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[PRELIMS] BusIm
| Term | Definition |
|---|---|
| Brick-and-Mortar | Traditional physical stores where customers can physically shop |
| E-commerce | The buying and selling of goods and services conducted over the internet or other electronic networks. |
| Click-and-Mortar (Hybrid Models) | Businesses that integrate online and offline channels to create a unified customer experience. |
| Tangible Experience | Characteristic of a Brick-and-Mortar: Ability to physically see, touch, and try products before purchase. |
| Immediate Access | Characteristic of a Brick-and-Mortar: Getting products right away without waiting for shipping. |
| Human Connection | Characteristic of a Brick-and-Mortar: Face-to-face service and personal interaction with staff. |
| Direct Feedback | Characteristic of a Brick-and-Mortar: Real-time customer reactions and suggestions |
| Grid Layout | Retail Store Format: A store layout often used in supermarkets to maximize product visibility and efficiency. |
| Racetrack Layout | Retail Store Format: A store layout, common in large department stores, that guides shoppers around the entire store. |
| Free-form Layout | Retail Store Format: A store layout found in boutiques and small shops, creating a relaxed and encouraging browsing. |
| Decompression Zone | Customer Flow Psychology: The first area inside a store where shoppers adjust to the environment. |
| Destination Products | Customer Flow Psychology:Important items strategically placed at the back of the store to encourage customers to walk through the whole store. |
| Impulse Items | Customer Flow Psychology: Small, tempting items placed near the checkout for unplanned purchases. |
| Brand Identity | Customer Flow Psychology: A physical space as tangible representation of brand values |
| Community Hub | Customer Flow Psychology: Building local connections and loyalty |
| Buy Online, Pick Up In-Store (BOPIS) | Hybrid Strategies: Combining the convenience of online shopping with the immediacy of in-store pickup, eliminating shipping costs and wait times. |
| Ship from Store | Hybrid Strategies: Using physical store inventory to fulfill online orders, reducing delivery times and optimizing inventory management. |
| In-Store Returns | Hybrid Strategies: Allowing customers to return online purchases to physical locations, improving customer satisfaction and creating additional in-store traffic |
| Omnichannel | The main goal for hybrid retailers is to create across all ways you shop, The brand looks and feels the same, whether you shop online, on the app, or in the store. |
| Inventory, Consistent Experience, Tech Integration, & Staff Training | Challenges in Hybrid Retail |
| Showrooming | Visiting a physical store to look at products, then buying them online |
| Mobile Shopping | Shopping using phones and online stores |
| Personalized Experiences | Special offers and suggestions tailored to individual shoppers. |
| Focus on Experience | Buying things based on ease and the brand's emotional impact. |
| Disruption | A disturbance that prevents something from continuing as usual. |
| Niche Market | A segment of a larger market with specific needs or preferences. |
| Demographic | Statistical data relating to the population and particular groups within it. |
| Lifestyle | The way in which a person or group lives. |
| AI & Machine Learning | Personalized product recommendations and targeted promotions. |
| Customer Relationship Management (CRM) Systems | Track customer preferences and purchase history; deliver tailored communication and offers. |
| Omnichannel Integration | Buying online and picking up in-store (BOPIS); seamless cross-platform experiences. |
| Mobile Commerce Optimization | Mobile-first design and functionality. |
| Frictionless Checkout | Contactless payments and automated systems. |
| Experiential Retail | In-store cafes, workshops, and product demonstrations. |
| Curated Assortments | Selective collections that tell a story. |
| Brand Storytelling | Connecting emotionally with customers. |
| Inventory Management | Efficiently managing stock levels to prevent stockouts and excess inventory. |
| Supply Chain Management | Building strong supplier relationships and ensuring a reliable flow of goods. |
| Just-in-Time (JIT) | Ordering inventory only as needed. |
| ABC Analysis | Categorizing inventory by value. |
| Demand Forecasting | Using historical data and market trends to predict future demand. |
| Identifying Gaps | Finding and catering to unfulfilled consumer needs. |
| Strategic Innovation | Leveraging technology for personalization and convenience. |
| Customer Focus | Creating unique, memorable retail experiences. |
| Operational Excellence | Mastering inventory and marketing for a profitable, sustainable business. |
| Retail | The sale of goods or services to consumers for their own use. |
| Wholesale | The sale of goods in large quantities to retailers for resale. |
| Supply Chain | The sequence of processes involved in the production and distribution of a commodity. |
| Manufacturing Industry | The economic process of transforming raw materials, components, or parts into finished goods, typically on a large scale, using machinery, tools, labor, and sometimes chemical or biological processes |
| OEM (Original Equipment Manufacturer) | A company that manufactures products or components that are used by another company to create their own branded product. |
| Lean Manufacturing | Eliminating waste in all forms: overproduction, waiting, defects. |
| Just-In-Time (JIT) | Receiving materials and producing parts only as needed, minimizing inventory holding costs. |
| Quality Control | it is not just inspection; rather it is an integrated process design |
| IoT (Internet of Things) | Sensors monitor machine health, performance, and inventory in real time. |
| A.I./Machine Learning | Predictive maintenance (predicting machine failure before it happens), quality inspection. |
| Robotics | Collaborative robots (Cobots) working alongside humans. |
| Brick and Mortar | Refers to a traditional physical store or business, as opposed to an online-only business. |
| Click and Mortar | A business model that combines both online (digital) and offline (physical store) presence. |
| Output | Tangible, storable products. Manufacturing produces physical goods. These have measurable specifications and are subject to stringent quality control before reaching the customer. |
| Physical Inventory Management | Focuses on managing raw materials. |
| Production | Standardized, Mechanized Processes which is highly repeatable. |
| Incremental | Small improvements to existing products/processes |
| Disruptive | Creating entirely new markets or fundamentally changing existing ones |
Created by:
RamRamRam