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V-CDC-CustomerSer-4b

Pyramid CDC - SMARTNet Customer Service Review

TermDefinition
Quality customer service The delivery of a positive, memorable experience that is more than what the customer expected.
QR (quick response) codes Barcodes that contain product or website information. In stores, a customer scans the QR code with a smartphone to access the data.
Radio-frequency identification (RFID) tag A tag containing electronically-stored information that identifies objects using a radio wave reader; the system can recognize either individual items or objects containing many products, such as pallets.
Receipt fraud A type of refund in which the thief finds discarded receipts, then looks for items that match the items on the receipt from the store and attempts to return them.
Recreational shopper A customer who views shopping as a fun occasion, rather than looking for specific merchandise or services. This customer’s mindset focuses on adventure and leisure.
Referral The item used when a person recommends a store or salesperson based on their quality experiences.
Refund fraud Includes a variety of ways that dishonest people use the retailer’s return system and processes for personal gain. Some common practices are: returning stolen merchandise, receipt fraud and switch fraud. In the context of ecommerce, customers order merchandise online and then claim they did not receive it or their identity was stolen.
Replacement competitors Retailers that compete for customers’ financial resources but offer products to meet different needs. For example, The Home Depot and Kay Jewelers provide completely different products but may compete for the same customer dollars.
Respect for diversity The disposition to be respectful of differing options, lifestyles, backgrounds,customs, and individual differences.
Retail The process of selling products and/or services to customers to earn a profit.
Retail ecosystem An interconnected system of approaches for providing customers with the merchandise and services they want - when, where and how they want to experience and purchase it. A retailer’s reimagined ecosystem may offer a network of physical store formats, direct or phone sales options,ecommerce site(s), app(s), targeted marketing, experiences, services, amenities and interactions.
Retailer A business or person that sells products and/or services to customers. Each retailer selects merchandise or services based on the needs of a specific store, region or community.
Retail margin (or profit margin): The difference between an item’s retail price-the amount that the item is sold for-and the Cost of Goods Sold, or how much the retailer paid for the item.
Retail margin percentage (or profit margin percentage) The percentage by which profits from sales exceed the revenues.
Retail operations Operational functions and activities needed to keep a retail ecosystem running at its best. The main retail operations are, team, inventory, marketing, technology & tools and financials.
Retail price: The amount of money that a customer pays the retailer for a product.
Retargeting ads A form of marketing that allows retailers to send personalized ads to potential customers, based website cookies. Retailers use website cookies agreements to track users’ activity and then send them ads across a number of platforms, such as Facebook and Google.
Return policy A retailer’s rules that govern customers’ ability to return or exchange merchandise.
Returning stolen merchandise A type of refund fraud in which stolen items are returned for a refund, exchange or store credit.
Revenue Income generated from the sale of goods and services. Revenue is calculated by multiplying the total number of products or services sold by their selling prices.
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