Your Retail Dictionary: 72 Industry Terms Every Small Retailer Should Know

Your Retail Dictionary: 72 Industry Terms Every Small Retailer Should Know

Knowing the retail terms that are used in shops and online is key to advancing and having your operations run smoothly. Efficient supply ats brokerage chain and inventory management are crucial for retail success. Ats can help optimize these processes, ensuring that retailers have the right products in the right place at the right time. In this section, we will delve into strategies for supply chain and inventory management optimization, with a focus on Ats.

Difference between Landed Cost, FOB Cost or Ex-Factory Cost

Everything is in one organized system, saving time and reducing the risk of losing valuable applicants in the shuffle. Plus, this central hub allows for quickly retrieving candidate profiles for future roles, ensuring no talent is overlooked. ATS platforms aren’t just for big corporations with fancy offices and a million applicants. https://www.xcritical.com/ Whether you’re a startup hustling to build your dream team or a staffing agency juggling resumes, an ATS can make life so much easier. Just leave your details, and we’ll be with you shortly with a customised offer.

Your Retail Dictionary: 72 Industry Terms Every Small Retailer Should Know

Quantity discountThis is an incentive offered to a buyer to purchase a certain quantity for a decreased cost per unit. ProcurementThis is the process of sourcing, negotiating and strategically selecting goods for your retail shop. It’s calculated by subtracting retail operating expenses from gross profit. Card on File (CoF)Square offers CoF as a safe and secure way to store customer payment information when they pay via invoice.

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By implementing such processes, retail businesses can become more efficient and save money in the process. Footfall is the measurement of the number of people entering your business premises. By counting how many people enter your retail space, other important key metrics can be calculated, such as conversion rates and your average transaction value (ATV).

Inventory managementThis is a system a retailer uses to make sure the right inventory is in the right place, at the right time and in the right quantity. As a part of this, the retailer is making sure that ordering, shipping, handling and related costs are kept in check. Green retailingThis refers to the environmentally friendly business practices that retailers commit to. This includes things such as the 15c plastic bag charge and using solar power to run the stores electrics.

Retailers set up impulse purchase stands throughout the store to encourage this shopping behavior. Gross margin means the difference between how much an item costs and how much it sells for. It can be used to calculate how much sales revenue a business generates after all direct costs and expenses are subtracted. A flash sale is a promotion or discount offered by a store, either ecommerce or brick-and-mortar, for a brief period. Because the quantity of the goods is limited, higher discounts are offered in comparison to frequent promotions.

The difference is that SKUs are unique to a retailer, whereas a UPC applies to a product no matter what retailer is selling it. Click and collect refers to the act of ordering something online and then collecting from the physical store. Customers are increasingly choosing this over delivery service because it offers the immediate gratification of receiving their item, while also saving money on delivery. Retailers can benefit from click and collect also, as it reduces the cost of operation and can influence customers into making impulse purchases when they visit your store.

This is the main checkout area of a retail store, where retailers set up their POS and customers pay for items. Sometimes cashwraps have shelves with items that shoppers can pick up on their way out. For example, Shopify’s POS system isn’t only designed to help process purchases. With its built-in inventory system it’s able to create low-stock reports and help you decide which products are worth repurchasing. It even tracks stock adjustments so you’re in-the-know every step of the way.

This is the way a product is displayed in your store that encourages customers to purchase it. Merchandising includes embellishments like price, packaging, offers, coupons, and more. Because they can view what you are ringing up, CFDs help reduce inaccuracies and incorrect purchases, creating a better experience for your customers. These are consumer products that are routinely purchased by customers, who usually give little thought or planning to them. This describes products that are in a form that is ready for sale to the consumer. This refers to the retail practice of displaying products from different categories together to create add-on sales.

• A co-operative is a business that’s owned by a community of members rather than by investors or corporate shareholders.
• In this section, we will discuss strategies for enhancing the customer experience across various touchpoints using Ats.
• This kind of business doesn’t need to maintain inventory on-hand, own a warehouse to store products or worry about shipping them to customers directly.
• To effectively develop and implement an ATS strategy in a company, first define the specific needs of the organization’s recruitment process.
• It’s an easy way for retailers to cover costs and make a reasonable profit.

Using historical data allows retailers to calculate an estimate for the future. In short, an anchor store is one of the largest – most often the largest – store in a shopping center or mall. Most commonly, they are large, well-known department stores, supermarkets, or retail chain stores. They help drive foot traffic to the center and can make a great neighbor for smaller retail stores. This often manifests itself in the form of loyalty programs and fantastic customer service. Some businesses expand by distributing their products via a licensing relationship.

Available To Sell Inventory (Ats) plays a vital role in connecting in-store, online, and mobile processes. In this section, we will discuss strategies for enhancing the customer experience across various touchpoints using Ats. This is the percentage of revenue left after expenses have been deducted from sales. Mobile payments are regulated transactions that take place digitally through your mobile device.

The higher the percentage, then the more that the company makes from each sale. Bundled pricing is the sale of goods and services at a lower price than they would be charged if they were all purchased separately. Popular examples of bundled pricing include option packages on new cars, meal deals at restaurants, and cable TV channel plans. Implementing a bundled pricing strategy can allow you to increase your profit by giving customers a discount on items that aren’t selling well individually.

Interestingly, many job boards and online career portals use ATS-like systems to organize and present job listings to applicants. So, even if a small company doesn’t have its own ATS, your application might still undergo a similar screening process on the job board’s platform. Applicant tracking systems come with different features designed to streamline the hiring process. The ATS does this by scanning resumes for relevant keywords, such as job titles or specific skills that align with the employer’s requirements.

This is beneficial since it improves the recruiter’s efficiency and the candidate’s experience. A smooth and coordinated interview process makes a great impression on candidates and reduces the chances of scheduling conflicts. Plus, it allows for easier rescheduling if something comes up, keeping everyone on track. By focusing on top-ranked candidates, the hiring process becomes faster and more strategic, ensuring only the best make it to the next round. Once the filtering is done, the ATS ranks and scores candidates based on various factors, such as experience, skills, and education. Advanced algorithms start here, prioritizing applicants who best match the job description.

As ATS technology continues to evolve, we’re looking at a future where hiring isn’t just faster or more efficient—it’s smarter, more predictive, and deeply personalized. Keyword placement significantly affects how well a resume ranks within an ATS search. Resumes with key terms in prominent sections, such as job titles, headers, and skills areas, tend to perform better since the system often weighs these parts more heavily.