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7 terms of sales you need to know

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terminos de ventas

If you are a merchant, you've seen confused at certain words, this happens to many and that is why today we will clarify your doubts with the  terms of sales.

In the retail industry are handled a lot of concepts, to be an area of trade in constant motion, often new techniques and trends that may lead to confusion even in the most expert.

For example, if you are new in the business and just prepare yourself for open your shop, then you surely will be higher, your doubts to be able to understand the language used by the professionals of the matter.

Thinking of you, in Analytic Retail we have put together a list of the 7 terms of sales you must know, so that you can make use of the knowledge as a tool to grow your shop.

1. Metric

It is one of the most commonly used and refers to a unit of measurement, which enables analyze numerical data to evaluate the performance of each of the elements involved in the sales process, including the effectiveness of the marketing strategies implemented in the store.

2. Conversion rate

This term refers to an extremely important metric in retail to calculate the ratio between the total number of visitors or potential buyers who enter the store and who really specify any purchase.

That is to say, allows you to know the effectiveness of your sales strategies, sincerando the figures of revenue from sales.

3. CMR

The CMR it consists of a strategy for reward the loyalty of your customers to the store, allowing you to convert simple buyers in real allies of your brand.

The loyalty programsalso known as CMR, have demonstrated its effectiveness in the retail thanks to that give great benefits to their clients that are motivated to return to the store again and again.

4. KPI

We can assure you that the vast majority of people who live off the retail industry, the term KPI it has caused major headaches, as it is an acronym used very frequently. Means; Key performance indicator and it is a metric of the utmost importance to analyze the reasons for the success or failure of your sales.

For example, the KPIS that are most commonly used, are the inventory and the sales funnel.

5. ROI

This is another of the terms of sales you must know, this is the Return of investment, figure that it is essential to know because it will tell you if all your effort, resources, and about all the money invested was worth it.

Results in the net profit that you get to the store and it is of the utmost importance as the figure achieved is an indicator of the efficiency of capital investment in the company, thus determining the profitability and the confidence to invest.

6. POS

Acronyms in English POSmean points of sale, these are of great importance in the retail stores, as they are responsible for processing the payments of the customers, and they represent a good place to put items that promote the impulse purchaseswhile the consumer remains in waiting to make your payment, and just before you leave the store.

7. Sales forecast

This term is used to refer to the forecasting results to obtain concept of sales in the store, to do so requires the use of the client's existing data to predict future events and to anticipate what is expected to be the consumer behavior.

Conclusion

To be able to succeed more easily in a distant country, it is important to understand its language, and the same thing happens in the retail, that's why there are terms of sales you must know, to be able to take full advantage of the techniques and be able to communicate with all the links of the chain, feeling “like a fish in the water”.

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