Jargon Busting Glossary
Cutting through the waffle and words used in the retail world
jargon busting glossary!
Do you sometimes think ‘what does that mean’ when you see a slogan or label in store that makes no sense? Gaining the clarity to understand what these terms actually mean?
Here you can search for those terms you’ve heard or seen so you can feel confident in your understanding.
|The Term||What it stands for||Jargon free explanation|
|Backstory||Where / why you created the product||The story of your brand journey|
|BOGOF||Buy one get one free||A simple promotion mechanic - about as powerful as a promotion gets|
|BRC||British Retail Consortium||Food & drinks suppliers produce products under a BRC accreditation for their category. Some Retailers request a BRC for categories outside of food (ASDA), find out more here: https://brc.org.uk|
|Case Size||The number of packs contained in the outer case||For example 10 x 85g / 6 x 250ml|
|Cost price||The price you supply the goods at|
|COGS||Cost of goods sold||Cost of Goods Sold (COGS) is the cost of a product to a retailer. Sales revenue minus cost of goods sold is a business’s gross profit.|
|CPI||Cost price increase||A term used when you are negotiating the cost price you currently supply at.|
|EDLP||Everyday low price||A supermarket strategy term - rather than lots of promotions they guarantee customers get a low price every day.|
|Gap analysis||Finding the gaps on the shelves!||Reviewing all of the products stocked via retailers to understand the ones who don't have an offering like yours.|
|JBP||Joint Business Plan||A business plan that exists between the supplier and the retailer. Incorporates your range, selling prices, media plan, overrider payments, marketing spend.|
|Media Plan||Online support||Any agreed support you pay for to run initiatives online i.e. coupons, banners, bundles|
|Outer case||This is the cardboard box that is supplied to the retailer||This can contain individual SRP (see above) for example 2 x 5 x 85g (2 SRP units containing 5 each individual selling units)|
|Overrider||A retrospective payment||A payment the supplier pays back to the retailer after sales have taken place. A reward for high achieving sales.|
|Pack copy||The words on your packaging||The words printed on your packaging to describe the product, ingredients, story, size, nutritionals|
|Pack size||The size of the individual unit sold to customers||This can be in kilograms / grams / millilitres / litres|
|Promotion||Promotion Activity||An activity where the supermarket reduces the price of a product/s, including multibuys or features away from or in aisle locations, with the aim of increasing sales & volume on a product/s for an agreed period of time.|
|RDC||Retail Distribution Centre||A retailers depot that handles every product destined for their stores.|
|RRP||Recommended Retail Price||The price you recommend they sell it for (based upon your online shop) or other listings. (Please note RRPs are at the discretion of the supermarket and they can sell at the price they decide)|
|RSP||Retail selling price||The price the retailer sells the product to the customer for.|
|SALSA||Safe and local supplier approval||An industry standard for smaller and local suppliers to produce under, find out more here: https://www.salsafood.co.uk/|
|SEL||Shelf Edge Label||The label that displays the price below or above the product|
|SRP||Shelf Ready Packaging||A display box that sits on the shelf to help store staff and to showcase your products|
|Supplier Portal||A Retailer's system process||The listing process is usually completed on a electronic system called a portal|
|Transit Trial||Travel test your product||By sending your products through the supply network, depot, RDC you can determine how it looks when it arrives in store for the shelf.|
|TOB||Turnover Bonus||A volume incentive activity.|
|WIGIG||When it's gone its gone||A promotion mechanic that tells people there's only so many of them|
Do you have a term you’ve seen that’s not included here? Please contact me and let me know so that I can help answer your queries. We wouldn’t want an acronym to stand in the way now would we?