ICON 1 - Page 50

GLOSSARY

Of Retail Terms

K.P.I- Key Perfomance indicators:

- Upselling

-Reward cards/loyalty cards

-Sales Target

Human Resources

-Overseeing various aspects, training and recruitment.

Customer Service

- To rpovide assistance to customers in order to meet their needs

Supply Chain

-Integrates, co-ordinates the movement of goods

Raw Materials

-The basic material from which a product is produced

Retail

-The sale of food to the public. Process of selling consumers good or services through multiple channels of distrubution to earn a profit.

Multi-channel Retailing

-Numerous ways for customers to purchase goods. e.g. physical stores, telephone, online, mail.

Omni-channel Retailing

-Providing the customer with the best shopping experience using a variety of channels.

Click and Collect

-Order oline and pick up instore

Subscription

- Paying in advance for goods and then receiving on a monthly basis. e.g. magazines.

GDP- Gross Domestic Product

-Overall value of all goods and services prodcue in the UK.

GVA- Gross Value Added

-Measure of value of goodas and services produced in the UK

Vendor

-A person or company offering something for sale.

Flexibility

- The willingness for a person to chnage or compromise. To be simply avaliable or change easily according to the situation.

Duty

-A moral or lega obligation: a responsibilty. A tax paid to the government on items you bring into the country

ICON/NOVEMBER