DECA retail buzzwords
Relationship retailing
strategy that businesses implement to build loyalty and forge long-term relationships with customers. Relationship Retailing can come in the form of loyalty programs, personalized experiences, or superb customer service
Layaway
agreement between the retailer and the customer in which the retailer puts an item on hold for the shopper until it is paid for in full. The consumer pays for the product in installments. make it easier for the consumer to afford the products that they want, while minimizing risk on the retailer's side.
Anchor store
anchor store is one of the largest—if not the largest—store in a mall or shopping center. It's usually a well-known department store or retail chain.
Retailer
business or company that sells to the consumer directly. A retailer will buy goods from a manufacturer, distributor or wholesaler and sell them on to the customer at a marked up price.
Augmented reality
combining customers real, physical world with virtual things. Like at clothing stores, creating a virtual fitting room that shows u wat u would look like wearing clothes without actually trying it on.
Direct marketing
consumer direct channels are employed by the company to reach and deliver products to the customers. It includes direct mail marketing, catalog marketing, telemarketing, online shopping etc.
Dead stock
merchandise that has never been sold or has been in stock for a while
Flash sales
only for a limited time, makes them want to buy it fast
Niche retailing
practice of selling only to a specific market segment. In other words, if you're a niche retailer, you specialize in a particular type of product. This enables them to identify market segments easily and deploy unique and more targeted strategies to address their market's needs.
Retail image
way a retailer is perceived by its customers
Big data
you're analyzing behavior (clicks, open rates, time spent on site), demographic (Census information, income), social information (tweets, shares, etc.), timing, and so much more
Components of marketing
4 P's- product, price, promotion, and place
Merchandiser
Design window displays, in-store promotions and product placements to increase a business' overall aesthetics and sales
Endless aisle
In a store, allows customers to browse entire store products on a single screen.
Stores manager
Oversee the overall operation of a retail store to maintain the smooth-running of a business, and meet budgetary demands or sales goals.
Pop up store
Pop-Up-Stores are short-term shops or sales spaces that come and go within a given period. These stores can be set up in empty retail spaces, mall booths, or even in the middle of a park.
RFID
Radio Frequency Identification, RFID is a chip embedded in an item's label or packaging. It stores information about the product and is primarily used for tracking purposes. Thanks to RFID technology, retailers can increase their inventory accuracy and reduce out of stocks.
Sales assistant
Sell the products and/or services of their business, to help meet the company's sales targets. Sales Assistants are usually customer-facing, and their main role is to ensure shoppers have a pleasant shopping experience
Unified brand experience
So whether you're marketing and selling to customers face-to-face, on your mobile app, or doing it online, you'll be able to deliver the same messages and give them the same great experience. Need to properly train your staff, investing in the right tools, and more importantly, having one clear strategy and message
Private label
These are brands owned not by a manufacturer, but by a retailer or supplier. Retailers and suppliers purchase the goods, then label and market them under their name.
Mystery shopping
This is an activity practiced by market research companies, watchdog groups, or even retailers themselves to evaluate product or service quality or compliance. The mystery shopper acts like a regular consumer and performs tasks like asking questions, submitting complaints, or simply completing a purchase like they normally would. They would then provide feedback or write reports detailing their experience with the retailer.
Keystone pricing
This is the practice of selling merchandise at a rate that's double its wholesale price. Retailers use the keystone pricing formula because it's simple and it usually covers costs while providing a sound profit margin.
Green retailing
This refers to the environmentally-friendly practices that retailers get into. These can include switching a product's packaging to a recyclable one or giving customers reusable shopping bags instead of plastic
Buyer
Use factors such as customer buying habits, price, quality, market trends, to select a range of suitable products to sell in the retailer they work for.
Word of mouth marketing
User generated content (like hastags, insta posts, showcase on website), allowing reviews and product ratings, offer incentives to spread word (discounts)
Prestige pricing
Usually implemented by high-end retailers and lifestyle brands, prestige pricing is a strategy in which an item is priced at a high level in order to denote exclusivity, high quality, or luxury
Omnichannel retail strategies
gives customers many options for purchasing in a way thats convenient for them. Connects both in-store and online shopping like ordering in the store and shipping it to ur house or ordering online and picking up in store. Allows interaction with customer twice, captures customers while they're already engaged like a link to store from instagram (connects social media to sales)
Clienteling
helps retailers deepen relationship with customers, collect and track customer data, providing personalized shopping experiences
High speed retailing
high speed retail is all about making the customer's shopping experience go by much quicker. Examples of High Speed Retail can include drive-thru grocery stores, pop-up stores, mobile businesses such as food trucks, or any retailer that implements urgent promotions or limited-time sales.
Loss leader
marketing tool in retail, a loss leader is an item that's sold at a loss in order to attract more customers into a store. Once they're inside, the retailer counts on the customer to buy other things together with the loss leader, thus generating profits for the business
Market identification
process of a marketer in identifying the most profitable areas to offer a new product or service. Target market identification looks at characteristics including disposable income, age, and level of education
Cross merchandising
putting two products that go together in the same display to drive more sales. Like wine and cheese or chips and ziploc bags
Social commerce
retail that incorporates social media or social interaction
Etailing
selling goods over the internet (amazon)
Product life cycle
the series of stages that each commercial product goes through when it hits the market. These stages include introduction, growth in sales revenue, maturity, and decline. Take note of their performance at each stage, and gather info that you can use to improve future products or offerings