ecommerce Glossary That All Brands Should Know | Sales Layer
ecommerce Glossary That All Brands Should Know
Table of Contents
Embarking upon a new project seems exciting on paper. But, when taking their first steps, any team can get frustrated: there is always a new language to learn in order to advance at a good pace.
Thinking about an ecommerce sales strategy can be one of the best decisions for your business. We could start with that big concept: ecommerce. That is to say, all the strategic actions designed to position, distribute, or sell your product catalog over digital channels.
And that is much more than a webpage.
So that you don’t get overwhelmed before starting, we have put together an ecommerce dictionary with some basic terms that all companies, brands, and professionals should be familiar with. This will help you never get lost again in a meeting, FAQ section of a website, and when you are buying the tools that you need to start your digitalization.
Data management
- Data source: A data source is any place from which the company collects product information. Data sources can be external and internal. Currently, this data is shared in full in digital format through Excel, CSV, and PDF files...
- API Solution: A direct connection between different systems or applications that guarantees a more accurate and safer exchange of data.
- ERP: This stands for “ Enterprise Resource Planning”. This is a piece of software meant to organize the company’s information and centralize its collection from many sources...
- PIM: This stands for “ Product Information Management”. This software solution acts as the only true source of all a company's product information...
- DAM: This stands for “ Digital Asset Management” and refers to the management and storage of digital resources...
- SaaS: This abbreviation refers to “Software as a Service”...
Product information
- Product page: This is the digital page that includes all the information about a product...
- Digital twin: This is an increasingly common concept that refers to an online “double” or “twin” of any physical product...
- Enriched content: This is more complete product content which provides more information and useful resources for the shopper...
- Data model: This refers to all the data, attributes, and relationships between different blocks of information...
- Product category: This is the label that identifies each product in its family...
- Filtering: A good PIM system is based on smart filtering to allow you to find products or groups of products based on any isolated piece of data...
- SKU: This stands for “Stock Keeping Unit”...
- Augmented reality: This is the technology that recreates life-size objects in a digital format...
- Content curation: This is the research process for product content that can be of interest for your audience...
- Landing page: This is a section of a website that is important because it acts as a final destination URL...
Digital sales strategy
- Big data: Large groups of data collected via technological tools to analyze performance and apply future business actions...
- Retail: The system of selling products by different brands to the public in general...
- B2C: The abbreviation for “Business to Consumer”...
- B2B: The abbreviation for “Business to Business”...
- D2C: The abbreviation for “ Direct to Consumer.”...
- Multi-channel: This is a sales strategy that combines several channels – both physical and online...
- Omnichannel: This is a greater multi-channel strategy in which a shopping experience without barriers between the different channels is offered...
- Marketplace: This is an online sales platform for products from different retailers and/or brands...
- Ecommerce platform: CMS (Content Management Systems) are software systems used to create and manage online shops...
- Logistics: This is the entire strategy geared towards storing, managing, and delivering products in inventory and orders from the company...
- Social commerce: This is the phenomenon of sales via social networks...
- User experience: Also known for its abbreviation “UX,” this is the shopping experience that a brand offers through all its actions...
- Seasonality: Both for physical and digital sales, the time of year has a great influence on consumers’ behavior...
- SEO: The abbreviation for “ Search Engine Optimization”...
- Competitive intelligence: This consists of analyzing the actions of your direct competition...
- A/B Testing: This is a marketing practice geared towards trying two versions of a digital design to measure which one works better...
- Customer Relationship Management (CRM): The management of relationships with the customer is a vital process for online sales...
- Lifetime Customer Value (LCV): This is the monetary value that a client has for the company...
- Net Promoter Score (NPS): This is the level of recommendability of your brand or products...
Online shopping experience
- Shopping cart: Also known as the “cart” or the “shopping basket.” This is the digital version of the traditional shopping cart...
- Checkout: The process for reviewing, confirming, and paying for products on a digital channel...
- Payment gateway: This is the system for collecting payment for an online purchase through alternatives like bank cards or PayPal...
- Average purchase value: This is the average amount that your customers spend on your digital channel per visit...
- Cart abandonment rate: This is the average number of shopping carts that customers never complete the sale for...
- Call to action (CTA): These are visual elements like buttons or texts with a link with which users interact...
- Click-through rate (CTR): The average number of clicks...
- Cross selling: This is a sales strategy in which the buyer is encouraged to purchase products related with one of his/her interests...
- Upselling: This is the strategy that aims to convince the buyer to acquire a product that is in a higher category...
- Responsive design: This is a type of web design that is adapted so that pages are displayed correctly on any type of screen and device...
- AMP: This stands for “Accelerated Mobile Pages,” a concept developed by Google...
Now that your ecommerce vocabulary has improved a lot, why don’t you start to put everything you know into practice? Remember that a PIM solution is the best way to start automating all your processes in an ecommerce strategy. You can try a PIM solution for yourself for free, or ask our specialists about any questions you may have. Surely now you speak our language!