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