Assam Higher Secondary Skill Subject Retail Trade key terms

The business activity of selling goods or services directly to final consumers for personal or household use, rather than to other businesses for resale or further processing.

The interconnected network of manufacturers, wholesalers, distributors, logistics providers, retailers, technology vendors and customers whose combined activity delivers products into the hands of end consumers.

The route a product follows from the producer to the final buyer, including every intermediary such as agents, wholesalers and retailers that handles or transfers ownership of the goods.

A business that buys goods in bulk from producers and resells them in smaller quantities to retailers or other traders, typically without selling to final consumers.

Retail activity carried out through licensed, formally registered outlets operating under a brand with standardised processes, trained staff, accounting systems and legal compliance obligations.

Retail run by small independent owners such as kirana shops and street vendors, usually with informal record-keeping, family labour and limited standardisation or brand systems.

A defined store model such as convenience store, supermarket, hypermarket, department store or specialty outlet, distinguished by size, range, pricing and target customer.

The assistance and experience a retailer provides before, during and after a purchase, covering product information, billing speed, complaint handling and after-sales support.

A system of practices and software used to record customer details and purchase history, segment buyers and build repeat business through targeted communication and loyalty benefits.

The total profit a retailer expects to earn from one customer over the whole period of that relationship, used to justify spending on retention and service.

A structured scheme that rewards repeat purchases with points, discounts or privileges, collecting customer data in return and encouraging customers to return to the same retailer.

The planned steps a retailer takes to correct a service failure, such as apology, replacement, refund or compensation, aiming to restore customer trust after a complaint.

The planned arrangement of fixtures, aisles, departments and service points inside a sales area to guide shopper movement and maximise exposure to merchandise.

A diagram specifying exactly where each product is placed on a shelf or fixture, including facing count and position, so that display is consistent across stores.

The number of units of a product placed side by side at the front edge of a shelf, and the act of pulling stock forward so labels and packaging face the shopper.

The loss of inventory value caused by theft, shoplifting, employee dishonesty, supplier fraud, damage and administrative error, measured as the gap between recorded and actual stock.

The process of forecasting sales and deciding how much stock of each category to buy, hold and mark down over a season so that supply matches expected demand.

The amount of money a buyer may still commit to new purchases in a period, calculated as planned purchases minus goods already ordered and received.

The complete range of products a retailer offers, described by its breadth across categories and its depth of choice within each category.

Treating a group of related products as a strategic business unit, with a manager responsible for pricing, promotion, assortment and profitability of that category.

A planned or forced reduction in the selling price of goods, used to clear slow stock, respond to competition or meet the end of a season.

The number of times average inventory is sold and replaced during a period, found by dividing cost of goods sold by average stock at cost.

Extra inventory held above expected demand to protect against forecasting error, late deliveries or sudden demand spikes, reducing the risk of stock-outs.

The stock level at which a fresh order must be placed, set so that normal demand during the lead time plus a safety buffer is covered.

The elapsed period between placing a purchase order and receiving the goods ready for sale, including supplier processing, transit and inward inspection.

A situation where an item a customer wants is not available on the shelf or in the storeroom, resulting in lost sales and possible loss of customer goodwill.

The use of display, lighting, colour, signage and prop arrangement to attract attention, present products attractively and encourage customers to buy.

The location and system where a sale is completed, typically a counter with a cash register or terminal that records items, calculates totals and accepts payment.

A machine-readable pattern of parallel bars encoding a product number, scanned at the point of sale to retrieve price and description and to update stock records.

The end-of-shift process of counting cash in the drawer, comparing it with the amount recorded by the billing system and explaining any difference.

Persuading a customer to buy a higher-priced or upgraded version of the product they were considering, increasing the value of the current transaction.

Suggesting related or complementary products that add to what the customer already intends to buy, such as recommending batteries with a torch.

Short-term incentives such as discounts, coupons, bundle offers or free samples designed to trigger a purchase quickly rather than build long-term brand preference.

Sales revenue minus the cost of the goods sold, expressed in rupees or as a percentage of sales, showing what remains before operating expenses are deducted.

The amount added to the cost price of an item to arrive at its selling price, often stated as a percentage of cost or of the retail price.

The sales volume at which total revenue exactly equals total fixed and variable costs, so the business makes neither profit nor loss.

Buying and selling of goods or services over digital networks, including websites, marketplaces and mobile apps, with payment and delivery handled electronically.

An approach where physical stores, website, app and marketplace channels share inventory, customer data and pricing so shoppers can move seamlessly between them.

A digital service that securely transmits card, wallet or net-banking details between a customer, the retailer and the bank, authorising and confirming online payment.

The stated rules on when and how a customer may return or exchange goods, covering time limits, condition of goods, proof of purchase and refund method.

The legal rules on weights and measures that require packaged goods to declare net quantity, price and manufacturer details and to use verified weighing instruments.

The registration or licence required under Indian food safety law for anyone manufacturing, storing, transporting, distributing or selling food products.