numerous ways for customers to purchase goods. e.g. physical stores, telephone, online, mail.
Omni-channel Retailing
-Providing the customer with the best shopping experience using a variety of channels.
Click and Collect
-Order oline and pick up instore
Subscription
- Paying in advance for goods and then receiving on a monthly basis. e.g. magazines.
GDP- Gross Domestic Product
-Overall value of all goods and services prodcue in the UK.
GVA- Gross Value Added
-Measure of value of goodas and services produced in the UK
Vendor
-A person or company offering something for sale.
Flexibility
- The willingness for a person to chnage or compromise. To be simply avaliable or change easily according to the situation.
Duty
-A moral or lega obligation: a responsibilty. A tax paid to the government on items you bring into the country
ICON/NOVEMBER