Welcome to Retail
People who purchase goods or services from a business, are also known as shoppers.
Customers
When the retailer has multiple channels for customers to shop but the channels are not connected to each other. For example, the sales associate inside the store cannot access online orders.
Multichannel Retailing
Produces finished products.
Manufacturer
Name the five parts of the retail product cycle in the correct order.
Selection, Allocation, Distribution, Sellings, and Markdowns.
What item is a retail service?
A. Gold necklace
B. Jewelry Cleaner
C. Silver bracelet
D. Jewelry Warranty
Jewelry Warranty
The process of selling products and/or services to customers in order to earn a profit.
Retail
When the retailer has multiple channels and all the channels are integrated and work together. For example, a sales associate in the store would be able to order someone for the customer from the online store.
Omnichannel Retailing
Buys large quantities of products directly from the manufacturer and then sells smaller quantities to retailers.
Wholesaler
The term for distributing merchandise from the manufacturer to the retailer's locations, which may include stores, distribution centers, and other locations.
Allocation
Which of the following skills are most helpful for a salesperson?
A. Quickness and accuracy
B. Creativity and Judgement
C. Active listening and communication
D. Addition and subtration
C. Active listening and communication
Defined as a business or person that sells products and/or services to customers.
Retailer
An employee with a mobile device greets a customer, provides great service to help the customer find what they're looking for, and processes the payment on the spot so the customer never waits in life. This is an example of multichannel retailing or omnichannel retailing?
Omnichannel
A business owned by shareholders through publicly-traded stock. These retailers usually have centralized decision-making for their multiple store locations.
Corporations
The place where manufacturers usually ship products, retailers use these locations to send their products to retail stores across the country.
Distribution Center
When distribution team members use replenishment reports to retrieve quantities of items to be sent to stores they are:
Picking
Physical goods that are brought and sold, such as food, clothes, and household items. Also known as merchandise.
Products
Janile orders an eyeshadow palette from a makeup store online. When the palette is delivered, the eyeshadow is broken and can't be used. Janile goes to the physical store to switch out the broken pallette for a new one, but the physical store doesn't sell that brand of eyeshadow inside of the store, only online. This is an example of omnichannel or multichannel retailing?
Multichannel
Typically a single store or a small regional chain, these retailers are able to tailor their offerings to meet the needs of local customers.
Independent
In the retail product cycle, what step comes after the distribution of products?
Selling
Merchandise without an expiration date like tools and home goods typically have a longer:
A. Conclusion
B. End Date
C. Shelf Life
D. Run Time
Shelf Life
Things that can't be physically owned by the customer. Examples include lawn mowing, hair cuts, personal training.
Services
A customer at a large store uses a touchscreen kiosk to locate an item within the store. This is an example of multichannel or omnichannel retailing?
Omnichannel
Approximately what percentage of U.S. jobs are retail jobs, as of 2019?
20-25%
The repetitive cycle that occurs with retailers in regard to product assortment is called:
The retail product cycle
From the list below, select a business in the retail industry.
A. Car repair shop
B. Department Store
C. City Park
D. Doctor's office
Department Store