Hello Sabios! We are working on Retail Analytics solution. As part of prep, we get to hear many new terms. We go to stores and do buy merchandise many times. We hear not many terms inside the walls of store. But, we do inside the walls of retail business house. Here they are.
General merchandise: Nonfood types of merchandise.
SKU: Stock-keeping unit. This is the basic term for a piece of merchandise.
UCC: Universal Code Council. This council sets the standards for all UPCs.
UPC: Universal product code. This is a bar code that is assigned to a single piece of merchandise.
EAN: European article number. This is a European version of the UPC
Case pack: Products are shipped in full cases (for example, 12, 24, or 36 units). These types of products cannot be broken down into smaller quantities.
Merchandise attributes: Divisions | Departments | Categories | Subcategories | Baselines | Color | Size
Drop shipping: Prepacking merchandise so that a pallet or large case can be dropped at a store without sorting.
Gross margin: The difference between cost and selling price (revenue minus cost of goods sold).
JIT: Just-in-time shipment.
Logistics: The routes many trucks take to deliver goods from a central warehouse to a store.
Markdown: How much a product will be reduced in price from the listed price.
Mark-on: A term interchangeable with markup, indicating the profitability of a product.
Pack quantities: Package quantities designate how many items will be packed in a single bundle.
POS: Point of sale cash registers.
Price type: Regular, markdown, event, rain check, BOGO (buy one, get one free), or clearance.
Season code: A number designating the seasonal nature of a product.
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