Retail Operations

Retail Industry,one of the fastest changing and vibrant industries in the world, has contributed to the economic growth of many countries. The term 'retail' is derived from the French word retailer which means 'to cut a piece off or to break bulk'. In simple terms, it implies a first-hand transaction with the customer.

As an employer or employee we must understand the terms using in retail industry, below are the few words and their brief explanation that commonly using in retail marketing and operation aspects.

Flagship store

A retail chain's largest store in the region which holds / sells highest and high prized volumes of merchandises catering to the needs of upscale customers.

Anchor store

A major retail store in a shopping center, used to drive business to smaller retailers. These larger department stores or grocery stores are generally part of a retail chain and are the prominent business in a shopping mall.

Mystery Shopping

A quality checks system employed by companies. Dummy customers are sent into stores to check upon quality of service, behavior and knowledge of store employees

Impulse buying

Impulse buying happens when customer gets caught up in the hype of a situation and you buy something without thinking much about it. Impulse items may be new products, samples or well-established products at unexpected low prices.

Situations that play on shopper's impulsiveness include, items on sale tables that advertise 'huge bargains' or '10% off all items' or the enticement of announcements that something is half price for the next 5 minutes. Impulse buying makes customer spend money on items customer may not really need or want.

Pop up retailing

Retailers are experimenting with a new marketing concept - pop up retailing, where a store pops up for a few days at a major city or a mall and disappear after creating interest among consumers.

Launch, sell or just promote the products or services at unique destinations and then wrap up as quickly after generating the desired buzz, that is popping up or Pop up retailing. It is becoming the latest trend with the retailers

OOH

As we step out of our house, we find advertisements hovering all over. Be it on buildings, billboards or buses. This is basically the essence of OOH advertising. As the name suggests, it is advertising that an individual is exposed to when he is out of his home. It is marketing a person's view at public places, in transit or at some of the commercial and retail locations. The relevance of OOH has grown over the past few years in the country with many retail brands taking up this advertising medium.

Pester power

Pester power refers to a child's ability to repeatedly nag and influence her/his parents to purchase products. Today, advertisers and retailers have realized this power among children and are now targeting children to create a mass appeal.

High Street retailer

Retailer who is interested to open their stores in the main posh streets of a city rather than in the cities' shopping malls.