Retail Junction

Multi-channel retailer

Retailer that sells merchandise or services through more than one channel.

share of wallet

The percentage of total purchases made by a customer in a store.

Shopping bots

Computer programs that simply search for and provide a listing of all Internet sites selling a product category or brand with the price of the merchandise offered.

Virtual communities

A network of people who seek information, products, and services and communicate with each other about specific issues.

Accessibility

(1) The degree to which customers can easily get into and out of a shopping center; (2) ability of the retailer to deliver the appropriate retail mix to the customers in the segment.

benefit segmentation

A method of segmenting a retail market on the basis of similar benefits sought in merchandise or services.

brand loyalty

An example of habitual decision making that occurs when consumers like and consistently buy a specific brand in a product category.

buying process

The stages customers go through to purchase merchandise or services.

buying situation segmentation

A method of segmenting a retail market based on customer needs in a specific buying situation such as a fill-in shopping trip versus a weekly shopping trip.

buzz

Genuine, street-level excitement about a hot new product.

compatibility

The degree to which the fashion is consistent with existing norms, values, and behaviors.

complexity

Refers to how easy it is t understand and use a new fashion. Consumers have to learn how to incorporate a new fashion into their lifestyle for it to be successful.

composite segmentation

A method of segmenting a retail market using multiple variables, including benefits sought, lifestyles, and demographics.

consideration set

The set of alternatives the customer evaluates when making a merchandise selection.

cross-shopping

A pattern of buying both premium and low-priced merchandise or patronizing expensive, status-oriented retailers and price-oriented retailers.