Retail terms you should know - Part II.
As in any other industry, within the retail world there are terms that may sound strange or cause confusion to those who are not close to trade marketing or the world of retail sales in general.
Some time ago we made a first article in our blog about the most used terms in the retail industry, however, we still had a lot to explore in that moment since it is impossible to include them all in a single publication. For this reason, we bring you a second part, this time focused on the point of sale.
Let's start with the terms that refer to the product that is sold in retail stores and its life cycle with respect to customers.
- Assortment: set of items that are sold in the store. It refers to the variety provided by the store.
- Stock: stock or merchandise stored in warehouses that is expected to be sold within a given period.
- Product rotation: this expression refers to the number of times the stock is renewed.
- Out of Stock: Expression used when an item is sold out and there's no stock in store.
- Exhibitor: it is a piece of furniture to display products intended for sale and also promotional material such as brochures or catalogs (POP material).
- Backwall: shelf, furniture or decorative panel that is placed behind the checkout line. It is normally used as an attraction tool, that is, it must be eye-catching to encourage the customer to want to know more about the products that the store offers.
- Shelves: they are the central product displays that are usually placed in the center of the point of sale.
- Showcase: it is usually a cabinet with glass doors that allows the objects for sale to be exposed to view, but that does not allow touching them.
- Lay Out: it is the distribution plan of the commercial surface, where the spaces are designed and the commercial furniture is located.
- Hot zone: it is the area of the store that registers a greater flow of circulation of clients and that should concentrate the placement of preferential stock.
- Cold area: it is the least visited area of the store and usually contains those products that are not so important within the sales strategy.
- Hot spots: are those places where sales are higher than the average of the trade.
- Cold spots: these are the areas of the store where sales are lower than the average for the rest of the establishment.
- Corner: this is a space that a brand or business locates in a third-party store and usually has the appearance of a more or less large stand with an assortment of customer service. They are very common in department stores or shopping centers.
- Shop in Shop: This means a store within another store. It usually occurs when they give a space to third parties within a larger store to organize another POS within it.
- Backwall: rear part of the counters where the products with the highest turnover are strategically displayed.
- Promotional Spaces: limited space within a store where products or special promotions are displayed, for example, in sales or special product launch campaigns.
As you can see, there are many terms used within the industry, and we can guarantee that to complete the "retail dictionary" a huge number of articles like this would be needed. Therefore, if you want to know everything about the retail industry, you should pay close attention to our blog, every week we have a new article for you.
If you liked this article, do not forget to subscribe to our blog.
Follow us on Instagram @quartzsales
Until next time! ;)