Glossary

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Transit insurance is a type of insurance policy that provides coverage for business goods or personal belongings during transportation from one location to another. Such policies typically offer protection from the moment the goods are loaded onto the specified mode of conveyance (such as a truck) until they reach the destination declared on the policy.

Related Glossaries

SKU

SKU stands for “stock keeping unit” and — as the name suggests — it is a number (usually eight alphanumeric digits) that retailers assign to products to keep track of stock levels internally. If a product has different colors and sizes, each variation has a unique SKU number.

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COD risk

COD stands for "Cash on Delivery." COD risk refers to the potential challenges and risks associated with accepting cash payments upon delivery. It includes the risk of non-payment or fraudulent orders.

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COD Remittance

COD remittance refers to the regular payment of COD amount collected from customers at the time of delivery back to the end seller. As an industry practice, the COD collected by delivery executives at the time of door step deliveries is transferred back to the seller at pre-defined frequencies agreed by both the seller and the courier partner. This transfer of funds is known as COD remittance

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Exchange

An exchange occurs when a customer wishes to return a product they've purchased and, instead of a refund, they request a replacement product of the same or equivalent value. This is common for clothing or items with sizing issues.

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