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SKU:Stands for Stock Keeping Unit, and is conveniently pronounced skew. A SKU is a number or string of alpha and numeric characters that uniquely identify a product. For this reason, SKUs are often called part numbers, product numbers, and product identifiers. SKUs may be a universal number such as a UPC code or supplier part number or may be a unique identifier used by a specific a store or online retailer. For example, one company may use the 10 character identifier supplied by the manufac
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  SKU: -Stands for Stock Keeping Unit, and is conveniently pronounced skew. A SKU is a number or string of alpha and numericcharactersthat uniquely identify a product. For this reason, SKUs are often calledpart numbers, product numbers, and product identifiers.SKUs may be a universal number such as a UPC code or supplier part number or may be a uniqueidentifier used by a specific a store or online retailer. For example, one company may use the 10character identifier supplied by the manufacturer as the SKU of anexternal hard drive.Anothercompany may use a proprietary 6-digit number as the SKU to identify the part. Many retailers use theirown SKU numbers to label products so they can track their inventory using their own custom databasesystem.When shopping online or at retail stores, knowing a product's SKU can help you locate the exact productat a later time. It will help you identify a unique product when there are many similar options, such as aTV model that comes in different colors, sizes, etc. If you know a product's SKU, you can typically locatethe product online by typing the SKU in the online retailer's search box. If you visit a retail store andhave questions about product you saw in an ad, knowing the SKU will help the salesperson find theexact product you are asking about. SKUs are typically listed in small print below the product name andare often preceded by the words SKU, Part Number, Product ID, or something similar. PRIVATE LABELS IN INDIAN RETAIL BHARTI RETAIL:   Bharti Retail, Walmart‟s joint venture partner in India, have bought eight private label in total including Great Value line of food (flour, dry fruits, spices, cereal, and tea) ,George Apparel. The Private Label lines are going into the Cash & Carry format (BestPriceModern Wholesale) and discount convenience (Easyday). Equate, a brand for pharmacy andhealth and beauty items, has been introduced only in the handwash category as of now inEasyday stores. Other Wal-Mart private labels introduced in India include Home Trends (homefurnishing), Mainstays (plastic containers, kitchen accessories), Kid Connection (toys, clothing),ZENITHInternational Journal of Multidisciplinary ResearchFaded Glory (footwear) and Athletic Works (athletic shoes, equipment). Astitva, a line for Indianethnicwear.  ADITHYA BIRLA GROUP: More retail out lets from Adithya Birla Group offers Feastersbrand (fruit squash, biscuits, fruit syrup, Instant Fruit Mix Powder, Noodles). More Brands(various grocers). 110 Per Cent (toilet cleaners, detergents, soaps,) and Paradise Room and AirFresheners, AU79 (Deodorant) and Fresh-O-Dent toothpastes and toothbrushes. SHOPPERS STOP: Shoppers stop offers Kashish, Haute Curry, Vettorio Fratini and EllizaDonatein private labels in its products offerings. Life' T-shirts for men , while 'Stop' as ladieswestern wear. VISHAL MEGAMART: Vishal Megamart's offers salt and toothbrush under its `Vneed' brand. PANTALOON RETAIL INDIA LIMITED: Pantaloon Retail India Limited, offers Fresh nPure, Cleanmate, Tasty Treat, Caremate, Sach brands in food and FMCG. DJ&C, Kinghthood, John Miller brands in men‟s apparel. Tasty Treat in food segment. In the baby diapers segment Care Mate. In the Electronic Bazaar offers refrigerators, washing machines, air conditioners,fans, toasters, kitchen mixies in the brand name KORYO Average Ticket Size: -   Average ticket size is referring to the average dollar amount of each credit card transaction. Averageticket size is always asked when yo u setup a new merchant account. If you don’t process credit cards yes, simply make an estimate of what you believe the amount of the average credit card sale will be.Keep in mind that credit cards sale transactions are typically higher than for cash transactions. If youalready processes credit cards, simply divide your total monthly MasterCard and Visa volume by thenumber of transactions to arrive at the average ticket size. Sometimes the average amount will beprinted on your monthly merchant account statement. Units Per Transaction - UPT A sales metric often used in the retail sales sector to measure the average number of items thatcustomers are purchasing in any given transaction. The higher the UPT, the more items customers arepurchasing for every visit.InvestUnits per transaction can be done on a day-by-day basis, or over a longer period and can be measuredacross individual stores and employees or company wide. The average UPT is calculated by simply  dividing the number of items purchased by the number transactions for the period. Shrinkage:-     The loss of inventory that can be attributed to factors including employee theft, shoplifting,administrative error, vendor fraud, damage in transit or in store and cashier errors that benefit thecustomer. Shrinkage is the difference between recorded and actual inventory. According to the NationalRetail Security Survey, conducted by the University of Florida, shrinkage in the United States during 2009represented 1.44% of retail sales. This percentage amounts to billions of dollars in lost inventory eachyear for U.S. retailers. Security guards, security tags and cameras are used by retailers in an effort toreduce shrinkage.According to the 2009 National Retail Security Survey, employee theft is the biggest contributor toshrinkage, approximately 43%, though employees are much less likely to be caught and apprehendedthan are shoplifters. In addition, the dollar value of employee theft incidents tends to be higher thanshoplifting incidents. Attrition: The reduction in staff and employees in a company through normal means, such as retirement andresignation. This is natural in any business and industry.This type of reduction in staff is one way a company can decrease labor costs: the company simply waitsfor its employees to leave and freezes hiring. Such a method contrasts the more severe labor-reductiontechniques, such as mass layoffs. Waiting for attrition is usually better for company morale. SOP Definition   Why Operations Auditing & Benchmarking / SOP Definition Services?  This service helps retailers define Standard Operating Procedures which in turn optimizes resource utilization. These procedures also integrate the retailer’s system and ensures smooth flow of   information. They also set the operational benchmarks and standards which the retail team strives toachieve.The broad areas that standard operating procedures cover are:    Retail Pro Operations / Store SOPs    Buying and Merchandising SOPs    Back end / Warehousing and logistics SOPs Store Layout:-   Store layout is the term used to refer the interiors and the allocation or the plan in which the productsare displayed in the store .It is quite imperative for the retailers to understand the customer andprepare a customer friendly layout.A customer friendly layout gives an impetus to the shopper to spend more time in the store henceincreasing the chances of shoppers buying more merchandise. In the case of India many of theindependent retailers do not have or have limited spaces for customer movement. Specially in smallerstores, one would find cash counter located at the store entrance. This treatment is common with socalled 'Kinara Stores'.But on the other hand, many organized retailers provide adequate space within the store for shoppersand create layouts that facilitates a definite pattern of customer traffic .In other words, the layoutcreates 'Aisles' so that the shopper can move on a predefined path inside the store.Layout planning caters to decisions about nature of traffic flow, kinds of product, space available andmaintenance of the space on a daily basis.Store layout is one of the many facets of Retail Atmospherics and it is significant as it plays a part in thecost incurred by the retail firm and also the general brand communication of the store. Conversion Rate:   The percentage of visitors who take a desired action.
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