18 Accounting terms that will help you understand financial statements

The A B C to understanding accounting and financial statements. These accounting terms that will help you understand financial statements

1. Fiscal Year :

A fiscal year is the twelve-month period that an organisation uses for budgeting, forecasting and reporting of financial statements and books of accounts. The fiscal year can coincide with the calendar year; however, it can also be different.

2. Revenue :

Revenue is the total amount of money collected for goods or services sold before deducting any expenses of business. It also includes any credits or discounts for returned merchandise.

3. Profit and Loss Statement :

A profit and loss statement is a report generated by the company that lists earnings, expenses and net profits for a given period of time. It’s also referred to as P&L.

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Niche Retailing- All you need to know

Niche Retail

As the name suggests, nice retailing is the practice of selling only to a specific market segment. Nice retailers specialise in one particular type of products or similar products. The more narrowly a niche retailer can define his target market, the better.  While niche retailers may not appeal to a broad group of consumers, they meet the special demands of smaller groups they target.

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Mass Customization- All you need to know

Giving each and every one of your customers what they want. If you were wondering how that is even possible, then visit a nearby mall, you’ll notice for yourself!

Mass customization combines the flexibility and personalisation  of custom-made products with the low unit costs associated with mass production. Mass customized products may also be referred to as made to order or built to order.

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Dynamic Clustering

Identifying patterns or opportunities in various and diverse segments to bring about the best strategies for each cluster

Most business have a fragmented customer base, i.e customers could be of different socio-economic backgrounds, spread across geographies, have variable product choices etc. Dynamic clustering helps the retailer identify patters or factors that drive store performance. They could be similar local patterns across stores in different locations. Product and consumer attributes are important for in-season store sales performance.

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All you need to know about Green Retailing

Eliminating waste.

Increasing efficiency

Reducing Costs.

Starting from as small environment friendly packaging material, giving your customers reusable shopping bags instead of plastic and implementing energy efficient practices like using renewable sources of energy to power operations is considered green retailing. It includes energy-efficient stores offering energy-efficient products, green merchandise, promotion and distribution, and reduced packaging.

Here’s how Nike and Wal-Mart are doing it :

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Omnichannel Retailing- All you need to know

“Omnis” is Latin for “every/all”

 

 

 

 

 

Omni-channel means establishing a presence on several channels and platforms like brick-and-mortar, mobile, online, catalog, telephone sales etc. and enabling customers to make transactions and engage across all of these channels simultaneously or interchangeably.

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POS (Point Of Sale)- All you need to know

Point of Sale- ( Abbr. – POS) Place where a sale is made.

Point of Sale
Weaver – Point of Sale

What is POS?

Point of sale, also referred to as point of purchase, is where a customer completes a sales transaction. Anyplace where a product/service is sold/bought is the point of sale. It could be a mall, restaurant, grocery store, a theatre, salon, stationary shop or anywhere you make a transaction; the exchange of a product/service for a certain monetary value. 

What is POS transaction?

The “point” where a customers tenders payment using any mode of payment, namely cash, card, wallet or mobile payments etc. in exchange for goods/services.

Point of sale

What is POS on a bank statement?

POS on a bank statement is usually used to describe the type of sale. You can see POS on your bank statement if you used your Debit Card to pay and complete a sales transaction. The details of the vendor you purchased from might appear in case of a Credit Card Statement.

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