Retail Terminology – N
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Narrow Aisle Layout
A narrow aisle layout refers to a store design with reduced aisle widths, allowing for more shelf space and increased product variety. This layout maximizes the utilization of available floor space, enabling retailers to stock a broader range of items. Though it may limit customer movement, it is ideal for compact stores seeking higher product density.
National Brand
A national brand is a product line that is marketed and sold nationwide under a well-known and established brand name. These products are often produced by large manufacturers and are widely recognized and trusted by consumers. Examples include brands like Coca-Cola, Nike, and Apple.
Net Sales
Net sales represent a company’s total revenue from goods sold or services provided, minus returns, allowances, and discounts. This figure provides an accurate measure of a retailer’s actual earnings from sales activities, reflecting its ability to generate revenue after accounting for any reductions.
Non-Refundable Deposit
A non-refundable deposit is an advance payment made by a buyer to a seller that cannot be reclaimed if the buyer chooses not to proceed with the purchase. This deposit secures the transaction and compensates the seller for any potential loss or inconvenience due to the buyer backing out.
Non-Store Retailing
Non-store retailing involves selling goods and services outside of traditional brick-and-mortar stores. This includes channels such as eCommerce websites, TV shopping networks, catalog sales, direct mail, and vending machines. It provides convenience and accessibility for customers preferring to shop remotely.
Niche Market
A niche market is a small, defined segment of the market catering to a specific group of customers with particular needs or preferences. Businesses targeting niche markets offer specialized products or services that are not widely available, allowing them to serve unique customer demands effectively.
Novelties
Novelties are unique, innovative, or whimsical items designed to grab attention due to their originality or amusing nature. These products are typically trend-driven, often serving as impulse buys or gifts, and can range from gadgets and toys to custom collectibles and themed merchandise.
Near Field Communication (NFC)
Near Field Communication is a wireless technology that enables short-range communication between compatible devices, usually within a few centimeters. In retail, NFC is commonly used for contactless payment systems, allowing customers to pay by simply tapping their NFC-enabled smartphones or cards on a reader.
Negotiated Pricing
Negotiated pricing refers to a pricing strategy where the final price of a product or service is agreed upon through negotiation between the buyer and the seller. This approach is often used in B2B transactions, large purchases, and industries where pricing flexibility is common.
New Product Introduction (NPI)
New Product Introduction (NPI) is the process of bringing a new product to market, covering all stages from initial concept and design to production and market launch. This process involves extensive research, development, and testing to ensure the product meets target market needs and achieves commercial success.
NOOS (Never Out of Stock)
NOOS, or Never Out of Stock, is a retail strategy aimed at maintaining constant availability of essential and high-demand products. Implementing NOOS ensures that popular items are always in stock, preventing missed sales opportunities and enhancing customer satisfaction by consistently meeting their purchasing needs.