Retail Terms: Must Read

Multi-channel retailerRetailer that sells merchandise or services through more than one channel.
share of walletThe percentage of total purchases made by a customer in a store.
Shopping botsComputer programs that simply search for and provide a listing of all Internet sites selling a product category or brand with the price of the merchandise offered.
Virtual communitiesA network of people who seek information, products, and services and communicate with each other about specific issues.
Accessibility(1) The degree to which customers can easily get into and out of a shopping center; (2) ability of the retailer to deliver the appropriate retail mix to the customers in the segment.
benefit segmentationA method of segmenting a retail market on the basis of similar benefits sought in merchandise or services.
brand loyaltyAn example of habitual decision making that occurs when consumers like and consistently buy a specific brand in a product category.
buying processThe stages customers go through to purchase merchandise or services.
buying situation segmentationA method of segmenting a retail market based on customer needs in a specific buying situation such as a fill-in shopping trip versus a weekly shopping trip.

buzzGenuine, street-level excitement about a hot new product.
compatibilityThe degree to which the fashion is consistent with existing norms, values, and behaviors.
complexityRefers to how easy it is t understand and use a new fashion. Consumers have to learn how to incorporate a new fashion into their lifestyle for it to be successful.
composite segmentationA method of segmenting a retail market using multiple variables, including benefits sought, lifestyles, and demographics.
consideration setThe set of alternatives the customer evaluates when making a merchandise selection.
cross-shoppingA pattern of buying both premium and low-priced merchandise or patronizing expensive, status-oriented retailers and price-oriented retailers.
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