160 Retail Industry Terms [Retail Terms]

Discover 160 essential retail terms and their definitions. From sales and marketing to supply chain management and customer experience, expand your retail vocabulary.

As a retail industry professional, understanding the terminology and jargon used in this dynamic field is crucial for success. Whether you are a seasoned retailer, an aspiring entrepreneur, or simply interested in the workings of the retail world, this article will equip you with the knowledge you need.

From sales and marketing to supply chain management and customer experience, I have compiled a list of essential retail industry terms and provided clear definitions and explanations. Explore the diverse categories and expand your understanding of the key concepts that drive the retail industry forward.

Store Formats

Kirana Store [kee-rah-nuh stawr]: Small neighborhood grocery stores in India that provide convenience and a wide range of daily essentials, often operated by local entrepreneurs.
Malls [mawls]: Large retail complexes that house multiple stores, restaurants, entertainment facilities, and sometimes movie theaters, providing a comprehensive shopping and leisure experience.
Boutique [boo-teek]: A small, specialized store that offers a unique selection of products and personalized service.
Department Store [dih-pahrt-muhnt stawr]: A large retail store that sells a wide variety of products across multiple departments.
Discount Store [dis-kount stawr]: A store that offers products at lower prices than traditional retailers by emphasizing cost savings.
Hypermarket [hahy-per-mahr-kit]: A large store that combines a supermarket with a department store, offering a wide range of products under one roof.
Pop-up Store [pop-uhp stawr]: A temporary retail space that quickly opens and operates for a short period, often to create buzz or promote new products.
Specialty Store [spesh-uh-lee stawr]: A store that focuses on a specific product category or niche market, offering a curated selection of items.
Supermarket [soo-per-mahr-kit]: A large self-service grocery store that sells a variety of food and household products.
Warehouse Club [wair-hows kluhb]: A membership-based store that offers bulk quantities of products at discounted prices.
Cash and Carry Wholesale Trading [kash and ker-ee hohl-sale tray-ding]: A type of wholesale trading where foreign retailers can sell goods to local retailers, businesses, and other institutions, but not to individual consumers.

Store Operations

This category encompasses various aspects of managing a retail store, including inventory management, loss prevention, and optimizing the customer’s purchasing experience at the point of sale. Effective implementation of store operations is crucial for efficient business management terms and overall success in the retail industry.

Checkout [chek-out]: The process of finalizing a purchase and collecting payment from a customer.
Inventory [in-vuhn-tawr-ee]: The complete list of products or goods available for sale in a store.
Loss Prevention [laws pri-ven-shuhn]: Strategies and measures put in place to minimize theft, shoplifting, and other losses in a retail store.
Merchandising [mur-chuhn-dahy-zing]: The arrangement and display of products in a way that attracts customers and maximizes sales.
Point of Sale (POS) [point uhv seyl]: The location or system where a customer completes a transaction, typically through a cash register or electronic payment device.

Security and Loss Prevention

Anti-Theft System [an-tee-theft sis-tuhm]: Security measures and technologies implemented in a retail store to prevent theft or unauthorized removal of merchandise, such as surveillance cameras, electronic article surveillance (EAS) tags, and alarm systems.
Loss Prevention [laws pri-ven-shuhn]: Strategies and measures put in place by retailers to minimize losses due to theft, fraud, or operational errors, including employee training, surveillance, and inventory control.
Shrinkage [shringk-ij]: The loss of inventory or revenue within a retail store, typically caused by theft, shoplifting, employee theft, administrative errors, or supplier fraud.

Retail Technology

Retail technology encompasses various tools and solutions that enable efficient and streamlined operations in the retail industry. This includes online sales platforms (e-commerce), mobile payment systems (mPOS), inventory tracking technologies (RFID), supply chain optimization, and innovative customer experiences through virtual reality. Leveraging retail technology is essential for staying competitive and achieving effective business management terms in the digital era.

E-commerce [ee-kom-ers]: The buying and selling of goods and services over the internet.
Mobile Point of Sale (mPOS) [moh-buhl point uhv seyl]: A portable device that enables transactions to be conducted wirelessly, often used by sales associates on the sales floor.
RFID [ahr-fid]: Radio Frequency Identification, a technology that uses radio waves to identify and track objects equipped with RFID tags.
Supply Chain Management [suh-pley cheyn man-ij-muhnt]: The oversight and coordination of all activities involved in delivering a product or service from the supplier to the customer.
Augmented Reality (AR) [awg-men-tid ree-al-i-tee]: A technology that overlays digital information, such as product images or information, onto the real-world environment.
Contactless Delivery [kon-takt-lis dih-liv-uh-ree]: A delivery method that minimizes physical contact between customers and delivery personnel, often utilizing technology or automated systems.
Inventory Management System [in-vuhn-tor-ee man-ij-muhnt sis-tuhm]: Software or technology solutions that enable retailers to efficiently track, monitor, and control their inventory levels.
Virtual Reality (VR) [vur-choo-al ree-al-i-tee]: A technology that creates a simulated environment, often used in retail to provide immersive and interactive experiences for customers.
Contactless Payments [kon-takt-lis pay-muhnts]: Payment methods that allow customers to make transactions without physically touching cash or card readers, such as mobile wallets or QR codes.

Customer Service

Customer service is a critical aspect of the retail industry, focusing on delivering exceptional experiences to customers and building long-term loyalty. Providing seamless service across multiple channels, implementing customer-friendly return policies, effectively resolving issues, and employing upselling techniques are essential business management terms in maximizing customer satisfaction and maintaining a competitive edge.

Customer Loyalty [kuhs-tuh-mer loi-uhl-tee]: The degree of commitment and repeat business from customers, often fostered through excellent service and rewards programs.
Omnichannel [om-nee-chan-el]: Providing a seamless and consistent customer experience across multiple channels, such as physical stores, online platforms, and mobile apps.
Return Policy [ri-turn pol-uh-see]: The guidelines and procedures a retailer has in place for customers who wish to return or exchange a product.
Service Recovery [sur-vis ri-kuhv-uh-ree]: The process of addressing and resolving customer complaints or issues to restore customer satisfaction.
Upselling [uhp-sel-ing]: The practice of persuading customers to purchase additional or upgraded products or services.
Chatbot [chat-bot]: A computer program or AI-driven system designed to simulate human conversation and provide automated customer support or assistance.
Complaint Management [kuhm-pleynt man-ij-muhnt]: The process of handling and resolving customer complaints or issues to ensure customer satisfaction.
Customer Feedback [kuhs-tuh-mer fee-dbak]: Information provided by customers regarding their experiences, opinions, or suggestions, often collected through surveys, reviews, or direct communication.
Customer Experience [kuhs-tuh-mer ik-speer-ee-uhns]: The overall impression and interaction that a customer has with a retail store, encompassing every touchpoint from entry to exit.
Personal Shopper [pur-suh-nl shop-er]: An individual employed by a retail store to assist customers in selecting and purchasing products based on their preferences, needs, and style.
Sales Associate [seylz uh-soh-shee-eyt]: A retail store employee responsible for assisting customers, providing product information, and facilitating sales transactions.
Store Manager [stawr man-i-jer]: The individual responsible for overseeing the daily operations of a retail store, including managing staff, ensuring customer satisfaction, and driving sales performance.

Store Design and Layout

Store design and layout are crucial factors in creating an engaging and customer-friendly shopping environment. Thoughtful placement of fixtures, utilization of planograms, strategic management of traffic flow, and visually appealing displays through visual merchandising and window displays contribute to an attractive and conducive shopping experience. Proper store design and layout are fundamental business management terms in enhancing customer engagement and driving sales.

Fixture [fik-stuhr]: A permanent or semi-permanent structure in a store used to display or hold merchandise, such as shelves, racks, or showcases.
Planogram [plan-uh-gram]: A visual representation or diagram that illustrates the placement of products within a store to optimize sales and create an appealing display.
Traffic Flow [traf-ik floh]: The movement of customers through a store, which can be strategically managed to guide and influence their browsing and purchasing behavior.
Visual Merchandising [vizh-oo-uhl mur-chuhn-dahy-zing]: The use of creative and visually appealing displays to showcase products and attract customer attention.
Window Display [win-doh dih-spley]: A visually captivating arrangement of products or themes in a store window, designed to entice customers and showcase the brand’s offerings.
Aisle [ahyl]: A narrow passageway between shelves or displays in a retail store, used for customer navigation and product placement.
Checkout Counter [chek-out koun-ter]: The location in a retail store where customers pay for their purchases, typically equipped with cash registers and often staffed by cashiers.
Display [di-spley]: An arrangement of products or merchandise in a visually appealing manner to attract customer attention and encourage sales.
Endcap [end-kap]: The display area located at the end of store aisles, often used to promote featured or high-margin products.
Fitting Room [fit-ing room]: An enclosed area in a retail store where customers can try on clothes or other items before making a purchase.
Gondola [gon-doh-luh]: A freestanding fixture with shelving on both sides, typically used in retail stores to create aisle-like structures for product display and organization.
Point of Sale (POS) [point uhv seyl]: The location or device in a retail store where a transaction is completed, including the hardware and software used to process payments.
Signage [sahy-nij]: Visual displays, such as signs, banners, or posters, used in a retail store to provide information, promote products, and guide customers.

Sales, Marketing and Revenue

Average Transaction Value (ATV) [av-er-ij tran-zak-shuhn val-yoo]: The average amount spent by a customer during a single transaction.
Conversion Rate [kun-vur-zhuhn reyt]: The percentage of customers who make a purchase out of the total number of visitors or leads.
Gross Margin [grohs mahr-jin]: The difference between revenue and the cost of goods sold, expressed as a percentage.
Sales Forecasting [seylz fawr-kas-ting]: The process of estimating future sales based on historical data, market trends, and other factors.
Upside Potential [uhp-sahyd puh-ten-shuhl]: The potential for increased sales and revenue beyond current levels.
Affiliate Marketing [uh-fil-ee-eyt mahr-ki-ting]: A performance-based marketing strategy where affiliates earn a commission for driving traffic or sales to a retailer’s website.
Conversion Rate [kuhn-vur-zhuhn reyt]: The percentage of website visitors or potential customers who complete a desired action, such as making a purchase or signing up for a newsletter.
Loyalty Program [loi-uhl-tee proh-gram]: A marketing strategy that rewards customers for their repeat business, often through points, discounts, or exclusive perks.
Merchandising [mur-chuhn-dahy-zing]: The process of selecting, presenting, and promoting products in a retail store to drive sales and meet customer demand.
Promotional Campaign [proh-moh-shuh-nl kam-peyn]: A coordinated series of marketing activities aimed at increasing customer awareness, generating interest, and driving sales for a specific product or event.
Upselling [uhp-sel-ing]: The practice of encouraging customers to purchase additional or higher-priced items than originally intended, often through suggestive selling techniques.

Retail Analytics

Customer Lifetime Value (CLV) [kuhs-tuh-mer lahyf-tahym val-yoo]: The predicted value a customer will contribute to a business over the entire relationship.
Key Performance Indicators (KPIs) [kee per-for-muhns in-di-key-terz]: Quantifiable metrics used to evaluate the success and performance of a retail business.
Market Basket Analysis [mahr-kit bas-kit uh-nal-uh-sis]: The examination of customer purchase patterns to identify relationships between products and optimize product placement.
Predictive Analytics [pri-dik-tiv uh-nal-uh-tiks]: The use of historical data and statistical modeling to forecast future trends and outcomes.
Retail Analytics Software [ree-tail uh-nal-uh-tiks sof-twehr]: Technology solutions that collect, analyze, and visualize data to provide insights into retail operations and performance.
Micro-Moments [mahy-kroh moh-muhnts]: Critical moments in a customer’s journey where they have specific needs or desires, providing opportunities for retailers to deliver personalized and timely experiences.

Customer Experience

In-Store Experience [in-stawr ik-speer-ee-uhns]: The overall impression and satisfaction customers have while visiting a physical retail store.
Personalization [pur-suh-nl-uh-zey-shuhn]: Tailoring the shopping experience to meet the individual preferences and needs of each customer.
Product Knowledge [prod-uhkt nah-lij]: A sales associate’s understanding and familiarity with the features, benefits, and details of the products being sold.
Touchpoints [tuhch-points]: The various interactions and points of contact between a customer and a retail brand, both online and offline.
User Experience (UX) [yoo-zer ik-speer-ee-uhns]: The overall experience and satisfaction a customer has while interacting with a retailer’s website, app, or digital platforms.

Merchandising

Assortment Planning [uh-sawrt-muhnt plan-ing]: The process of selecting and determining the variety and quantity of products to be offered to customers.
Cross-Merchandising [kraws mur-chuhn-dahy-zing]: The practice of placing related or complementary products together to encourage additional purchases.
Endcap [end-kap]: The display area at the end of an aisle, often used to highlight featured or promotional products.
Private Label [pry-vit ley-buhl]: Products that are manufactured and branded by a retailer, offering exclusive options to customers.
Visual Appeal [vizh-oo-uhl uh-peel]: The attractiveness and aesthetic appeal of a store’s layout, displays, and overall presentation.
Cross Merchandising [kraws mur-chuhn-dahy-zing]: Placing complementary products together in a retail store to encourage additional sales and enhance the customer shopping experience.
Mannequin [man-i-kin]: A life-sized model used in retail stores to display clothing or accessories, helping customers visualize how items might look when worn.
Planogram [plan-uh-gram]: A visual representation or diagram that outlines how products should be placed on shelves or displays in a retail store to optimize sales and create an appealing shopping environment.
Product Placement [prod-uhkt pleyss-muhnt]: The strategic positioning of products within a retail store to attract customer attention and influence purchasing decisions.
Visual Merchandising [vizh-oo-uhl mur-chuhn-dahy-zing]: The art and science of presenting products in a way that is visually appealing and enticing to customers, incorporating elements such as store layout, display techniques, and signage to create an engaging shopping experience.

Staffing and Training

Employee Engagement [em-ploi-ee en-geyj-muhnt]: The extent to which employees are emotionally committed, motivated, and connected to their work and the organization.
Onboarding [awn-bohr-ding]: The process of integrating and orienting new employees into the retail organization, providing them with necessary training and resources.
Performance Management [per-fawr-muhns man-ij-muhnt]: The process of setting expectations, evaluating employee performance, and providing feedback and coaching.
Sales Training [seylz trey-ning]: The education and development of sales staff to enhance their product knowledge, customer service skills, and selling techniques.
Workforce Scheduling [wurk-fors sked-yool-ing]: The process of creating and managing employee work schedules to meet operational needs and optimize staffing levels.

Retail Terms on Pricing and Discounts

Competitive Pricing [kuhm-peh-ti-tiv prahy-sing]: Setting prices for products or services based on the prevailing rates in the market to remain competitive.
Markdown [mahrk-doun]: Reducing the price of a product, typically due to factors such as seasonality, excess inventory, or promotional purposes.
Price Elasticity [prahys ee-las-tis-i-tee]: The measure of how sensitive consumer demand is to changes in price.
Promotional Pricing [proh-moh-shuh-nl prahy-sing]: Offering temporary price reductions or special offers to incentivize purchases and drive sales.
Volume Discount [vol-yoom dis-kount]: Offering lower prices to customers who purchase in large quantities or meet specified purchase thresholds.

Retail Terms on Operations Management

Billing System [bil-ing sis-tuhm]: The process and software used to generate and track customer invoices and receipts during the checkout process in retail stores.
Cashier [kash-ee-er]: An employee responsible for handling customer transactions, processing payments, and providing a positive checkout experience.
Cash Management [kash man-i-jmuhnt]: The process of handling and controlling cash transactions within a retail store, including cash handling procedures, cash register reconciliation, and securing cash assets.
Inventory Management [in-vuhn-tawr-ee man-i-jmuhnt]: The process of overseeing the procurement, storage, tracking, and replenishment of products within a retail store to maintain optimal stock levels and meet customer demand.
Merchandising [mur-chuhn-dahy-zing]: The strategic planning and implementation of product displays, pricing, promotions, and assortment strategies to optimize sales and enhance the visual appeal of a retail store.
Retail Operations [ree-teyl op-uh-rey-shuhnz]: The day-to-day activities and processes involved in running a retail store, including sales, customer service, inventory management, and store maintenance.
Store Maintenance [stawr meyn-tuh-nuhns]: The ongoing upkeep, cleanliness, and functionality of a retail store, including repairs, maintenance tasks, and facility management.
Forecasting [for-kas-ting]: The process of estimating future demand for products or services based on historical data, market trends, and other factors.
Lean Retailing [leen rey-ting]: Applying lean principles and practices, originally derived from manufacturing, to streamline and optimize retail operations.
Quality Control [kwah-li-tee kuhn-trohl]: The processes and procedures implemented to ensure that products or services meet specified quality standards.
Safety Compliance [seyf-tee kuhm-plahy-uhns]: Adhering to regulations and guidelines to maintain a safe environment for employees and customers.
Waste Management [weyst man-ij-muhnt]: Implementing strategies and practices to minimize waste, promote recycling, and reduce environmental impact.
Sustainable Retailing [suh-stey-nuh-buhl ree-teyl-ing]: The practice of adopting environmentally friendly and socially responsible strategies in retail operations, including sustainable sourcing, waste reduction, and ethical supply chain practices.

Retail Expansion

Franchising [fran-chahy-zing]: A business model where a retailer grants individuals or entities the rights to operate under its established brand and business system.
Market Penetration [mahr-kit pen-i-trey-shuhn]: Increasing sales and market share by targeting existing markets with existing products or services.
Pop-up Store [pop-uhp stawr]: A temporary retail space that allows businesses to create a short-term physical presence and generate buzz or test new markets.
Store Format [stawr fawr-mat]: The physical layout and design of a retail store, which can vary based on factors such as size, location, and target audience.
Strategic Alliances [struh-teej uh-lahyn-siz]: Collaborative partnerships between retailers or other businesses to leverage resources, expand reach, or enter new markets.
Omnichannel Fulfillment [om-nee-chan-el foo l-fil-muhnt]: The capability to fulfill customer orders from multiple channels, such as shipping from warehouses, stores, or third-party partners.

Marketing and Advertising

Brand Awareness [brand uh-wair-nis]: The extent to which consumers recognize and recall a particular brand or its products.
Content Marketing [kon-tent mahr-ki-ting]: Creating and distributing valuable and relevant content to attract and engage a target audience.
Influencer Marketing [in-floo-uhn-ser mahr-ki-ting]: Collaborating with individuals who have a significant online following to promote products or services.
Point of Purchase (POP) [point uhv pahr-chuhs]: The location or area within a store where customers make their final purchasing decisions.
Target Audience [tar-git aw-dee-uhns]: The specific group of consumers that a retailer aims to reach and appeal to with their marketing efforts.

Supply Chain and Inventory Management

Dropshipping [drop-ship-ing]: A fulfillment method in which a retailer does not keep products in stock but instead transfers customer orders and shipment details to a third-party supplier, who then ships the products directly to the customer.
Inventory Control [in-vuhn-tawr-ee kuhn-trohl]: The process of managing and monitoring the quantity, location, and movement of products within a retail store to ensure optimal stock levels and prevent stockouts or overstocking.
Just-in-Time (JIT) [juhst-in-tahym]: An inventory management strategy where products or materials are delivered to a retail store just before they are needed, minimizing storage costs and inventory holding time.
Supply Chain Management [suh-plahy cheyn man-i-jmuhnt]: The coordination and control of all activities involved in the flow of products from suppliers to customers, including sourcing, procurement, logistics, and distribution.
ABC Analysis [ey-bee-see an-al-uh-sis]: Categorizing inventory items based on their importance and value to prioritize management and control efforts.
Just-in-Time (JIT) [juhst-in-tahym]: A supply chain strategy that aims to receive inventory or raw materials just before they are needed to minimize storage costs and maximize efficiency.
Stock Keeping Unit (SKU) [stok kee-ping yoo-nit]: A unique identifier assigned to a specific product or item to track inventory and facilitate management.
Turnover Rate [turn-oh-ver reyt]: The frequency with which a retailer sells and replaces its inventory within a given period, indicating inventory efficiency.
Vendor-Managed Inventory (VMI) [ven-der man-ijd in-vuhn-tor-ee]: A system where the supplier or vendor is responsible for managing and replenishing a retailer’s inventory.
Ethical Sourcing [eth-i-kuhl sawr-sing]: The practice of ensuring products are obtained from suppliers who adhere to ethical and socially responsible standards.
Distribution [dis-truh-byoo-shuhn]: The process of moving products from manufacturers or wholesalers to retail stores, ensuring timely delivery and efficient inventory management.
Last-Mile Delivery [last-myl dih-liv-uh-ree]: The final stage of the delivery process, where products are transported from a local hub or distribution center to the customer’s doorstep, often involving couriers or delivery service providers.
Warehousing [wehr-hou-zing]: The storage and management of inventory in a dedicated facility, typically equipped with logistics infrastructure and systems to facilitate efficient order fulfillment and replenishment.

E-commerce / E-Tail

Abandoned Cart [uh-ban-duhnd kart]: The phenomenon of users adding items to their online shopping cart but leaving the website or app without completing the purchase.
Digital Marketing [dij-i-tl mahr-ki-ting]: Promoting products, services, or brands using digital channels such as websites, social media, email, or search engines.
Dropshipping [drop-ship-ing]: A fulfillment method where a retailer sells products without stocking inventory, instead relying on a third-party supplier to ship products directly to customers.
Shopping Cart [shop-ing kart]: The virtual cart or basket on an e-commerce website or app where users can add products for purchase.
Retail User Experience (UX) Design [yoo-zer ik-speer-ee-uhns dih-zahyn]: The process of creating a website or app interface that is user-friendly, intuitive, and enhances the overall customer experience.
Social Commerce [soh-shuhl kom-ers]: The use of social media platforms and networks to facilitate and promote online shopping and product discovery.

Customer Relationship Management (CRM)

Customer Segmentation [kuhs-tuh-mer seg-muhn-tay-shuhn]: The process of dividing a retailer’s customer base into distinct groups based on shared characteristics or behaviors.
Loyalty Program [loi-uhl-tee proh-gram]: A structured marketing strategy that rewards customers for their repeat business and encourages loyalty.
Net Promoter Score (NPS) [net proh-moh-ter skohr]: A metric used to measure customer satisfaction and loyalty by assessing the likelihood of customers referring a brand to others.
Personal Shopper [pur-suh-nl shop-er]: An individual who assists customers in making purchasing decisions, providing personalized recommendations and guidance.
Voice of the Customer (VoC) [vois uhv thuh kuhs-tuh-mer]: Insights and feedback obtained directly from customers to understand their preferences, needs, and expectations.

Retail Industry Associations

Confederation of All India Traders (CAIT) [kuhn-fuh-dur-ey-shuhn uhv awl in-dee-uh tra-ders]: A prominent trade organization representing Indian traders and retailers, working to protect their interests, promote fair trade practices, and address policy issues.
Retail Association of India (RAI) [ree-teyl uh-soh-see-ey-shuhn uhv in-dee-uh]: A leading industry body that represents retailers across various formats, providing advocacy, research, and networking opportunities to drive the growth and development of the retail sector in India.
National Retail Federation (NRF): The world’s largest retail trade association, representing the interests of the retail industry and advocating for policies and initiatives that support retailers’ growth and success.
Retail Industry Leaders Association (RILA): A trade association that represents the leading retailers in the United States, focusing on advancing the retail industry through collaboration, advocacy, and research.
Retail Council of Canada (RCC): A national association representing retailers in Canada, providing advocacy, networking opportunities, and industry resources to support retail growth and development in the country.
World Retail Congress (WRC): An annual global event that brings together retail industry leaders, innovators, and experts to discuss emerging trends, challenges, and opportunities shaping the future of retail.

Retail Legislation and Regulations

Foreign Direct Investment (FDI) [for-in da-rekt in-ves-tment]: The investment made by foreign entities into the retail sector of a country, subject to specific regulations and guidelines.
Goods and Services Tax (GST) [goods and suhr-vis-iz tax]: A unified indirect tax system in India that replaced multiple state and central taxes, streamlining taxation procedures for retailers and promoting ease of doing business.
Input Tax Credit (ITC) [in-put taks kred-it]: The mechanism that allows retailers to claim a credit for the taxes they have paid on inputs (raw materials, goods, or services) used in the production or supply of goods or services.
Food Safety and Standards Authority of India (FSSAI) [food safety and stand-ards uhv in-dee-uh]: A regulatory body that governs and enforces food safety and hygiene standards for retail businesses involved in the handling, manufacturing, packaging, and storage of food products.
Shop and Establishment Act [shop and es-tab-lish-ment akt]: Legislation that regulates the operation of retail stores and commercial establishments, covering aspects such as working hours, holidays, employment conditions, and health and safety measures.
Competition Commission of India (CCI) [kom-puh-ti-shuhn kuh-mish-uhn uhv in-dee-uh]: A regulatory body that ensures fair competition in the Indian market and investigates anti-competitive practices, mergers, and acquisitions in the retail sector.
Predatory Pricing [pri-dah-tor-ee prahy-sing]: The practice of setting very low prices by a retailer with the intention of driving competitors out of the market, which can be deemed anti-competitive and illegal.
Employee Provident Fund (EPF) [em-ploi-ee pruh-vi-dent fuhnd]: A social security scheme that requires employers and employees to make contributions towards a fund that provides financial security and retirement benefits to employees.
Minimum Wages [min-uh-muhm wey-jiz]: The lowest legally mandated wage rate that employers must pay to workers for a specific category of employment, ensuring fair compensation.
Consumer Protection Act [kuhn-soo-mer pruh-tek-shuhn akt]: Legislation that safeguards the rights of consumers and provides a mechanism for filing complaints against unfair trade practices, product defects, or deficient services.
Product Liability [prod-uhkt lahy-uh-bil-i-tee]: The legal responsibility of a retailer for any harm or damage caused by a defective product sold to a consumer, making the retailer liable for compensation.
Data Localization [dey-tuh loh-kuh-ley-zey-shuhn]: The requirement for e-commerce companies to store and process user data within the geographic boundaries of a country to ensure data security and compliance with local laws.

Understanding the diverse range of retail industry terms is essential for anyone involved in the retail business. These terms encompass various aspects of retail management, operations, customer experience, and more. By familiarizing oneself with these terms, professionals can navigate the dynamic retail landscape with confidence and make informed decisions to drive success in their retail endeavors.

160 Retail Industry Terms [Retail Terms] – BT School