Retail Basics
Physical goods that are bought and sold.
Merchandise
A very brief speech to sell yourself.
Elevator pitch
The standard method to thank an interviewer after the interview.
Thank you note/ Email
Trying to sell a more expensive or premium version of what a customer is considering.
Upselling
Part of effective time management is doing this with tasks.
Prioritizing tasks
This system detects credit card or debit card fraud.
A POS system
The action a retailer takes to address a service failure.
Service recovery
The primary goal of providing excellent customer service.
Customer satisfaction
Trying to sell a related item to what a customer is buying.
Cross-selling
Hearing and understanding what a speaker says, including implied messages.
Active listening
The audience of retail stores; the people who buy things.
Customers
The unique way a company's employees act with each other and customers.
Company culture
The best way to show you understand a customer?
Active listening
A good statement to lead to finishing a sale.
Closing statement (or transition statement that can lead to closing a sale)
The type of mindset that wants to continue to learn.
Growth mindset
The overall impression gathered from what customers see, hear, and experience from a business.
Customer experience
An approach focusing on a seamless shopping experience across multiple channels.
Omnichannel retailing
Service designed to be tailored to specific customer needs.
Personalized service
Using reviews, testimonials, or client success stories to show that others have had positive experiences with the product or service.
Example: “Most of our clients who use this heat protectant say it makes their hair super soft and shiny.”
Social Proof
The type of mindset that limits your ability to grow and learn.
Fixed mindset
The loss of inventory from causes other than sales.
Shrink
This holds large quantities of product before going to stores or customers.
Distribution center
Behavior influences from a customer's family and friends.
Social influences
Creating a sense of urgency by letting the customer know that the product or offer is limited in time or quantity.
Example: "This bundle is only available for the next 48 hours!"
Scarcity Technique
A supportive, collaborative, and reliable member of a group.
Team player