Are you wondering what “BOPIS” or “clicks to bricks” mean? Are you looking for a reliable list of the top 100 retail terms?🤔
Success in retail today involves an increasing number of technologies and concepts. But who has the time to keep up with new terms when you’re busy running retail stores?
Don’t worry, TAKU Retail has got you covered. Whether you’re a long-time retailer or a new merchant, we’re here to make things easier for you. Don’t waste time looking at questionable resources online.
As former retailers themselves, our founders have prepared a list of the most used retail terms in a searchable, sortable retail glossary. Click below for the only retail dictionary you’ll ever need.
TAKU Retail continues to be the best go-to tool for your retail needs. Besides our retail glossary, check out our free blog resources to find other ways to improve your business. All of our blog posts are written for retail owners.
After several years of restrictions, shoppers are increasingly looking for opportunities to celebrate their lives. While many retailers make a significant portion of their sales at the end of the year, there are a lot of other seasonal holidays that can help to spread out sales throughout the year.
If you’re looking for merchandising ideas and sales opportunities, consider adding some of the following celebrations this year to your retail holiday marketing calendar.
Black History Month (February)
Lunar / Chinese New Year, Asia
Note that this holiday follows a lunisolar calendar. Therefore the timing of the holiday changes every year and can start any time from the end of January to mid-February. It is usually a 3 week festive period with the first day being celebrated as the New Year day. For the New Year day in the Gregorian calendar until 2031, you can refer to this website.
Super Bowl Sunday (February 13)
Valentine’s Day (February 14)
President’s Day (February 21)
Mardi Gras/Shrove Tuesday (March 1)
St. Patrick’s Day (March 17)
International Women’s Day (March 8)
Daylight Savings Time begins (March 13)
Spring Break/March Break (March 14 – 18)
White Day, Asia (March 14)
Holi Festival (March 18)
First Day of Spring (March 20)
April Fool’s Day (April 1)
Ramadan begins (April 2)
Note, this holiday is also dependent on a lunar calendar
National Pet Day (April 11)
Tax Season (April 15)
Good Friday (April 15)
Easter (April 17)
Passover (April 15 – 23)
Earth Day (April 22)
Wedding Season (May)
Graduation Day (May)
Ramadan ends (May 2)
Note, this holiday is also dependent on a lunar calendar
Eid al-Fitr (May 3)
Note, this holiday is also dependent on a lunar calendar
Cinco de Mayo (May 5)
Victoria Day, Canada (May 23)
Mother’s Day (May 8)
Memorial Day, US (May 30)
Pride Month (June 1- 30)
World Environment Day (June 5)
Father’s Day (June 19)
Juneteenth, US (June 19)
Summer Solstice (June 21)
Canada Day (July 1)
US Independence Day (July 4)
Islamic New Year (July 29 – 30)
Back to School season begins
Back to School season ends
Labor Day (September 5)
Grandparents’ Day (September 11)
National Hispanic Heritage Month (September 15 – October 15)
Although the word omnichannel is often used in retail, it is a term that is often misunderstood. Here is an explanation of what omnichannel means, how it works, and how it can help you increase your profits.
1. What is a retail sales channel?
Sales channels refer to every different method used by retailers to sell their products to customers. Sales channels go beyond brick & mortar stores. Other sales channels could be events, trade shows, resellers, dealers, curbside pickup, and on-the-go pickup. Additionally, sales channels can also include social media (Facebook, Instagram, Twitter, TikTok), SMS, instant messaging, and even Google Ads.
Most retailers start off selling on a single channel. This can be a physical brick and mortar store or an online only webstore. Prior to the pandemic, an increasing number of retailers have started to add new sales channels to their businesses as shoppers now expect to be able to shop and pre-shop in more than one place.
2. What is omnichannel?
Omnichannel is a fully-integrated retail experience for shoppers. So when omnichannel works, it means customers will have the same experience no matter which sales channel they use. A customer who buys products from a brick & mortar store should have the same experience as one who uses social media channels to buy products. This is the ideal outcome for a successful omnichannel retail business.
What many retailers aren’t as familiar with, is that retailers must use a system that can share sales, inventory, and customer information (data) across all sales channels to be able to offer omnichannel retail. This means handling all store sales and fulfillment of online orders under a single login. In particular, omnichannel systems make store-managed e-commerce such as “buy online pickup in-store” a lot more efficient.
A successful system handles data for sales, inventory and customer information across all brick & mortar stores, online storefronts, ecommerce marketplaces, mobile channels/apps (WhatsApp), and social media commerce (Facebook or Instagram Shop). You should be able to sell to your customers no matter where they shop. In the past, omnichannel systems were expensive and only available to very large retailers. However, today’s modern cloud systems have made it possible for small-to-mid-sized retailers to take advantage of the cost-savings and sales boosting benefits of omnichannel retail.
3. What is the difference between multichannel & omnichannel?
It’s important not to confuse omnichannel with multichannel, despite their similarities. Like omnichannel, multichannel refers to retailers selling to customers through different sales channels. Yet, in a multichannel setup, these channels are not integrated.
Unlike omnichannel, multichannel does not unify the customer experience. And more importantly, multichannel retail costs merchants a lot more money because they need to log into separate tools or channels to manage inventory separately, or see sales and customer history. This is a time-consuming process that can lead to lost sales and errors. It also increases the complexity of your sales and tax management. Additionally, multichannel increases the cost of managing inventory if sales are being fulfilled from the store or the same place.
4. Why is omnichannel retail important?
Omnichannel selling offers a data-driven approach to retail. As stock levels change, you will want to know the product levels in every channel. A good omnichannel system will do this automatically. This means you will never have to manually manage stockouts. A good omnichannel system will also increase sales by highlighting your best customers across all sales channels. It will focus on faster fulfill of every sale, no matter where the sale originates.
Omnichannel systems are increasingly effective at attracting people to brick & mortar locations. They do this by linking to Google to drive foot traffic to stores based on how close nearby shoppers are to available stock. This increases overall profits by increasing in-store and sales conversion rates.
The goal is a memorable and positive experience for your customers. Omnichannel can make this happen.
TAKU Retail can provide you with a comprehensive and integrated omnichannel strategy that will remove friction between channels. Because TAKU is cloud-based, it can function on any device since it’s not tied to any specific type of hardware. This enables you to use any existing web-enabled devices from desktop computers or tablets to smartphones.
TAKU can not only help you increase sales and reduce operational costs, but it can also help you get in front of shoppers before they even leave their homes. Click below to find out about other ways TAKU Retail can help you achieve a successful omnichannel system for your business.
For retailers, inventory planning matters. Inventory is your largest asset and has the greatest impact on your business cash flow. If you plan your inventory well, you can reduce your overhead costs and increase cashflow. This article will help you understand the essentials to inventory management for retailers.
Cashflow sitting in old or out-of-season inventory is money that could be better used elsewhere. Many successful retailers don’t carry a lot of excess stock to have the flexibility to introduce new products more quickly. This is particularly true in industries such as grocery where products can easily expire or fashion where products can be trendy. All products are worth less over time as they get “stale.” But in fast-moving sectors, products have shorter life cycles, meaning they lose their value faster. As such, carrying too much stock means an increased chance of getting stuck with products that require deep discounting to free up your cashflow. Consider this the next time your suppliers offer you better prices to buy a larger volume of product.
Remember though, keeping your inventory “lean” doesn’t only mean keeping stock levels low. If stock levels don’t match your sales demand and are kept too low, you will constantly have out-of-stock products. You want to avoid stock-outs as they are costly to retailers. They lead to lost sales, wasted marketing efforts, and unhappier customers.
There are many different inventory management methods but ultimately, it comes down to one thing, “do you have stock when you need to sell it“.
In the end, selling at any price is not the objective. To be profitable, retailers need loyal, repeat customers that don’t require expensive marketing campaigns to get them to buy. When you think of it this way, inventory is an important part of your overall customer service. Customer service is the new marketing as every touch point impacts how your customers view your business. Less stock-outs means higher sales in-store and faster fulfillment for online orders, all of which means better customer satisfaction.
What Can I Do As A Retailer To Better Manage My Inventory?
If you’re a small-to-midsize retailer and all of this sounds scary, don’t worry. Not all retailers have the resources of the big brands, and regardless of your size, there are things you can do to better plan your inventory.
1) Make Sure You Always Have Access To Real-Time Stock Levels
You can’t manage what you don’t know. With an increasing number of sales channels (e.g. e-commerce, pop-ups, etc.), a retail POS that can handle “unified commerce” with real-time stock levels is essential to inventory management in today’s market. Unified commerce is just another way of saying a total retail management platform that you can log into from anywhere that offers a single view of inventory, sales, and customer data across an entire business in real time. As expected, the need for real-time inventory data grows as the business and transaction complexity increases.
2) Use Minimum Stock Levels
Use minimum stock levels, also known as safety stock levels. In many retail point-of-sale systems, you can assign a minimum stock level to every product in your store which you can easily track in comparison to your actual stock level. You should also be able to easily make mass updates in your POS when you review your minimum stock levels every 3-6 months.
3) Track Inventory Stock Levels By Supplier
Track inventory stock levels by supplier so that you can consolidate purchases to minimize stock-outs, lead time, and shipping costs. This will also allow you to more easily meet supplier minimum order amounts.
4) Track Inventory Turnover
This is essential to inventory management in retail. Basically this refers to how many times a product is sold and replaced over a certain period of time. This can be tracked at a very high level (e.g. including the entire store inventory) or at the product / category level. There are different ways to calculate turnover but whatever approach you use, consider using Cost of Goods Sold instead of Sales as you will get a more accurate measure as your result will not include markup. For example:
From Jan-Mar, this company had inventory turnover of 13.33. This is calculated by taking the Sales$ for this period and dividing it by Average Stock Value$. Now you can convert this to “inventory days” by taking 365 / 13.33. So from Jan-Mar, inventory turns 13.33 times a year and is on hand for approximately 27.38 days. If you run the same calculations for Apr-Jun, inventory turns 18.33 times a year and is on hand for approximately 19.91 days.
From these two examples, the higher your turnover rate, the more efficient you are, since it means that your inventory is being sold faster and you have more cash flow in your business. A lot of people forget that the cost of inventory is not just the original purchase cost of an item. It includes the ongoing cost TO SELL that inventory. The longer it takes to sell something, the greater your real inventory cost as your money is sitting in that dead stock instead of products that are in high demand.
5) Determine Your Ideal Reorder Days
It is always a good idea to estimate the lead time required to reorder products in time for suppliers to produce OR deliver them before you are out-of-stock. For example, if you know it takes two weeks to receive orders from a particular vendor, make sure to factor that lead time into your reorder timing. In the beginning, you don’t want to cut it too close as unexpected delays can happen (e.g. snowstorms in the winter). This is especially true if you are ordering for a busy time of year such as Christmas. For some retailers, losing a week during the holidays might mean the difference between Christmas and Boxing Day pricing.
Inventory Management – Essential For All
A lot of independent retailers or businesses often think that they are not large enough to use inventory management tools and try to use spreadsheets to keep track of their goods. While this can work in the beginning, as your inventory items grow in both size and attributes, you will either overstock (to prevent stock-outs) or have constant back orders. You will also lose out on freight savings and volume discounts you might have received if you had consolidated your vendor orders more efficiently.
Start improving your operations by following the key essentials to inventory management we’ve listed above. Then when you’re ready, start to slowly automate these functions one-by-one. With the proper point-of-sale system, you will be able to spend less time managing your inventory and more time selling it.
We hope you found this article helpful! Subscribe to our blog for more helpful retail tips and strategies!
For Asian Heritage Month, we wanted to highlight one of our favorite clients: Kam Wai. They are an Asian-owned frozen dimsum wholesaler and deli business based in Vancouver.
Papa Liu first opened Kam Wai’s doors in 1990 in the heart of Chinatown (downtown Eastside of Vancouver) because of the demand for good quality dimsum in BC’s growing Asian population. At present, Kam Wai is now one of the largest dimsum wholesaler businesses in British Columbia and supplies frozen dimsum to major retailers such as T&T Supermarket.
“Cantonese food is meant to be shared.”
Despite their growing business, Kam Wai keeps their pricing modest because they want to keep their dimsum affordable for their community. TAKU Retail helped make their menu more accessible by offering multi-language options so that non-native English speakers were able to understand the menu and itemized receipts.
Since renovating and implementing TAKU Retail, Kam Wai has almost doubled their daily sales. Director of Marketing of Kam Wai, Nick Sommer says that TAKU Retail’s inventory management made it easy for them to track and analyze daily sales. For Kam Wai, this means being able to keep tabs on what is selling well and to keep offering their dimsum at affordable prices.
“Yummy in the tummy, faster than fast food”
Kam Wai customers post positive reviews across different social media platforms. This is partially because of the easy and quick checkout process. TAKU Retail’s line-busting features help Kam Wai staff handle a high volume of orders efficiently in their busy store.
Google Local Inventory Ads (LIA) significantly increase retail store sales by turning nearby shoppers who are searching online into in-store customers.
River Island, Best Buy, and Williams-Sonoma Inc. are examples of retailers who have successfully leveraged Google LIA together with their POS systems to grow foot traffic and sales. Now, smaller retailers have the chance to do the same with a minimal budget.
Keep reading to find out how you too, can take advantage of this opportunity to increase your retail sales.
Local and Mobile Searches Lead to In-Store Purchases
There are two factors that make Google LIAs so effective:
For retailers, this means that there is a lot to be gained by being easily found online. The challenge then becomes figuring out how to give target shoppers the answers they are looking for at the exact moment that they are searching.
This is where Google Local Inventory Ads come in.
Google LIAs helps store owners succeed in these micro-moments – by capturing shopper intent and most importantly, the sale.
What are Google Local Inventory Ads (LIA)?
Local Inventory Ads showcase product and store information to nearby shoppers who are searching on Google. They are different from traditional Google ads as they are designed to drive shoppers to your physical store. While users also have the option of purchasing online (if you have an e-commerce store), LIAs are meant to attract nearby users and only show when a shopper is within a certain range of your store.
When shoppers click on an ad, they are taken to the local storefront page which can be either a Google-powered product listing or your own e-commerce site. Here, they can view other in-stock merchandise as well as important store information such as business hours, directions, current promotions, and more.
Below is an example.
When I search for “laundry detergent near me”, Local Inventory Ads appear next to the search results. Both Canadian Tire and the Home Depot are currently running LIA campaigns for laundry detergent (pointed out in red below).
I know that at Canadian Tire and the Home Depot, the items are definitely in stock because of the “in store” label.
How do Local Inventory Ads Work?
Let’s take a look at the example below.
Canadian Tire is looking to increase foot traffic to their physical stores. So they’ve purchased Local Inventory Ads hoping to target local shoppers like me. They’ve set up a Google Shopping campaign that showcases ads to shoppers within a 45 km radius.
As you can see above, I’ve made a search on my mobile phone for a ceramic stove top-cleaner. Like most people (87% of shoppers), I frequently turn to a search engine as a resource for product information.
By looking at the search results, I can see that Canadian Tire has what I need in stock and the closest store is only 2 km away.
I decide to head to the store because I am certain that they have the product that I need. A store associate is able to tell me more about the product in-store and even recommends I try out a surface scraper. After my conversation with a store employee, I’m happy to purchase both products.
LIAs let local shoppers know that you have the items they are looking for – at the exact moment that they are searching for it. The ads even create a sense of urgency and encourage shoppers to act by letting them know when certain items are low in stock.
2) Advanced Geo-targeting Capabilities: Target local shoppers who are actually nearby the store and are looking to purchase. Advanced geo-targeting capabilities allow retailers to reach target shoppers within a certain km radius.
3) Measure Campaign Results: See how your ads are impacting your bottom line. Monitor the effect LIAs are having on foot traffic and in-store sales – and adjust your campaign bids accordingly.
4) Gain a Competitive Edge as an Independent Retailer: In the past, Google LIAs were only available to national retailers. But now, independent retailers have the ability to run high-performing ads on Google with a minimal budget. For as little as $150-$300 per month, store owners have the ability to drive local foot traffic and increase store sales.
5) Automatic Ad Optimization: To minimize marketing costs, LIAs automatically turn off when products sell out. Not only does this benefit your bottom line, it also results in a better shopping experience for your customers.
To learn more about how your retail store can easily implement Google LIAs to increase foot traffic and in-store sales, click here.