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Point of Sale (POS) and In Store Display : Glossary

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  • 22nd May 2013
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Assigns Point-of-Sale (POS) and Graphic Display Systems in both standard and customised formats and sizes. Our range of Retail Display Stands is designed to enable retailers to get their products and services noticed on all levels, whatever the retail environment.

With the right graphic message our products are an eyecatching, cost effective method of achieving increased sales.

Retail Glossary

Backorder– Refers to a customer order that is not currently filled but is kept in the open orders queue for when the order becomes available

Big Box Store – This type of store is sometimes referred to as a superstore, megastore or supercenter. It is large retail establishment with a layout similar to a massive square when view aerially. It is physically large store that features a few thousand square feet of floor area.

Black Friday – This falls on the Friday after U.S. Thanksgiving and is the busiest shopping day of the year. It is regarded as the beginning of the Christmas shopping season. Promotional sales are often offered by major retailers to kick off the Christmas season.

Boutique – This word is French for “shop” It Is a small shop, that features stylish and fashionable clothing and accessories. It is usually located near shopping malls or it could be a smaller shop within a larger shop.

Cash and Carry – This type of shop does not offer financing. Customers are allowed to carry items out of the store only when they are paid in full.

Cash Wrap – This is an area in the retail store where the cash register is located. This is where the customer goes to check out or complete transactions.

Dead Stock– This refers to stockpiles in the warehouse that were never sold. These could be seasonal items that are outdated but still remain in their original packaging.

Discount – This refers to a reduction in the normal or regular price of an item. Discounts can be offered on wholesale items or given to customers with special loyalty cards or as a sale promotion.

Kiosk – A small sometimes movable cubicle with a front opening from which tickets, cigarettes, newspapers, refreshments are sold. They are usually located in malls or can be found lined up in a shopping area.

Look Book – A comprehensive portfolio presenting images of a company’s product line. These could be images of a fashion line or may contain fashion related information with regards to a particular brand or person.

Loss Leader – This refers to a good or service that is promoted below cost price with the purpose of luring new customers. It is based on the premise that customers will end up making additional purchases of more profitable goods.

Pop-Up Shop – It is sometimes referred to as flash retailing. It is a sort-term sales space usually used to promote seasonal items or to generate interest in new designs of a product.

Margin – This refers to how much a business earns after taking into account its expenses in producing a good or providing a service.

Markdown – This is a reduction in price. It is usually done to clear inventory to make room for new seasonal items. A markdown can also be used to move outdated stock from the warehouse.

Markup – An amount added to the cost price that takes into consideration account overhead and profit.

Retail – Items sold for consumption by the general public. Retail items are sold directly to end users and are not designed to be resold.

Retailer – A business that markets retail items directly to consumers or end users. Retailers directly sell goods in smaller quantities to consumers.

Merchandising – The activity of promoting the sale of goods. It involves the pricing, displaying and advertising of products.

Wholesaler – A distributor who buys large quantities of goods and primarily sells to merchants or retailers.

Point of Sale (POS) & In Store Glossary

Account – An account is established to keep track of all transactions in a particular concern. It isused to keep records of debit and credit entries with regards to a particular product, client or service.

Average Cost – Refers to the average amount of the total units produced. It is computed by dividing the total amount of variable and fixed costs by the total number of units produced.

Average Quantity – Refers to the quantity of items remaining that approximates an arithmetic mean. It is an intermediate quantity in relation to a set of quantities.

Barcode – A code consisting of random inscriptions made up of numbers bars and spaces. It is used to represent data with regards to a product to which it is attached. Barcodes are used to scan the price of merchandize in a retail setting.

Batch Processing – Refers to the processing of a series of data in large batches. Jobs can be programmed such that they can be executed without manual intervention. Input data are typically preselected through command line parameters and scripts.

CVV Code – Refers to the card verification value of a credit card. This is a card security code used as protection against fraudulence and credit card scams.

Charge Back – Refers to a refund to the customer. It is a reversal of a prior debit to a customer’s bank account, credit card or line of credit.

Closing the Drawer – Refers to the recording of the daily transactions or payments with regards to balancing the drawer. This is a typical end of the business day routine which is performed prior to posting transactions.

Cost of Goods Sold – Refers to the cost of products sold within a specific period. Costs are calculated using various formulas. Costs typically include all costs related to purchase, conversion, moving of inventories and other overhead costs.

Counting the Drawer – This term is used interchangeably with closing the drawer. It involves account reconciliation at the end of the business day

EBT Card – This refers to an Electronic Benefit Transfer and pertains to enabling the processing of state government benefits through POS systems.

EDC – Electronic Draft Capture or EDC is used in the authorization of credit card transactions. It enables businesses to capture and accept credit card transactions from all the major credit cards like Visa, MasterCard or American express.

EDI – Electronic Data Interchange is the process of exchanging transaction data between different transaction systems like the point of sale system and the supplier’s system. It is usually utilized by major businesses for e-commerce purposes.

End-to End Encryption – Refers to a complete protection of the privacy and integrity of the transmission of sensitive information, such as credit card information, by encoding it at the beginning point of the sale and decoding it at the end point of the transaction.

Exception Reporting – This is where only data which is not within the established parameters are reported. This helps managers to quickly correct issues that may arise in the cause of a transaction.

Inventory – Refers to a detailed or itemized list of all goods or products in stock and available for purchase.

Inventory Adjustment – Refers to changes that are made to the inventory quantities. Adjustments are made after counting of inventory. This may happen due to damaged or stolen items.

Inventory Count – The physical counting of the number of goods a shop has available for sale.

Issuer – Refers to a financial institution like a bank that issues currencies, cards or securities and establishes contractual agreements with its clients.

Loyalty programs – Refers to a program structured to encourage and reward loyal buying behavior. Customers are offered discounts and perks through such marketing efforts to stimulate repeat buying.

Loss prevention – Also known as asset protection. This is the act of keeping inventory losses at a minimum by utilizing store security or private investigation to look into theft or larceny.

Multiple Pricing – Also known as differential pricing. This refers to when a retailer displays more than one price for an item. In such a situation the customer has to be offered the lower price or items have to be pulled off the shelves until the price is corrected.

Opening the Drawer – This is usually done at the start of a business day. The initial amount of cash in the drawer is recorded before starting transactions for the day.

On Hand – Refers to the quantities of goods and materials physically present at a store. This includes goods that are already allocated to fulfill manufacturing needs.

On Order – This refers to a pre-order of an item that has not yet been released. Can be used interchangeably with the term back order.

PCI – Stands for Payment Card Industry and refers to a set of strict guidelines established to protect credit card information from being misused.

Peripheral – This refers to a wide range of devices utilized to streamline and simplify the processing of transactions at POS stations.

Perpetual Inventory – Refers to the continual monitoring and tracking of stock on hand with book or computer inventory, enabling real time reports to be generated at any time.

Planogram – This is a diagram illustrating how and where to display retail goods in a store. It accurately conveys the dimensions and layout of a store and helps achieve optimal use of available shelf space.

Purchase Order – Refers to a written authorization requesting a supplier to furnish items to a purchaser. A purchase order forms a contract between the seller and the purchaser in which the seller expects to be paid once the goods are delivered.

Return – A return happens anytime a customer takes a purchased item back to the store for a refund. The item must be returned within a specified period of time as stipulated in the store’s return policy.

 

+Danny Chard

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