Assam ASSEB HSLC NSQF Retail Trade flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Retail definition

Sale of goods or services directly to the final consumer for personal use, forming the last link between producer and consumer.

Omni-channel retail

Strategy where physical stores, website, app, and marketplace share stock, pricing, and customer data so the buyer can switch channels freely.

Breaking bulk

Retailer function of buying large wholesale lots and dividing them into small quantities that individual customers can afford and carry.

Customer lifetime value

Average purchase value multiplied by purchase frequency and retention period, estimating total revenue one customer brings over the relationship.

Open versus closed questions

Open questions starting with what, how, or which gather information; closed questions starting with do, is, or can confirm a decision.

Feature versus benefit

A feature is an attribute the product has; a benefit is the outcome the customer gains from that attribute during use.

Upselling

Persuading a customer to choose a higher-priced or upgraded version of the product they already intend to buy.

Planogram

Diagram specifying the exact position of each SKU on a fixture, used to standardise display and space allocation across stores.

Sell-through percentage

Units sold divided by units received, multiplied by 100; shows how fast a consignment clears and whether markdown is needed.

Assortment breadth and depth

Breadth counts distinct product categories stocked; depth counts variants such as size, colour, and brand inside one category.

Markup on retail

Selling price minus cost, divided by selling price, multiplied by 100; expresses margin as a share of the retail price.

Decompression zone

The first one and a half to two metres inside a store entrance, kept open so customers can adjust before engaging with merchandise.

Facing

Pulling products forward to the shelf edge so labels face out, the shelf appears full, and products are easy to pick.

Shrinkage

Loss of saleable stock value caused by shoplifting, employee theft, supplier fraud, or administrative error rather than legitimate sales.

Reorder level

Average daily sales multiplied by supplier lead time in days, plus safety stock; stock reaching this point triggers a new order.

FEFO

First Expiry First Out; stock with the earliest expiry date is issued first, essential for perishables and medicines.

ABC analysis

Stock classification by value: A items few but high value get tight control, B moderate, C many low-value items get simple control.

Goods Received Note

Document recording quantity and condition of goods actually received against a purchase order, used to accept or reject a delivery.

Barcode check digit

Final digit of a barcode calculated from the preceding digits, letting the scanner detect most typing and reading errors.

Void versus refund

A void cancels a bill before settlement; a refund returns money after settlement and requires authorisation plus a receipt.

Cash drawer reconciliation

Opening float plus cash sales minus refunds equals expected closing cash; any difference is recorded as over or short.

Tax invoice contents

Seller name and GSTIN, invoice number and date, buyer details, HSN code, quantity, taxable value, tax rate, and total amount.

Accounting equation

Assets equal liabilities plus capital; every transaction changes at least two elements while keeping the equation balanced.

Cost of goods sold

Opening stock plus purchases minus closing stock; the direct cost of merchandise actually sold during the period.

Imprest petty cash

Fixed cash float given for small expenses; vouchers are recorded and the float is restored to the original amount on reimbursement.

PASS fire extinguisher rule

Pull the pin, Aim at the base of the fire, Squeeze the handle, Sweep from side to side until the fire is out.

Manual handling rule

Bend the knees, keep the load close and back straight, avoid twisting while lifting, and seek help above safe weight limits.

EAS tag

Electronic article surveillance label attached to merchandise that triggers an alarm at the store exit if not deactivated at billing.

Seven Cs of communication

Clear, concise, concrete, correct, coherent, complete, and courteous; a checklist for judging whether a message is well formed.

Active listening

Deliberately concentrating on the speaker, acknowledging, avoiding interruption, paraphrasing the message, and confirming understanding before replying.

STAR method

Interview technique answering with Situation, Task, Action, Result, giving a structured example that proves a specific skill.

NSQF levels

National Skills Qualification Framework ranks competence from level one to ten by complexity, autonomy, and responsibility required at work.