A version of this post was originally posted on Small and Mighty Co.
Every industry use lots of jargon and acronyms it can feel alienating and really confusing, this is a more comprehensive (than my previous one) business glossary of popular retail and wholesale terms that you can print and keep handy by your desk, pin for later or bookmark for reference.
Using the right vocab and understanding what buyers are saying will increase your confidence and support the building of a trusted relationship with your customers.
Pricing, Shipping and Terms
Recommended Retail Price (RRP) – the price the seller recommends that your product will be sold at.
Cost Price (CP) – the cost to the retailer.
Ideal Selling Price (ISP) – often used by companies that constantly sell at a discount to mass-markets resellers such as supermarkets. Sometimes a product can have an RRP, an ISP, and a CP.