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What Is an SKU Number? A Complete Guide

A stock-keeping unit (SKU) is an alphanumeric code that identifies a product and helps you track inventory for your retail business.

By December 11, 2024 | Retail, What is

Unlike a universal product code (UPC), which is a standardized 12-digit identifier assigned by manufacturers, an SKU is customizable and can include details like department, style, gender, size, and color. You can create SKU numbers manually or generate them through inventory management or point-of-sale (POS) systems. How Do SKU Numbers Work? SKU numbers play a…

What Is Recommerce? 2025 Small Business Guide

Recommerce (reverse commerce) is the buying and selling of used or pre-owned products for reuse. It is an emerging trend among independent retailers and small businesses, especially as consumers increasingly prioritize sustainability.

By December 11, 2024 | Retail, What is

Recommerce offers a promising business model that caters to both budget-friendly shopping and the growing demand for environmentally responsible retail options. This introductory guide will walk you through the essentials of recommerce and explore how it can benefit your business and customers. How Does Recommerce Work? Recommerce entails selling used or pre-owned products—anything from electronics…

What Is Revenge Spending? Everything Retailers Should Know

By December 11, 2024 | Insights and Trends, Retail, What is

Revenge spending or revenge buying is the phenomenon wherein consumers spend more money than usual after they are denied spending opportunities—for example, as a response to challenging economic situations or collective crises. Consumers could see it as making up for lost time. Because revenge spending drives increased demand for goods and services, understanding this phenomenon…

Amazon Seller Fees: Cost of Selling on Amazon Explained

By December 10, 2024 | Retail, What is

The three main Amazon seller fees are sale-related fees (which include referral and closing fees), seller account fees (which will depend on the selling plan you choose), and shipping/fulfillment fees. Miscellaneous fees may also apply in rare cases. Amazon deducts these fees directly from your sales earnings before payouts every 14 days. We’ll walk you…

What Is Online Banking? Definition, How It Works & Is It Safe?

By December 9, 2024 | Banking, What is

Online banking is an internet-based electronic banking service that allows customers to manage their finances electronically using a computer or mobile device. Due to technological advances, nearly all banks offer an online banking option. This allows business owners to keep up with their finances on the go and continue running their business without interruption. How…

What Is a Basis Point? Definition, Calculation & Uses

By December 4, 2024 | Financing, What is

A basis point, which is also commonly known as “bps” or “bips,” is a unit of measurement that represents a percentage change of value or rates within various financing instruments. It is a term commonly used throughout the finance industry and can have varying impacts based on the financing type it’s associated with. How Basis…

What Is Rideshare Insurance? Coverage, Cost & Benefits

By December 3, 2024 | Insurance, What is

You’ve just picked up your first passenger and are taking them to the airport. Instead of focusing on the road, your attention is diverted to your passenger when you’ve run a red light and hit another car. In these situations, rideshare insurance is a standalone policy or endorsement on your personal auto policy that provides…