for all!Â It’s a long time since a blog has been posted here. I would like to share some useful terminologies from A to Z of retail business industry. Hope it’s useful especially for the newbies…
It’s abbreviated as Allocated Purchase Order and it’s basically nothing but a PO (Purchase order) which holds products developed for delivering to a single location (later on delivering to final locations) unlike the ordinary PO which intends to get delivered to various locations.
Black Friday is usually the Friday after thanksgiving day. In retail business, it is usually considered to be a strenuous retail day of shopping in a particular year.
This terminology might sound like a new one but it was called ‘Equifax’ formerly. Certegy is a verification service for merchants to check the Cheques so that fraudulence can be avoided.
Drop-ship is referred to a product which will be shipping to your customer directly from the supplier.
An etailer is a merchant who sells retail products via the internet
FOB is Freight On Board. It’s a term of shipping marking that the product (freight) expenses are covered to the particular destination.
When the 2 dimensions (color and size) of a matrix intersect, it’s called
In order to elucidate the product, a manufacturer label is introduced and this label is called as the Hang tag.
A procedure describing owing between entities.
The transactions undertaken are recorded in an electronic way which is called journal.
KM is the acronym of Keystone Markup. It will be equaling the product cost most often.
The pricing of the most recently purchased product.
It means Mail Order (or) Telephone Order. Transactions assumed to the cards that are not present ( there’s no swiping of cards)
This term pertains to invoice billed amount calling sans allowing discounts.
It is calculated as an amount of which the book inventory is exceeded by a physical inventory.
An illustrative drawing of fixtures of retail store about the products.
Cost reduction based on the sales volume.
The process involving new product stockings replacements in the place of older products.
SVC is Stored Value Card. This is basically a common gift card involving magnetic stripes which will be processed by a MSR (Magnetic Stripe Reader) device.
The original copy of a retail ad.
It’s a purchase order or request where are ordered products are set ready
to get delivered to a specific location.
Vouchering is a process which involves making of payable vouchers of accounts.
It deals with refunding of a particular product to the store after using the product.
X-efficiency is the ability with which a product is able to be produced with the available inputs.
It is a graph to demonstrate the yields pertaining to the production of a particular product.
It’s a stage when the unwanted terms are discarded possessing only the needed products.
Â Hope this was a bit of rewind to our industry knowledge…