Retail Toolkit
Asian retail glossary: the terms that appear in earnings calls and deal notes
Plain-language definitions for the vocabulary used in Asian retail reporting: GMV, take rate, LFL, ATGA, dark store, quick commerce, CoD and the rest.
Guide 3 of 9 · 9 min read · Updated 10 August 2026
Retail reporting in Asia mixes accounting terms, platform terms and local shorthand, often in the same sentence. This glossary defines the ones that carry real meaning and flags the ones that are frequently used to flatter a number.
Commercial and platform terms
| Term | Definition | Watch for |
|---|---|---|
| GMV | Gross merchandise value: total order value before cancellations and returns | It is not revenue; cancellation rates vary widely |
| Take rate | Platform commission as a share of GMV | Excludes advertising fees the seller also pays |
| LFL / SSSG | Like-for-like or same-store sales growth | Definition of the comparable store base |
| ASP | Average selling price | Mix shift can move it without any price change |
| Attachment rate | Share of transactions with an add-on item | Easily gamed with bundled low-value items |
| CoD | Cash on delivery | Drives refusal rates and delayed cash collection |
Operations terms
| Term | Definition | Watch for |
|---|---|---|
| Dark store | Store-format facility used only for fulfilment | Costs sit in a different P&L line than stores |
| Quick commerce | Sub-hour delivery of a small assortment | Contribution per order rather than order growth |
| Weeks of cover | Closing stock divided by average weekly sales | Which weeks are used as the average |
| Sell-through | Units sold as a share of units received | Meaningless without a time window |
| OTIF | On time, in full delivery performance | Measured at line level or order level |
| Shrinkage | Stock loss from theft, damage and error | Often netted against other adjustments |
Property and finance terms
| Term | Definition | Watch for |
|---|---|---|
| Turnover rent | Rent set as a percentage of sales | The contractual definition of sales |
| Occupancy cost ratio | All property costs as a share of sales | Service charge is often excluded in headlines |
| EBITDA pre-IFRS 16 | Earnings before lease accounting effects | Comparability across reporting standards |
| Contribution margin | Margin after variable costs of serving the order | Which costs are treated as variable |
| Working capital cycle | Days of inventory plus receivables minus payables | Seasonal timing of the measurement date |
Key takeaways
- GMV is order value, not revenue, always ask about cancellations and returns.
- Like-for-like growth means nothing without the comparable store definition.
- Occupancy cost ratio, not rent, is the property number that matters.
- Contribution margin is only comparable when the variable cost list is disclosed.
Questions & Answers
Q.Why do platforms report GMV instead of revenue?
Why do platforms report GMV instead of revenue?
It is larger and it captures marketplace activity where the platform never owns the goods. It is a scale measure, not a performance measure.
Q.Is like-for-like growth comparable between companies?
Is like-for-like growth comparable between companies?
Rarely. Companies differ on how long a store waits before entering the base and how refurbishments are treated.
Q.What is the most misused term in the region?
What is the most misused term in the region?
Contribution margin, because everyone draws the line between variable and fixed costs differently.
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Retail News Asia Editorial Desk
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Researched, written and fact-checked by our newsroom. Last reviewed 10 August 2026. Meet the editorial team.