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Merchandising refers to the promotion and sale of products, especially in a retail setting. It involves product display and selection to maximise sales. Example: Apparel displayed in a store window to attract customers.

Fast Fashion refers to the rapid production of inexpensive clothing by mass-market retailers in response to the latest trends. Example: Brands like Zara and H&M that quickly bring trendy clothing from catwalk to stores.

Markdown is the process of reducing the price of products, often to clear out inventory or to respond to market demand. Example: Seasonal discounts on clothing items after holidays.

A Boutique is a small retail shop that specializes in a specific type of merchandise, often high-end or niche products. Example: A shop that only sells bespoke tailor-made suits.

E-commerce refers to commercial transactions conducted electronically on the internet. Example: Purchasing clothes from an online retailer's website.

Foot Traffic is the number of customers who enter a store, which can indicate the store's potential for sales. Example: More people entering a shop during a promotional event, leading to increased sales opportunities.

A Customer Loyalty Program is a marketing strategy that rewards loyal customers for their repeated business. Example: Earning points with each purchase that can be redeemed for discounts on future shopping.

Demographics are statistical data relating to the population and particular groups within it, often used for identifying consumer markets. Example: A fashion store targets its clothing lines based on the age, gender, and income level of its customers.

Consignment is an arrangement where goods are left in the possession of another party to sell. The original owner retains ownership until the goods are sold. Example: An artist leaving paintings in a gallery where they get a percentage of the sale price once sold.

Inventory Turnover is a measure of how often inventory is sold and replaced over a period. It can be calculated by dividing the cost of goods sold by the average inventory. Example:

Upselling is a sales technique where the seller encourages customers to purchase more expensive items, upgrades, or other add-ons to generate more revenue. Example: Suggesting a customer buy a premium shirt instead of the standard version.

A Stock Keeping Unit is a unique code assigned to a product for the purpose of inventory management. Example: A specific style of sneaker in one size and color has its own SKU.

Market Segmentation is the process of dividing a broad consumer or business market into sub-groups based on some type of shared characteristic. Example: A fashion brand creates different clothing lines for various demographic segments, such as teens, professionals, and retirees.

Visual Merchandising is the practice of designing and setting up products in a store to highlight their features and benefits, which helps to attract customers. Example: Mannequins dressed in seasonal attire to showcase the latest collection.

Showrooming occurs when customers visit a store to examine a product before buying it online at a lower price elsewhere. Example: Trying on shoes in a store but purchasing them for a better price online.

Omnichannel Retailing is a multi-channel approach to sales that seeks to provide customers with a seamless shopping experience, whether they are shopping online or in a brick-and-mortar store. Example: A brand that allows customers to purchase online and pick up in-store.

Private Label products are those which are manufactured by one company for sale under another company's brand. Example: Target's 'A New Day' brand is exclusive to their stores.

Brick-and-Mortar refers to physical stores as opposed to online or mobile forms of retail. Example: Local clothing boutiques where customers can physically visit and shop in-person.

Experiential Retail is a retail strategy that focuses on providing experiences in addition to products, aiming to create a certain atmosphere or emotion for the customer. Example: A store that offers personal styling sessions or fashion workshops in addition to selling clothes.

Point of Sale is the place where a retail transaction is completed. It's where the payment is made. Example: Cash registers or modern digital POS systems in stores.

The Sell-Through Rate is the percentage of inventory sold during a certain period. It is calculated as the number of units sold divided by the amount of inventory at the beginning of the period, times 100. Example:

An Anchor Store is a large and well-known retail outlet that drives traffic to smaller retailers within the same shopping venue. Example: Department stores like Macy's serving as anchors in malls.

Drop Shipping is a retail fulfillment method where a store doesn't keep the products it sells in stock. Instead, when a store sells a product, it is purchased from a third party and shipped directly to the customer. Example: Online retailers using suppliers to send products directly to buyers.

Fashion Forecasting is the practice of predicting upcoming fashion trends and styles based on past and current data. Example: Designers adjusting their next collection based on the forecasted color trends.

Retail Mix is a marketing plan that includes various factors such as location, pricing, personnel, product selection and promotion, all tailored to the overall retail strategy. Example: A high-end fashion retailer chooses an affluent area, set premium prices, hires knowledgeable staff and curates a selection of designer labels.

Cross-merchandising refers to the retail practice of displaying products from different categories together to encourage additional sales. Example: Pairing ties near shirts to inspire customers to buy both.

Consumer Behavior is the study of individuals or groups and how they select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy their needs and desires. Example: Analyzing why a person chooses one brand of jeans over another.

A Loss Leader is a product sold at a low price, typically at or below its market cost, to stimulate other profitable sales. Example: Supermarkets selling milk at a reduced price to attract customers who will also buy other items.