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Economic Order Quantity – EOQ Definition, Calculation and Formula

The Economic Order Quantity is a very good approach for efficient inventory management, though not the only step that a merchant can take, but can certainly make an impact.

e-commerce

Business transactions that happne over the internet

Electronic Fund Transfer

The method of transferring money from customer’ account to the merchant’ account

Electronic Point of Sale (EPoS)

The Electronic Point of Sale (EPoS) is a very commonly used system in supermarkets, malls, and showrooms (retail stores to be precise) to enter the sales information, handle customer loyalty programs, manage stock inventory, etc. It’s basically also known as the ‘checkout point’ or ‘checkout lane’ where the customer transactions are done.   Another definition […]

Enterprise Resource Planning

Definition The acronym ERP first came into existence when the Gartner Group to signify material resource planning and manufacturing resource planning, denoting application integration beyond manufacturing. There are numerous core departments and functions within an organization such as HR, Finance, manufacturing, logistics, and supply chain, inventory management, sales and marketing, IT, etc. Enterprise Resource Planning […]