It's been around in accountancy for ages, well nto ages last 20 or so years in that it separated white goods and home furnishings for things that stock turned over quickly.
Food is separate, it was things like clothing in the past
Effectively you look at the stock turn over ratio in your management accounts and anything that is destined to leave your shelves within a day is VFMCG and then upto a month FMCG then it turns into normal stock, then it turns into Slow stock. Like Mr Lee's Piano stores in Hong Kong, never seen ANYBODY in those shops wonder how they survive (I sometimes go in and play with their guitars but never buy anything).
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