Retail Basics: 10 Key Terms to Understand as a New Merchant
By Lily Syafiqa · 26th November, 2023
Welcome to the world of retail, where understanding the language of the trade is as crucial as the products you sell! As retail continues to evolve, especially with platforms like EasyStore shaping the landscape, it's vital to stay abreast of key terms that define this dynamic industry.
Whether you're just starting out or looking to refine your knowledge, here are 10 essential retail terms that every EasyStore merchant and partner should know. These terms not only help you navigate the retail environment but also leverage the full potential of digital and physical retail integration.
Bundled Pricing: Combining multiple products or services into a single package for a lower price than if bought individually, often to boost sales of less popular items.
Buy Now, Pay Later (BNPL): A payment option allowing customers to purchase products immediately and pay for them over time in installments, commonly used for higher-priced items.
Buy Online, Pickup In Store (BOPIS): A strategy where customers buy products online and collect them at a physical store location, blending the convenience of online shopping with the immediacy of in-store pickup.
Cloud POS: A cloud-based point-of-sale system that processes transactions over the internet, providing flexibility and real-time data for businesses.
CRM (Customer Relationship Management): An online system for managing interactions and relationships with both current and prospective customers, essential for maintaining strong customer relationships.
Fulfillment: The complete process of processing, packing, and shipping orders to customers, crucial for effective customer service and supply chain management.
Inventory Management: Managing stock levels, including determining when to reorder items and in what quantities, often automated through POS technology.
Point of Sale (POS) System: A comprehensive system used in retail settings for processing sales transactions, encompassing hardware and software for managing sales and inventory.
Unified Customer Experience: A holistic approach to manage interactions across all customer touchpoints and channels, aiming to create a seamless, consistent, and personalized experience for customers regardless of their engagement method.
Unified Commerce: An integrated strategy that combines all sales and communication channels into one platform, offering a cohesive shopping experience across online and offline mediums, and centralizing data for enhanced operational efficiency.
This list is just the beginning of your journey into the vast and exciting world of retail. Each term opens the door to deeper understanding and more effective strategies for your business.
For a more comprehensive glossary of retail terms, which can further enhance your expertise and help you make the most of your EasyStore experience, be sure to check out our full list in another post. Stay informed, stay ahead, and watch your retail business thrive!
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