The history of merchandising is as vast as the history of the trade itself – even the ancient Ebla tablets (dated ca. 2500 BC to ca. 2250 BC) are predominately about the trade and commerce of the time.
Merchandizing is the practice and process of displaying and selling products to customers. At a retail in-store level, merchandising refers to the variety of products available for sale and the display of those products in such a way that it stimulates interest and entices customers to make a purchase. Whether digital or in-store, retailers use merchandising to influence customer intent and reach their sales goals.
Electronic Commerce (E-Commerce) is the activity of electronically buying or selling products on online services or over the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
Customer relationship management (CRM) is the practice of collecting data about your customers and using it to improve relationships with them. It can cover potential, current, and former customers. Moreover, it helps you have an overview of your business operations and helps you also determine potential sales opportunities. For an e-commerce business where things are developing very fast, CRM is a goldmine. It helps any business owner organize all the information related to customer interaction.
Human Resource Management (HRM) is the strategic approach to the effective management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in the service of an employer’s strategic objectives.
Finance is the management of money, particularly in relation to companies, organizations, or governments. Specifically, it deals with the questions of how an individual, company, or government acquires the money needed – called capital in the company context – and how they then spend or invest that money.
Supply Chain Management (SCM) is the management of the flow of goods and services, which involves the movement and storage of raw materials, work-in-process inventory, and of finished goods from point of origin to point of consumption.
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