RBSE Prav Voc Retail flashcards
RBSE Prav Voc Retail · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Retail
- The sale of goods or services directly to the final consumer for personal or household use, making the retailer the last link between producer and consumer.
- Retail mix
- The six controllable elements a retailer combines: merchandise assortment, price, location, promotion, store presentation or atmosphere, and customer service.
- Shrinkage
- Loss of stock from theft, supplier fraud, administrative error, or damage, calculated as shrinkage value divided by net sales and expressed as a percentage.
- Omnichannel retail
- A retail model in which physical stores, website, and app share stock, pricing, customer data, and returns so the customer experiences one continuous business.
- Open question
- A question beginning with what, how, which, or why that invites a descriptive answer and is used to uncover a customer's needs and preferences.
- Conversion rate
- The number of sales completed divided by the number of customers served or footfall, usually expressed as a percentage of store visitors.
- Customer lifetime value
- The estimated total profit a retailer earns from one customer across the whole relationship, used to judge how much acquisition spending is justified.
- Alternative choice close
- A closing technique that assumes the customer will buy and asks which option they prefer, for example this size or that colour.
- SKU
- Stock keeping unit: the smallest uniquely identifiable unit of inventory, distinguished by attributes such as style, size, colour, and pack size.
- FEFO
- First expired, first out: a rotation rule for dated and perishable stock in which the item with the earliest expiry date is sold first.
- Use by date
- A date mark indicating the last safe day to consume a perishable product; stock past this date must not be sold or used.
- Barcode check digit
- The final digit of an EAN or UPC barcode, calculated from the preceding digits so a scanner or system can detect a misread code.
- Planogram
- A diagram showing the exact position, number of facings, and shelf space allotted to each product on a fixture, used to keep displays consistent.
- Facing
- One unit of a product visible at the front edge of a shelf; a facing count is the number of such units across the shelf width.
- Golden zone
- The shelf area roughly between waist and eye level where products are most visible and easiest to reach, so high-margin items are placed there.
- Cross-merchandising
- Displaying complementary products together, such as batteries beside toys, so a customer buying one item is prompted to buy the other.
- Reorder level
- The stock quantity that triggers a new order, calculated as average daily demand multiplied by lead time in days, plus safety stock.
- Safety stock
- Extra inventory held beyond expected demand during lead time to absorb variability in demand or delivery and avoid stockouts.
- Inventory turnover
- Cost of goods sold divided by average inventory at cost; it shows how many times stock is sold and replaced in a period.
- ABC analysis
- A stock classification by value of consumption: A items are few but high value and tightly controlled, C items are many but low value.
- Goods receipt note
- A document recorded when stock arrives, confirming quantity and condition against the purchase order and delivery note before stock enters the system.
- Till float
- The counted amount of cash placed in the drawer at the start of a shift, recorded so that expected cash at close can be calculated.
- Cash variance
- Counted cash at close minus expected cash, where expected cash is opening float plus cash sales minus refunds and cash paid out.
- GST invoice
- A tax document showing supplier name and GSTIN, invoice number and date, HSN or SAC code, taxable value, GST rate and amount, and total.
- Void transaction
- A sale cancelled at the point of sale before settlement; it requires authorisation and a recorded reason to prevent misuse.
- Incident register
- A store record of accidents and near misses noting date, time, location, people involved, and action taken, used for safety review and legal reporting.
- Manual handling
- Lifting and moving loads by hand using safe technique: load close to the body, knees bent, back straight, no twisting, help for heavy items.
- Sales per square metre
- Net sales for a period divided by selling floor area; it measures how productively each unit of retail space is used.
- Markup versus margin
- Markup is gross profit divided by cost; margin is gross profit divided by selling price. The same sale gives different percentages.
- Average transaction value
- Total sales value divided by the number of transactions in a period, showing how much an average customer spends per visit.
- Break-even quantity
- Fixed costs divided by contribution per unit, where contribution is selling price minus variable cost per unit; it is the volume at which profit is zero.
- Working capital
- Current assets minus current liabilities; in retail, stock and receivables tie up cash that must be funded until goods are sold.