The Modern Retail glossary

The new terms which describes the change in Retail Industry

Modern Retail is continually evolving and studying new forms of sale, using always more technology and devices, providing customer a different shopping experience. This way new words and terms are born to express new elements that create Retail Industry world.In order to be ready to face the “Retail Industry big invasion “here you can find a small glossary:RETAIL:  translated in Italian as “retail selling”, in commercial environment refers to goods selling to final consumer. Retail is the last step in distribution chain: these type of commerce is often called B2C (Business to Consumer).Retailers (retail sellers) purchases goods and products directly from the producers or providers in order to resale them in small quantities to the final consumer (Customer).

CUSTOMER EXPERIENCE: Is the result of the interaction between the organisation (in these case the point of sale) and the final costumer. Costumer experience refers not only to the interaction process but also at the way that the costumer feels after living the store.

SHOPPING EXPERIENCE: it refers to the purchase experience at various levels that can be multichannel or even more interesting through new technologies. Many store devices can provide information regarding products, brands, weather forecast or the rolling movies at the cinema near you.

CUSTOMER SATISFACTION: in other words the costumer must have the feeling of having well spent his money, time and resources. Costumers satisfaction is at the highest level when the shopping experience go beyond his initial expectations. For these reason costumer’s satisfaction is tightly connected to the quality of the products or services.

CUSTOMER JOURNEY: it is indeed a journey that begins with the moment in which the costumer first enters in a relationship with a company. This journey lasts in time and take place in different markets (online and offline). The relationship between customer and the company starts when the costumer becomes aware of having a need to satisfy and it continuous with the customer choosing a certain company/service/product and it ends with the moment of the acquisition.

STORE IMAGE: it is the point of sale full picture perceived by the costumer (both online and offline). This imagine is created by different factors as the web layout, design, product, price, range of products and the staff behaviour in-store.

BIG DATA: it is a term that indicates an external data collection. These process demands specific technologies which enables to process customer data with precision and limited time.
The modern Retail uses the big data to collect costumer information and to create in this way new offers and customised promotions.

These are only some of the nowadays terms used in Retail Industry. Our company is able to transform these new concepts in real solutions that will suit your business please contact us for a personalised consultancy.