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V-CDC-CustomerSer-3b

Pyramid CDC - SMARTNet Customer Service Review

TermDefinition
Mindset Customers’ attitudes and expectations about retailers, customer service and their shopping experiences.
Mobile Apps Software applications designed to run on small wireless devices, such as smartphones, tablets or smartwatches. Retailer Apps enable customers to purchase merchandise, view promotions and e-coupons, track loyalty or reward program activity and experience other retail content.
Motivation The reason someone behaves a certain way, and that influences the way consumers make purchase decisions. Motivation can be swayed by both external and internal signals.
Multichannel Retailing A retail model that offers customers the opportunity to interact with the multiple options in their ecosystem. These can or cannot be systemically connected to each other.
Multiple Pricing A pricing method that involves selling a group or set of items for a single price, such as three for $5.00. Customers often purchase larger quantities when multiple items are included in one price.
Near Field Communication (NFC) Contactless payments between two devices, like a terminal and a smartphone. The connection is made when the two devices are about 1.6 inches (4 cm) from each other.
Net Profit The difference between revenue and all expenses, including buying, producing and operations. This amount is the total that a company gains financially.
Network An interconnected group of people.
Non Electronic Ink Tags A type of anti-theft device that’s attached directly to clothing items. When they are removed without the proper tool, ink is released and can ruin the clothing.
Odd Pricing A psychological pricing strategy involving prices that end in odd numbers and are a little less than a round number, such as $19.99.
Off-the-Clock Work Work that an employee does without recording their time, and therefore without being paid. According to U.S. Federal Law, hourly employees are not allowed to work without being paid.
Omnichannel Retailing A retail model that integrates multiple channels of the retail ecosystem to create a seamless customer experience through the use of technology.
On-hand (or Available Inventory) The number of units within the total inventory that are available to sell.
Open-end Questions Questions that cannot be answered with yes or no, and that are used to get customers to provide details about what they want or need. Open-end questions begin with the words who, what, when, where, why and how.
Operational Expenses All of the overhead expenditures or indirect costs, incurred by a business. These include the physical space, mortgage or rent for anything you own or lease, such as a store, warehouse or office space, plus utilities, labor and staff expenses for maintaining and selling the products, advertising cost, insurance, taxes and other expenses.
Out-of-Stock The term used when there is not enough merchandise to satisfy a product demand.
Package Switching This fraudulent activity occurs when a thief takes a lower-priced item out of the package and replaces it with a higher-priced item.
Part-time Work Work that requires fewer hours than full-time position. The number of hours a part-time employee works may vary from week to week. Part-time employees may be eligible for some benefits, but not full benefits.
Physical Inventory The process of counting every piece of merchandise in the store, and creating a record of the store’s inventory to use it at the end of a reporting period. The goal is to compare this record to the expected inventory level in order to ensure that the store’s inventory systems are reliable.
Periodic Inventory Using a predetermined schedule, the total value of the inventory is counted and compared to the inventory value from the beginning of the period.
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