The Ultimate Buyer and Seller Acronyms Dictionary — Part I
Acronyms and abbreviations have essentially taken over the social media and online shopping world, forever transforming the meaning of how we are seen among the sea of millions of new terms. Like these little former pound signs, acronyms play a very similar role in the world of online shopping — mostly on platforms such as eBay, Poshmark Tradesy, Amazon and more.
Some acronyms you’ll use in direct communication with a buyer or seller, while some are just impertinent to know in case you come across them on your online purchasing or listing journeys. But don’t panic if you’re unsure how to navigate the deep pool of what seems like endless wordplay — below, we’ve created the ultimate tome of acronyms and their meanings to have you ciphering the ecommerce universe in no time.
Meaning: Buy One, Get One
Afavorite among buyers, this acronym is probably the most eye-catching of all. Whether you’re offering something BOGO free, or a percentage off, you can be sure to make serious sales while bringing in tons of potential shoppers with this one.
Meaning: One Of A Kind
Along the same vein as an HTF item, OOAK’s can be even more rare; hence the whole only one of its kind aspect. The value is lofty and quite appealing to buyers. And if you yourself are a buyer, this could prove to be the type of item that is a great investment.
Meaning: Be On Look Out
No, we’re not talking in regards to an exciting spy thriller movie here. This is actually a great acronym for seller peers to help one another out with real tried-and-true analytics. By using this acronym, you and other entrepreneurs can send out an alert as to what each has had the experience selling successfully. BOLO can be the beacon on products that are proven to make you a lot of money in your marketplace.
Meaning: Facebook or Instagram
These explain themselves, but it’s crucial to know the acronyms with the big social sites you’ll be sharing and searching on. Some other commonly used acronyms for social media platforms can include G+ for Google, LI for LinkedIn, and YT for YouTube.
Meaning: Hard To Find
This lingo is beneficial for both selling and buying. If you’re on the lookout for a particular item, this is a signal acronym. If you’re selling, HTF can mean the difference in some serious profit for you, as these types of items are usually pretty high in value.
Meaning: Certificate Of Authenticity
Luxury brands boast an inclusiveness that can equal a hefty price tag and a devoted following of collectors. From Michael Kors to Prada to Rolex, if you’re selling or buying a legitimate piece from a luxury collection, looking for that COA acronym is a must. There are so many fakes and cons on the online market nowadays, that a COA is usually the only way to find the real thing.
Meaning: Gift Card
This acronym is a cool one because it can be used in so many ways as an incentive to buyers. You can create a BOGO type sale, a holiday freebie, and much, much more, reining in buyers in the promise of a free or discounted GC.
Meaning: Cost Of Goods Sold
This is more of an accounting item for sellers, but it comes in handy especially around tax season. It will help you keep this important line item organized clear and concise in your business spreadsheets, making tax time much less daunting
Meaning: Minimum Advertised Price
This acronym will be useful when you’re finding goods to sell in your own marketplace on wholesale platforms, or buying directly from a manufacturer. With these purchases, more often than not, you’ll be required to follow a threshold for price when re-selling.
Meaning: Minimum Order Quantity
When it doesn’t make profitable sense to sell just one of something, a minimum order quantity is a must. This runs true especially when you’re running BOGO item sales, or when you’re selling products that are heavier in weight, or complicated in design. In most cases, Minimum Order Quantity is required on Chinese platforms like Alibaba, AliExpress or Taobao.
Meaning: Manufacturers Suggested Retail Price
This is something really important to include in an item’s pricing description, as it can show just what a great and fair price you offer to buyers. It’s a way for them to see just how much they can save by going with your store over somewhere else that charges the full MSRP
Meaning: Original Retail Price
This is similar to an MSRP, but it’s utilized more when you buy to resale in your marketplace. Whatever you paid for it elsewhere, this is an honest way for you to represent for your buyers why it’s fair to buy from you.
Meaning: Online Arbitrage/ RA-Retail Arbitrage
Whether you find a great deal on items online, or in an actual retail store, these let buyers know where what your selling on your marketplace comes from. This way, there’s never any confusion about what is artisan, or PL/WL (see below).
More tips & tricks
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