Your first day at any job can be daunting.
You don’t know anyone, you’re busy getting used to a new space and all the while, you’re having strange words thrown at you.
Retail jargon can be a combination of technology, marketing, product-specific and corporate terms and can be a lot to learn during the start of your time at a company.
If you’re about to start your first position in the retail industry, you’ve already started or you’re just looking to study up, get reading.
Merchandising strategy: positioning of certain products inside a store that can either reflect seasonal buying or current trends in merchandise.
Brand: this term can be a little deceiving. A brand can be something that a company will aim for but it exists solely in the mind of the consumer. A retailer might take steps to appeal to a target audience, but there’s no guarantee that these steps will work on every member of a target audience.
Deliverables: what do your customers take away from you as a retailer? What kind of services do you provide as a retailer? These are your deliverables.
Proportional merchandising: this is a strategy used when some products are selling far better than others. More space will be given on the store floor for products that are selling better and less space will be given to a product that isn’t doing so well.
Closed vs. Open merchandising: This concept is fairly simple to grasp. Closed merchandising means products are locked away behind cabinets and to make a sale you will have to maximize your customer interaction. Open merchandising is the opposite. Customers can pick up, feel, and examine products themselves. You won’t have to do so much one-on-one sales work if your store operates in this way, but make sure you’re available in case you need to answer any questions.
Primary Space: This is the most customer accessible and visual spot for merchandising in the store. This is probably the spot where you’ll position best selling products. If you’re working in a store then make sure you identify the primary space and keep thinking about how you can maximize its selling potential.
Got any words you think we should add to our list? List your most useful ones in the comments below along with a definition!
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