Mindset
Customer who makes quick purchase decisions, often for inexpensive items that don't have a high importance to the buyer.
What is an impulse buyer?
An entity that produces a finished product(s).
What is a manufacturer?
A retail business owned by an individual. Typically, a single store or a small, regional chain.
What is an independent retailer?
Physical goods that are bought and sold, such as food, clothes and household items.
What are products?
The process of selling products and/or services to customers to earn a profit.
What is retail?
A buyer who wants to find out what's trendy before making a purchase. They have a more cautious mindset and are reluctant to be first.
What is a follower?
An entity that buys large quantities of products directly from the manufacturer and then sells smaller amounts of the products to different retailers.
What is a wholesaler?
What is a private company?
Intangible transactions, such as lawn mowing, hair care services, personal training, ride sharing and video sharing.
What are services?
Quantifiable information used to help retailers determine customer behavior. Examples are household size, gender, age, income, education, occupation, place of residence.
What is demographic data?
A customer who is motivated to be one of the first to purchase a product or service. They have an adopter mindset and want to be recognized as a trendsetter.
What is an innovation/trend buyer?
A warehouse that stores and distributes goods to customers, retailers, or wholesalers.
What is a distribution center?
A business that has shareholders through publicly traded stock, and usually has centralized decision making for its multiple store locations.
What is a corporation?
The help, information and recommendations that company representatives give to people who explore or buy its products and/or services.
What is customer service?
What is the retail ecosystem?
A shopper who views shopping as a fun occasion, rather than looking for specific merchandise. They focus on adventure and leisure.
What is a recreational shopper?
A business or person that sells products and/or services to customers.
What is a retailer?
A license granted to another entity to retail a company's products or services in a particular area.
What is a franchise?
The delivery of a positive, memorable experience that is more than what the customer expected.
What is quality customer service?
A retail model that offers customers the opportunity to interact with the multiple options in their ecosystem. These may or may not be connected to each other.
What is multichannel retailing?
A shopper who spends a lot of time checking out products and prices through online sites, visiting different stores, comparing retailer ads and/or getting the opinions of others.
What is a comparison shopper?
People who purchase goods or services from a business.
What is a customer?
The percentage of retailers that have just one location.
What is 95%?
A shopper who repeatedly chooses to shop at the same retailer over others, usually because of positive customer experiences with the retailer and their products and/or services.
What is a loyal customer?
A retail model that integrates multiple channels of a retail ecosystem to create a seamless consumer experience through the use of technology.
What is omnichannel retailing?