This is a must read list of all the terminology every smart retailer should know.
Your anchor store, or sometimes known as “key tenant” is usually the biggest well known brand in your mall, shopping center or retail precinct. If you’re a smaller retailer, Anchor stores are great for your area as they will help pull in more foot traffic to the area.
Big Box Store
Big box stores are usually part of a major chain of retailers with a well known name and established brand. You guessed it, the stores are normally square or rectangular in shape.
Brick and Click
This term is for all the omni-channel retailers out there as brick and click is a term used to describe retailers who have integrated their ecommerce stores such as Shopify or Square with their bricks and mortar physical store.
Footfall, otherwise known as foot traffic is the term used to describe the amount of people coming in and out or walking past your store.
Your Cash Wrap is normally where merchants set up their POS systems and is typically the part of the store that customers will head to, in order to make payment.
Click and Collect
While modern shoppers love click and collect, which refers to the ability to pick up the items they’ve brought off the ecommerce site, we believe nothing beats shopping in store.
Cross merchandising is the process of putting together products from different categories or brands. This is a practice commonly leveraged by visual merchandisers to try and tell a story with your merchandising display that will drive higher conversion rates in store.
People counting is a term that refers to the process of monitoring your in store footfall, foot traffic or customer count. Retailers will often leverage people counting sensors that integrate directly with their Point-of-Sale (POS) to provide full transparency on their data.
Dead stock refers to the product that is remaining stagnant in your inventory. The period of time a product has to not sell to become “deadstock” can vary depending on the type of retailer you are.
Your point-of-sale or point-of-purchase system which is sometimes called POS for short is a term that describes where your customers go to pay.
Average Transaction Value (ATV)
Your average transaction value or “ATV” is the average amount shoppers spend per purchase in your store. This price point might vary from low to high, again depending on the type of retailer you are.
Omni-channel retailing is referring to the practice of offering both an in-store and online shopping experience. Services such as Shopify or Square are good examples of providers who showcase a fully integrated omni-channel shopping experience.
Product Life Cycle
This term means the overall cycle your products experience when they hit the market and are available to consumers. For example you might see a growth in sales as the product gains momentum, a peak and then a decline. Paying close attention to this cycle is critical in ensuring you’re staying ahead of your competition.
We hope you have found this list of terms useful!
Our goal is always to provide as much value as we can to the retail community so please let us know if you can think of a term that should be added.