Retail Terminology – K
K
Key Performance Indicator (KPI)
KPIs are measurable values used by businesses to gauge the effectiveness of various operational, sales, and marketing strategies. In retail, KPIs can include sales revenue, customer retention rates, and inventory turnover.
Kiosk
A kiosk is a small, standalone booth or structure typically found in shopping malls, airports, or other high-traffic areas. It sells a variety of products or services and is designed to be compact and visually appealing.
Knock-Off
A knock-off is an imitation product that mimics the design and appearance of a brand-name item but is sold at a lower price. Knock-offs are often made with cheaper materials and can infringe on intellectual property rights.
Kitting
Kitting involves assembling individual items into combined units or kits ready for sale. This process increases efficiency in order fulfillment and offers customers the convenience of purchasing pre-packaged groups of related products.
Keystoning
Keystoning is a pricing strategy in which retailers set the retail price of an item at twice the wholesale cost. This traditional method simplifies pricing decisions and typically ensures a sufficient profit margin.
Knowledge Management
Knowledge management in retail involves collecting, storing, and sharing product information and organizational insights to enhance operational efficiency and customer service. Effective knowledge management helps staff access accurate information quickly.
Kinetic Displays
Kinetic displays integrate movement or motion elements to capture customer attention. These dynamic visual merchandising tools create engaging shopping environments and highlight promotions or featured products.
Keyword
Keywords are specific terms or phrases used in search engine optimization (SEO) and digital marketing to attract relevant web traffic. Effective keyword usage improves a website’s visibility on search engines.
Keyword Research
Keyword research identifies popular and relevant search terms that consumers use when looking for products or services. This practice informs content creation and SEO strategies to increase organic traffic.
Keyword Stuffing
Keyword stuffing refers to the overuse of keywords on a webpage to manipulate search engine rankings. This outdated and frowned-upon practice can lead to penalties from search engines like Google.
Klarna
Klarna is a fintech company offering online payment solutions and financing services. Klarna allows e-commerce customers to split their purchases into installments, pay later, or finance larger orders, providing flexible payment options.
KPI Dashboard
A KPI dashboard is a visual tool that displays key performance indicators in an easy-to-understand format. It helps business managers monitor critical metrics in real-time and make informed decisions to improve performance.