Resale Terminology
A compendium of terminology for the resale industry: consignment clarification, like-new lingo, secondhand sense, a glossary of great used stuff, a dictionary of junk jargon.Added to at irregular intervals by Kate Holmes, Resale Guru, Industry Expert, Best-Selling Author of The Complete Operations Manual for Resale & Consignment Shops and all-around Consignment Queen. Not to mention the brains behind HowToConsign.com and the Auntie Kate sob sister of Auntie Kate's Blog. Want to suggest a listing? E-mail me!AIDA: No we're not talking opera. We're talking a simple, foolproof way to write ads, fliers, and other promotional material that succeeds in its intent. AIDA stands for Attention-Interest-Desire-Action. First, you must grab attention and stimulate interest. Next you build their desire for what you are selling, and you end with simple directions on how they can take action to get this object of their desire. BOGO: Stands for Buy
One Get One... which can be Buy One
Get One free, at 50% off, or even 25% off. BOGO sales
have the advantage of encouraging multiple purchases. Since a BOGO
Half-Off offer is the equivalent of 25% off (or less*) each item, it
sounds a lot more generous than it really is, and helps clear racks
when you need to. * The get one half-off with purchase at full
price offer is usually predicated on Higher Price Prevails,
meaning the cheaper item is the one reduced by 50%. This brings the
effective markdown to probably less than 25% off the sum of
the two original prices. Interested in planning a BOGO event? We
talk about BOGO Deals in Bag Sales, Dollar
Racks & BOGO Deals. COG: Cost of Goods (sold), how much (expressed, usually in percentages) the items sold cost you. If you're a consignment shop and you operate on a 50-50 split, your COG of consigned goods will be 50%. Your COG overall for the shop, however, can be considerably less, depending on what you have bought for resale, new merchandise and its profit margin, and other factors. The benefit of consigning is, of course, that there is no COG until...and unless...a consigned item is sold, unlike shops which must purchase merchandise before it sells, and who may suffer losses if purchasing is not in line with sales. Color-tag System: A way of indicating, by use of a scheme of color price tags, when an item was placed on the sales floor. Used by some shops as a short-cut to actually doing markdowns by hand, resulting in a mish-mash of signs in the store of the Pink Tags 25% off* Blue tags 38% off* Peridot tags 75% off variety, sales staff who say that in one long breath right after hello, and confused customers who can't remember which color's which, and anyway can't or don't want to do math while they shop, and who the heck knows what peridot is anyway? DuH: In Basic Internet Speak, DH is "darling husband", DD "darling daughter" and so on. Your hostess with the mostest (and how old do you have to be to remember THAT phrase?) happens to have a DuH or "darling UN husband"... 38 years this month!... that many Sharers assume is clueless, as in Duh? This may well be true but we won't tell him. We will ALSO not tell him that I have put this silly photo of us on the web, complete with Santa hat. NTY: Abbreviation for
"no-thank-you", items offered to a shopkeeper by a member
of the public wishing to consign or sell them, that the shopkeeper
does not have the customer for and thus says "no thank
you" to. Often, regrettably and incorrectly, known as
"Rejects", a word which is pejorative
and non-consumer-friendly. ODs: Abbreviation for "out-of-dates", those consigned goods which remain unsold after the store's specific length of consignment period is past. The handling of ODs can make or break a shop's profits and operations; for details, refer to Too Good to be Threw, The Complete Operations Manual for Resale & Consignment Shops. OTB: Abbreviation for "Open-to-Buy Budget." This is the cash you have available to invest in purchasing stock to sell. Many shops buy some things, such as lower-priced accessories or clothing; some shops buy most or all of their merchandise from individual sellers who come into the shop much like consignors do. The more you buy, the more carefully you must monitor and handle your OTB. PDQ: The term that TGtbT.com uses for PDFs, ("Portable Document Format") which are a type of file that can be safely transmitted from computer to computer. You need the latest edition of Adobe Reader (free, easy-to-use, and here) to view these files. Kate calls her version PDQs because they are sent to you by herself, Pretty Darn Quick, as opposed to some web sites which automate the process so you receive them from a machine. POP: Retailese for Point-of-Purchase, those little impulse items that are at your elbow when you're paying for your purchases. Some places it's gum, chocolate and magazines; other places it's aspirin and batteries. What are the POPs in your shop? What? You don't have any? Well, see, there, you've learned something already. Find more wonderful things that will make your shop succeed beyond your wildest dreams. ROI: Abbreviation for Return on Investment. Everything you do involves an investment: of money, of time, of effort. It's important, if you want to be successful (silly phrase, of course we want to be successful!) to balance what you spend with what you aim to profit. WIIFM: What's In It For Me, the absolutely only question your clients (consignors, sellers, shoppers, donors, employees, landlords!) are unterested in. They don't care about you, thet care about THEM. Human nature, nothing to be ashamed of. For more on WIIFM, visit this blog entry and this one and this one too. WOM or W-O-M: Word of mouth. The best publicity you can get. Doing something worthy of Word of mouth gets you talked about and gets your shop noticed with no expense!
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