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Medium quiz on fashion retail strategies, e-commerce trends, and the business of selling clothing.
1. What term describes the practice of setting different prices for the same product based on demand and timing?
💡 Dynamic pricing involves adjusting prices for the same product based on factors like demand, timing, and inventory levels.
2. What term describes influencers who promote and sell fashion products through their online platforms?
💡 Fashion influencers use their online platforms and follower base to promote and sell fashion products.
3. Which term describes the total customer experience across all brand touchpoints, both online and offline?
💡 The omnichannel experience refers to a seamless, integrated customer experience across all online and offline brand touchpoints.
4. What business model allows customers to try on clothing at home before deciding to purchase, common in online retail?
💡 Try-before-you-buy, or home try-on services, allow online customers to try clothing before committing to purchase.
5. What term describes a retail strategy where a store sells items on behalf of another party, sharing profits from sales?
💡 Consignment involves selling items on behalf of another party, with profits typically shared after a successful sale.
6. What is the term for the online shopping event held the Monday after Thanksgiving, focused on e-commerce deals?
💡 Cyber Monday, following Black Friday, is specifically focused on online e-commerce shopping deals.
7. What term describes a store that sells only one specific brand's products?
💡 A brand or flagship store exclusively sells and showcases products from a single specific brand.
8. Which term describes online tools that use body measurements to help customers find well-fitting clothes remotely?
💡 Virtual try-on and size recommendation tools use customer data to help predict well-fitting clothing choices in online retail.
9. Which retail strategy involves a business selling products directly to consumers without physical inventory, shipped by a third party?
💡 Drop-shipping is a retail method where a business sells products without holding inventory, fulfilled by a third-party supplier.
10. What term describes small, independent stores offering curated, often unique fashion selections?
💡 A boutique is typically a small, independent store offering a curated, often unique selection of fashion items.
11. Which retail term describes a large store selling a wide variety of goods, including multiple fashion brands, organized by department?
💡 A department store is a large retail space organized into departments, offering a wide variety of goods and brands.
12. Which metric measures the percentage of website visitors who complete a purchase in online fashion retail?
💡 Conversion rate measures the percentage of website visitors who complete a desired action, such as making a purchase.
13. Which shopping event, occurring the day after Thanksgiving in the US, is known for major retail discounts?
💡 Black Friday, the day after Thanksgiving, is renowned in the US for major retail sales and discounts.
14. Which term describes stores that sell excess or last-season inventory at discounted prices?
💡 Outlet stores sell excess inventory, last-season items, or slightly imperfect goods at discounted prices.
15. What is the term for a temporary retail space set up for a limited time to promote a brand or collection?
💡 A pop-up shop is a temporary retail space set up for a limited duration to promote a specific brand or product.