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Glossary

Terminology refers to a set of specific words or expressions used within a particular field, industry, discipline, or subject area to convey precise meanings or concepts.

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Terminology Meaning

UPC

The Universal Product Code (UPC) is a unique 12-digit number assigned to each individual product sold in stores and online. It is used to identify and track products as they are sold, shipped, and received. The UPC is also used in inventory control and as a means of price comparison.

Example: The UPC on a cereal box helps retailers and customers identify and price the product.

Case Pack

Refers to a packaging unit in which products are grouped together for sale or inventory purposes. This term is especially relevant for retailers who purchase and manage inventory in bulk, as it helps streamline the ordering, stocking, and selling of products.

Example: A case pack of 24 bottles of water makes it easier for retailers to stock and sell in bulk.

Case Cost

Refers to the total cost of a product or a group of products when purchased in a pre-defined packaging unit or case.

Example: The case cost for a carton of smartphones is $10,000.

Unit Cost

A unit cost is a total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service.

Example: The unit cost of manufacturing a single bicycle is $150.

Vendor

A vendor supplies goods to a merchant. Vendors may include wholesalers, manufacturers, and resellers. A business makes its profit by marking up items they acquire from vendors and selling them to customers.

Example: The vendor provides the clothing store with its inventory of designer clothing.

Date Created

The date when the item or case was added to the system.

Example: The date created for a new product in the inventory management system is October 15, 2023.

Total Sales

Represents the sum of all the revenue or income generated by a business over a specific period of time.

Example: The total sales for the month of November were $50,000.

Total Comparable Sales

Is a metric used in retail and business analytics to measure and compare the sales performance of a specific category of products or a group of comparable items over a defined period. This metric is valuable for understanding how certain product categories or groups are performing in relation to each other.

Example: Total comparable sales of electronics outperformed clothing in the third quarter.

Total Comparable Quantity

Is a term that may be used in retail or inventory management to refer to the total count or quantity of a specific category of products or a group of comparable items within a business's inventory. It focuses on quantifying the number of items within a defined subset of the inventory.

Example: The total comparable quantity of toys in stock is 2,000 units.

Total Quantity

Refers to the sum or total count of a specific product or item that has been sold or is available for sale within the system. This quantity is based on the inventory records within the POS system and is used to keep track of how many units of a particular item are currently in stock or have been sold.

Example: The total quantity of sneakers in stock is 500 pairs.

Total Retail Shrink

This metric represents the financial loss or reduction in the total retail value of all products or items in a retailer's inventory. It takes into account the cumulative impact of shrinkage across all categories and types of products.

Example: Total retail shrink for the year resulted in a loss of $10,000.

Total Comp Retail Shrink

Is a metric used in retail businesses to measure and analyze the financial impact of inventory shrinkage specifically within a category of products or a group of comparable items. It's a more focused measure that helps businesses assess the loss in value due to shrinkage within a specific subset of their inventory.

Example: Total comp retail shrink in the electronics category is estimated at $5,000.

Total Cost Shrink

Refers to the financial loss or reduction in the total value of inventory due to various factors such as theft, spoilage, damage, or errors in inventory management.

Example: Total cost shrink due to damaged goods amounted to $2,000.

Total Sales Delta

Refers to the difference or change in total sales between two specific points in time, often used to analyze and measure the performance of a business. This term is commonly used in various contexts, including retail, finance, and business analytics.

Example: The total sales delta between Q2 and Q3 was a 15% increase.

Total Quantity Shrink

Refers to the discrepancy or difference between the expected quantity of items in inventory, as recorded in the system, and the actual quantity of items on hand. This discrepancy typically arises due to various factors such as theft, spoilage, damage, or errors in inventory management

Example: Total quantity shrink resulted from discrepancies in the recorded versus actual stock.

Total Quantity Shrink Delta

Used to measure the change in the total quantity shrinkage of a business's inventory over a specific period. It quantifies the difference between the quantity of inventory that was expected (based on inventory records) and the actual quantity on hand at the beginning and end of that period. This metric helps businesses monitor and analyze changes in inventory shrinkage, which can result from various factors such as theft, damage, spoilage, or inventory management errors.

Example: The total quantity shrink delta for this quarter shows a 10% reduction.

Total Retail Shrink Percentage

Is a key performance indicator used in retail businesses to measure the extent of inventory shrinkage as a percentage of total retail sales.

Example: The total retail shrink percentage for the year was 2% of total sales.

Total Quantity Shrink Percent

Used in inventory management to measure the extent of inventory shrinkage as a percentage of the expected or recorded quantity of items.

Example: The total quantity shrink percent indicates a 5% loss in inventory.

Sales Delta

Sales Delta refers to the change or difference in sales between two specific periods, often used to measure the performance or growth of a business.

Example: If a company's sales increased from $100,000 in January to $120,000 in February, the Sales Delta for that period is $20,000.

Comparable Sales

Comp is a term used to compare the sales of a particular period to a previous period to assess the growth or decline in sales.

Example: To calculate the Comp, you compare the sales for this year's Q3 to last year's Q3 to see if there's growth or decline.

Basket Size

Basket Size represents the average number of items or products purchased by a customer in a single transaction.

Example: If the average number of items in a customer's shopping cart is 5, the Basket Size is 5.

Customer Difference

Customers Diff is the change in the number of customers between two specified time periods.

Example: If you had 1,000 customers in January and 1,200 customers in February, the Customers Diff is +200.

Basket Size Delta

Basket Size Delta is the change in the average number of items in customers' shopping baskets between two periods.

Example: If the average basket size was 4 items in January and 5 items in February, the Basket Size Delta is +1.

Customers

Customers represent the individuals or entities who make purchases or engage with a business.

Example: A clothing store has 10,000 registered customers.

Customer Delta

Customer Delta is the difference in the number of customers between two specific time frames.

Example: If a cafe had 500 customers in the morning and 600 customers in the evening, the Customer Delta for the day is +100.

Avg Item Price

Avg Item Price refers to the average price of items or products sold by a business.

Meaning: Avg Item Price refers to the average price of items or products sold by a business.

Avg Item Price Delta

Avg Item Price Delta indicates the change in the average price of items between two time periods.

Example: If the Avg Item Price was $12 in January and $13 in February, the Avg Item Price Delta is +$1.

Heat Map

A Heat Map in retailMetrix is a visual tool that uses colors to represent data, offering a quick graphical overview of specific areas or sections in a retail space based on defined metrics. It highlights variations and trends in an easily digestible format.

Example: Imagine a Heat Map displaying porduct loss in terms of shrink in the location of the store to department. Using a color gradient, high-traffic areas are warmer (e.g., red), and low-traffic areas are cooler (e.g., blue). The color intensity provides a visual insight into peak hours and less frequented zones, aiding retailers in optimizing their store layout.

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