Whether you're a veteran salesperson or a brand contemplating making the jump into the wholesale world, navigating this dynamic space can be made a little easier if you're familiar with a few industry buzzwords. In this blog, we'll support any newcomers to a sales agency, brand, or retailer by decoding some of these wholesale buzzwords. This glossary will empower you to thrive in the wholesale world.
Find just over 40 essential words commonly used in the wholesale industry as they relate to your B2B commerce interactions below.
Brand:
A name of an easily identifiable product, product line, or service with specific attributes and features that sets a product or company apart. Typically a company's brand image will be used when facilitating communication, marketing, and sales efforts. Examples of a few brands in the MarketTime ecosystem include Schylling, Leanin' Tree, and Hammond's Candies.
Brick and Mortar:
Traditional physical retail stores with a physical presence, as opposed to online or e-commerce platforms.
Buyer:
An individual or entity that is responsible for making purchasing decisions on behalf of a retail business.
Buying Office:
A centralized entity within a retail organization that is responsible for making purchasing decisions, often overseeing the procurement process for multiple locations.
Catalog:
A comprehensive listing of products with detailed information typically used for marketing and order placement. Catalogs bring a brand's products to life using lifestyle images and curated product images to showcase products in a print or digital format. On MarketTime, you can easily hotspot your digital catalog to make it shoppable when browsing it using our B2B order writing solution or B2B eCommerce webshops.
Collection:
A set of products or designs created by a brand for a specific season or theme.
Cost of Goods Sold (COGS):
The total cost incurred to produce goods, including manufacturing, materials, and labor.
Corporate Showroom:
A dedicated space where brands showcase their products to potential buyers varying from smaller retail stores to corporate retail chains.
Delivery Window:
The specified timeframe within which wholesalers and manufacturers ship goods to retail customers. Both buyers and sellers can help to set a delivery window upon the creation of an order. This is standard practice for businesses in the gift industry as their buyers want to ensure that seasonal items will be on their shelves at the desired time for specific holidays throughout the year.
Dating:
The period during which payment is due on an invoice. For example, "net 30" means payment is due 30 days from the invoice date.
Exclusivity:
An arrangement where a retailer has the exclusive right to sell a particular brand or product in a specific market.
Exhibitors:
Participants showcase their products or services at a trade show.
Hotspot and Shoppable Catalogs:
Digital catalogs featuring interactive elements such as links and buttons, making them easily navigable and shoppable for online ordering or when placing orders with their local sales rep through an order writing application. Hotspotting catalogs is a breeze in MarketTime and one of the preferred methods for placing orders efficiently. To get started, simply upload a PDF catalog, and through OCR technology you can automatically link items in the digital catalog with items you've uploaded in MarketTime.
Independent Retailer:
A retail business that operates independently, often a smaller, locally-owned establishment.
Inventory:
The complete list of goods and materials held by a business for production or sale.
Invoice:
A document detailing the products or services provided, including quantities, prices, and payment terms.
Key Accounts:
Important and strategic clients or customers that contribute significantly to a business's revenue.
Line Sheet:
A document that provides detailed information about a product line, including images, descriptions, and wholesale prices.
Letter of Credit:
A financial document provided by a bank, ensuring that a seller will receive payment upon fulfilling contractual obligations.
Line:
A specific product or group of related products within a brand's collection.
Manufacturer:
A company or individual that produces goods for sale.
Market:
An event where sales agencies and brands showcase products to potential buyers, facilitating wholesale transactions.
Minimum Order Quantity (MOQ):
The smallest quantity of goods that a manufacturer or brand is willing to accept for a wholesale order for it to be profitable for them. Typically, brands will determine the minimum order quantity required and if any price breaks are available when purchasing a larger quantity.
Multi-Brand:
A sales agency that carries products from multiple brands.
One-Click Reorder:
An online ordering feature that allows buyers to quickly reorder previously purchased items. In the MarketTime Mobile App or MarketTime Website, you can quickly duplicate orders in a few ways, such as within the View Orders Screen or the Orders tab within any given customer. Simply search for your desired order, then use the arrow on the far right to display a menu that includes the Duplicate Order option. Once you select the necessary fields you need to edit that are required to proceed, you can quickly finalize the order and get it placed as if it were a new order!
Order Minimum:
The minimum value or quantity of products required for a wholesale order.
Payment Processor
A payment processor is a third-party service that facilitates electronic financial transactions, enabling the secure and efficient exchange of funds between a buyer and a seller. MarketTime's payment solution, known as mtCharge, is the most powerful and flexible payment processing solution in the wholesale industry! Save time, save money, and capture more sales with mtCharge.
Payment Terms:
The agreed-upon conditions for payment, including due date and any applicable discounts. Learn more about navigating payment terms in our recent blog.
Price Lists:
Detailed lists specifying the prices of products offered by a seller.
Promotions:
Special offers or marketing campaigns designed to boost sales. Promotions are heavily utilized around the show seasons and are a frequently used feature in MarketTime.
Rep Group:
A group of salespeople who collectively represent multiple brands. Rep Groups are also commonly referred to as a sales agency.
Road Rep:
A sales representative who travels to meet with buyers at their store.
Sales Agency
A group of sales representatives who collectively represent multiple brands. Sales Agencies are also commonly referred to as a rep group, as mentioned above. Some examples of Sales Agencies in the MarketTime ecosystem include Anne McGilvray & Company, Diverse Marketing, and Keena.
Sales Representative:
An individual or member of a sales agency responsible for selling products on behalf of a manufacturer or brand.
Samples:
Small quantities of products are provided to potential buyers for evaluation to get an idea of the look and feel of a product. Showrooms at a market consistently have samples on display available to scan and purchase using their order writing application and barcode scanner.
Shipping Terms:
Agreed-upon conditions and responsibilities regarding the transportation of goods.
Showroom:
A dedicated space where a brand or sales agency displays its products available for purchase for buyers.
Showcase:
A display or presentation highlighting a selection of products.
Stock-Keeping Unit (SKU):
A unique identifier that is assigned to a product to track inventory. The SKU will usually appear on purchase orders and is useful to quickly find items when reordering specific products.
Temps:
Temporary exhibitors at trade shows.
Trade Show:
An event where industry professionals gather to showcase and explore products.
Webshop:
An online store or e-commerce platform. Many sales agencies and brands opt to grow their online sales with a branded webshop powered by MarketTime.
Wholesaler:
A business that sells goods in large quantities to retailers.
Make the Most out of your Next Sales Appointment with MarketTime
MarketTime offers convenient, all-in-one B2B wholesale software perfect for wholesale selling. With our B2B solutions, you can streamline the order process, showcase your top products, and connect with clients before and after your sales appointment.
To learn more about our B2B solutions, schedule a demo with us! You can also visit us at our upcoming Q1 winter trade show events.
