Retail Business
This type of retail business operation focuses on non-food items or services, accounting for the largest percentage of gross sales.
What is retail operations?
This part of a physical store faces the street and often uses glass to showcase products and attract customers.
What is a storefront?
This metric, abbreviated as UPT, measures the average number of items purchased per customer transaction.
What is Units Per Transaction (UPT)?
This process helps ensure a business has the right amount of stock to meet demand while minimizing holding costs.
What is inventory control?
This systematic approach in retail aims to plan, buy, and sell merchandise effectively to meet market demands while maximizing return on investment.
What is a Merchandise Plan?
This type of store location is known for being a small, temporary booth often seen in high-traffic areas like shopping malls.
What is a kiosk store?
These laws dictate how buildings can be constructed on a property and define their permissible uses.
What is zoning?
Retailers often compare today’s sales to the same day last year. This calculation shows how much sales are over or under compared to last year.
What is comparing daily sales against last year’s sales?
Retailers use this method to anticipate the future demand and supply of products to guide purchasing decisions.
What is forecasting?
In a merchandise plan, this component is the amount a customer pays for a product, ideally covering expenses and yielding a profit.
What is Price?
This type of business district is centrally located in a city and offers a variety of services, including retail shopping, entertainment, and dining options.
What is a centrally planned business district?
This aspect of an e-commerce store allows the shopping experience, from discovery to checkout, to take place on a social media platform.
What is social commerce?
These policies ensure secure management and handling of money in a retail setting, providing checks and balances for staff.
What are cash handling policies and procedures?
This term describes the time from when an order is placed to when it arrives in-store, crucial for inventory planning.
What is lead time?
This term refers to a customer's assessment of the worth or quality of a product or service in a merchandise plan.
What is Perceived Value?
This type of retail involves buying and selling goods or services over the internet, with transactions executed digitally.
What is e-commerce?
These online performance indicators include SEO, SERP, and the rate at which customers leave their carts without completing a purchase.
What are Key Performance Indicators (KPIs)?
This term refers to the system where a customer completes a payment transaction in-store, commonly abbreviated as POS.
What is Point of Sale?
This measure indicates how many times inventory is sold or used within a certain period.
What is stock turnover?
These are the fixed expenses, such as rent and utilities, that a business must cover regardless of the specific products sold.
What is Overhead?
This type of retail location is established temporarily to take advantage of seasonal demand or popular trends.
What is a pop-up store?
This measure tracks the number of customers entering a store, mall, or specific location within a set timeframe.
What is traffic?
This type of transaction transfers value electronically from one account to another, streamlining the payment process.
What are digital payments?
In retail, this term refers to how long a product can be stored before it becomes unusable or obsolete.
What is perishability?
This is the amount added to the cost of goods to ensure profitability in the selling price.
What is Markup?