WBCHSE HS Vocational Organised Retailing flashcards

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

Organised retail

Retail operated through licensed, standardised outlets with professional management, printed GST invoices, trained staff and chain-wide sourcing and pricing policies.

Conversion rate

The percentage of store footfall that results in a purchase transaction; calculated as transactions divided by footfall, multiplied by 100.

Retail mix

The combination of product, price, place, promotion, people, process and physical evidence that a retailer uses to serve its target customer.

Hypermarket

A large destination retail format that combines grocery and general merchandise, offers wide assortment and low margins, and depends on high sales volume.

Cash-and-carry format

A bulk-selling format where registered business members buy goods at wholesale rates, pay at the counter and arrange their own transport.

Specialty store

A retail outlet that concentrates on one product category and offers deep assortment, expert staff and higher service within that category.

Planogram

A diagram that specifies the exact position, facing and shelf space of each product on a fixture, used to standardise display and replenishment.

Decompression zone

The first one to two metres inside a store entrance, kept relatively open so shoppers can adjust, orient themselves and notice the welcome display.

End cap

The shelf or display located at the end of an aisle; it has high visibility and is used for promoted, seasonal or impulse merchandise.

RATER model

A service quality framework covering reliability, assurance, tangibles, empathy and responsiveness, used to evaluate and improve customer service encounters.

Cross-selling

Offering a related or complementary product to the item being purchased, such as a phone case with a new phone, to increase basket value.

Service recovery paradox

The finding that a customer whose complaint is resolved well may become more satisfied and loyal than a customer who experienced no failure.

Open-to-buy

The amount a buyer may still spend on merchandise, calculated as planned purchases at retail minus stock already on order and stock on hand.

GMROI

Gross margin return on inventory investment; gross margin divided by average inventory at cost, showing profit earned per rupee of inventory.

Colour blocking

A visual merchandising technique that groups products by colour in bands or blocks to create strong visual impact and guide the customer's eye.

EOQ

Economic order quantity; the order size that minimises total ordering and holding costs, calculated as the square root of 2DS divided by H.

Reorder point

The inventory level at which a new order is placed; it equals demand during lead time plus safety stock.

FEFO

First-expiry-first-out; a stock rotation rule that issues the batch with the earliest expiry date first, used for food, medicine and cosmetics.

Z report

The end-of-day point-of-sale summary showing total sales, taxes, discounts, tender types, voids and cash position for reconciliation.

Cash over/short

The difference between actual cash counted at closing and the expected cash from POS records; it is recorded and investigated.

Tax invoice

A GST document showing supplier GSTIN, invoice number, HSN or SAC code, taxable value, tax rate and tax amount for a supply.

Active listening

A communication behaviour in which the listener gives full attention, paraphrases the message, asks clarifying questions and confirms understanding before responding.

Shelf talker

A small printed sign attached to a shelf edge that highlights price, promotion or product information at the point of purchase.

Feedback

The receiver's response to a message, which tells the sender whether the message was received and understood as intended.

STAR method

An interview answer structure: describe the Situation and Task, explain the Action taken, and state the Result, preferably with a measurable outcome.

Eisenhower matrix

A time-management tool that sorts tasks by urgency and importance into do, schedule, delegate and delete quadrants.

Employability skills

Workplace capabilities such as communication, teamwork, problem solving, digital literacy, punctuality and customer orientation that help a person get and keep a job.

PASS technique

The fire extinguisher procedure: Pull the pin, Aim at the base of the fire, Squeeze the handle and Sweep from side to side.

EAS tag

An electronic article surveillance tag attached to merchandise that triggers an alarm at the store exit if not removed or deactivated at billing.

Assembly point

A designated safe location outside the building where staff and customers gather after evacuation and await roll call.

Break-even point

The sales level at which total revenue equals total cost; break-even quantity equals fixed costs divided by contribution per unit.

Udyam registration

The Indian government registration for micro, small and medium enterprises, used to access schemes, subsidies and formal recognition.