Retailtech Terms Glossary: Retailtech Terms in 2024
A
Artificial Intelligence (Ai)
Artificial Intelligence (AI) refers to the simulation of human intelligence in machines, enabling them to perform tasks that typically require human intelligence.
Artificial Intelligence (Ai) In Retail
Artificial Intelligence (AI) in Retail refers to the application of AI technologies, such as machine learning and natural language processing, in the retail industry to automate tasks, personalize experiences, and drive business insights.
Artificial Neural Network (Ann)
An Artificial Neural Network (ANN) is a mathematical model inspired by the structure and function of biological neural networks, used in AI to solve complex problems.
Artificial Neural Networks
Artificial Neural Networks are computational models inspired by the structure and function of biological neural networks, used in machine learning and AI.
Artificial Reality (Ar)
Artificial Reality (AR) is a combination of augmented reality and virtual reality, blending digital information with physical reality to create entirely new virtual experiences.
Augmented Commerce
Augmented Commerce refers to the integration of augmented reality, virtual reality, and other technologies into the online shopping experience, enhancing product visualization and customer engagement.
Augmented Reality (Ar)
Augmented Reality (AR) is a technology that overlays digital information, such as images, videos, or 3D models, onto the real-world environment, enhancing the user's perception and interaction with the surrounding.
Augmented Virtual Reality (Avr)
Augmented Virtual Reality (AVR) combines elements of both augmented reality (AR) and virtual reality (VR) to create a mixed reality experience, blending digital content with real-world environments.
B
Beacon Technology
Beacon technology involves the use of small Bluetooth devices called beacons to detect and interact with nearby mobile devices, enabling location-based services and personalized notifications.
Big Data
Big Data refers to large and complex datasets that cannot be easily managed, processed, or analyzed using traditional data processing techniques and tools.
Biometric Payments
Biometric payments use unique biological characteristics, such as fingerprints or facial recognition, to authorize and process transactions.
Blockchain
Blockchain is a distributed ledger technology that enables secure and transparent recording of transactions across multiple computers, providing immutability, decentralization, and trust.
C
Cash Flow Management
Cash flow management involves monitoring, analyzing, and optimizing the cash inflows and outflows of a business to ensure sufficient liquidity and financial stability.
Cashback Programs
Cashback Programs offer customers a percentage of their purchase amount back as a cash refund or credit, incentivizing future purchases and increasing customer loyalty.
Cashierless Stores
Cashierless Stores utilize technologies like computer vision, sensors, and AI to enable customers to pick up items, automatically detect them, and complete purchases without going through a traditional checkout process.
Cashless Payments
Cashless Payments refer to transactions made using digital payment methods, such as credit or debit cards, mobile wallets, or contactless payment solutions, eliminating the need for physical cash.
Cashless Stores
Cashless stores are establishments that only accept digital payments and do not handle physical cash.
Chatbot
A Chatbot is an AI-powered software program designed to have conversations or interact with users, typically through text or voice-based interactions.
Chatbots
Chatbots are AI-powered computer programs designed to simulate conversation with human users, typically through text or voice-based interfaces, to provide information or perform tasks.
Click And Collect
Click and Collect (or Buy Online, Pickup In Store) allows customers to purchase products online and collect them from a nearby physical store, offering convenience and reducing delivery times.
Cloud Computing
Cloud Computing refers to the delivery of computing services, such as servers, storage, databases, networking, software, analytics, and intelligence, over the internet.
Cloud Point Of Sale (Cloud Pos)
Cloud Point of Sale (Cloud POS) is a system that stores and processes sales transactions and data in the cloud rather than on local hardware.
Contactless Payments
Contactless payments use technologies like NFC (Near Field Communication) to enable secure and convenient transactions by tapping or waving a card or mobile device.
Contactless Technologies
Contactless Technologies include technologies like NFC, Bluetooth, and QR codes that enable transactions, information exchange, or interaction without physical contact between devices.
Conversational Commerce
Conversational commerce refers to the use of messaging apps, chatbots, or voice assistants to interact and transact with customers.
Customer Analytics
Customer Analytics involves the analysis of customer data, behavior, preferences, and interactions to gain insights and drive targeted marketing, sales, and service strategies.
Customer Data Platform (Cdp)
A Customer Data Platform (CDP) is a software system that aggregates and organizes customer data from various sources to create a unified customer profile, enabling personalized marketing and better customer experiences.
Customer Experience (Cx)
Customer Experience refers to the overall experience and interaction a customer has with a company or brand throughout their journey.
Customer Feedback Management
Customer Feedback Management encompasses the collection, analysis, and utilization of customer feedback, reviews, and ratings to improve products, services, and overall customer satisfaction.
Customer Journey
The customer journey refers to the complete sum of experiences a customer goes through when interacting with a company or brand.
Customer Loyalty Programs
Customer Loyalty Programs are marketing strategies designed to incentivize repeat purchases and enhance customer retention by offering rewards, discounts, exclusive offers, or personalized experiences to loyal customers.
Customer Relationship Management (Crm)
Customer Relationship Management (CRM) refers to the practices, strategies, and technologies used by businesses to manage and analyze customer interactions and data throughout the customer lifecycle.
Customer Segmentation
Customer Segmentation is the process of dividing customers into distinct groups based on their characteristics, behaviors, or preferences.
Cybersecurity
Cybersecurity refers to measures and technologies used to protect computer systems and data from unauthorized access, attacks, or damage.
D
Dark Stores
Dark stores are distribution centers or warehouses utilized solely for online order fulfillment, operating separately from physical retail locations.
Data Analytics
Data Analytics involves the process of examining large datasets to uncover actionable insights, patterns, and correlations that can help in making informed business decisions.
Data Mining
Data Mining is the process of discovering patterns, relationships, or insights from large data sets using mathematical algorithms, statistical techniques, and machine learning methods.
Data Privacy
Data Privacy involves the protection and proper handling of personal data, ensuring compliance with regulations and maintaining customer trust.
Data Science
Data Science is a multidisciplinary field that uses scientific methods, processes, algorithms, and systems to extract knowledge and insights from structured and unstructured data.
Data Security
Data Security involves the protection of data from unauthorized access, use, disclosure, disruption, modification, or destruction, ensuring its integrity, confidentiality, and availability.
Demand Forecasting
Demand Forecasting is the process of estimating future customer demand for products or services based on historical data, market trends, and other relevant factors.
Digital Payments
Digital payments refer to electronic transactions made using technologies such as mobile wallets, digital banking, or cryptocurrency.
Digital Signage
Digital Signage involves the use of digital displays, such as LCD screens, video walls, or interactive kiosks, to deliver targeted advertisements, information, or entertainment content.
Digital Transformation
Digital Transformation is the process of integrating digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
Digital Wallets
Digital Wallets are mobile applications or services that securely store payment information and enable users to make purchases using their smartphones or other mobile devices.
Dynamic Pricing
Dynamic Pricing is a pricing strategy that adjusts product prices in real-time based on various factors, such as demand, competition, time of day, or customer segmentation, to optimize revenue and profitability.
E
E-Commerce
E-commerce, or electronic commerce, is the buying and selling of goods and services over the internet.
E-Wallet
An E-wallet, also known as a digital wallet, is a software-based system that securely stores users' payment information and allows for electronic transactions.
Elasticsearch
Elasticsearch is a search engine that allows for fast and scalable searching, analysis, and visualization of large amounts of data.
End-To-End (E2E) Retail Analytics
End-to-End (E2E) Retail Analytics refers to the comprehensive analysis of data across the entire retail supply chain, from production to point of sale, to gain insights and optimize operations.
Endless Aisle
The Endless Aisle concept enables customers to access and purchase products that are not physically available in-store, often leveraging digital kiosks, mobile apps, or online platforms.
Epos
EPOS, short for Electronic Point of Sale, refers to a computerized system used in retail stores for processing sales transactions.
Experiential Retail
Experiential Retail refers to a retail strategy that focuses on creating immersive and engaging experiences for customers, beyond traditional shopping transactions.
F
Fulfillment
Fulfillment refers to the process of receiving, processing, and delivering customer orders.
G
Geofencing
Geofencing uses GPS or RFID technology to create virtual boundaries and triggers actions or notifications when a device enters or exits a designated area.
Geolocation
Geolocation is the identification or estimation of the real-world geographic location of an object, such as a mobile phone or computer terminal.
Geolocation Technology
Geolocation Technology uses GPS or IP address data to determine the real-world geographic location of a device or user, enabling location-based services and targeted marketing.
Green Retailing
Green Retailing refers to environmentally friendly and sustainable practices implemented by retailers to minimize negative impacts on the environment, reduce energy consumption, and promote eco-friendly products.
I
In-Store Analytics
In-store Analytics involves the use of technologies like cameras, Wi-Fi tracking, and beacons to collect and analyze data on customer behavior, traffic patterns, and store performance.
Influencer Marketing
Influencer Marketing involves partnering with influential individuals or content creators on social media platforms to promote products, increase brand awareness, and drive customer engagement.
Interactive Displays
Interactive Displays are touchscreen-enabled digital displays that allow users to interact with content, navigate menus, or make selections, enhancing customer engagement and product exploration.
Internet Of Everything (Ioe)
The Internet of Everything refers to the connection of all types of devices, objects, and people to the internet, creating a network of interconnectedness.
Internet Of Things (Iot)
The Internet of Things (IoT) refers to a network of physical devices, vehicles, appliances, and other objects embedded with sensors, software, and connectivity, enabling them to collect and exchange data.
Internet Of Things (Iot) In Retail
Internet of Things (IoT) in Retail refers to the application of IoT technology in the retail industry, enabling retailers to collect, analyze, and act on real-time data.
Inventory Management
Inventory Management involves the process of overseeing and controlling the flow of goods from manufacturers to warehouses to point of sale, to ensure optimal stock levels.
Inventory Optimization
Inventory Optimization involves determining the optimal stock levels and replenishment strategies to minimize costs while ensuring sufficient inventory to meet customer demand.
L
Last Mile Delivery
Last mile delivery is the final stage of the delivery process, from a transportation hub to the customer's doorstep.
Last-Mile Delivery
Last-Mile Delivery refers to the final leg of the delivery process, from a distribution center to the end customer's location, often presenting unique logistical challenges.
Loyalty Program
A Loyalty Program is a marketing strategy that rewards customers for their repeat purchases or brand loyalty.
M
Machine Learning (Ml)
Machine Learning (ML) is a subset of AI that focuses on getting machines to learn from data and improve their performance without being explicitly programmed.
Marketing Automation
Marketing Automation is the use of software platforms and technologies to automate marketing processes, such as lead generation, email marketing, and customer segmentation, to improve efficiency and effectiveness.
Microtargeting
Microtargeting is a marketing strategy that involves tailoring messages and content to specific individuals or narrow segments based on their preferences or behaviors.
Mobile Commerce
Mobile commerce, or m-commerce, refers to conducting online transactions through a mobile device, such as a smartphone or tablet.
Mobile Commerce (M-Commerce)
Mobile Commerce (m-commerce) refers to the buying and selling of goods and services through wireless handheld devices such as smartphones and tablets.
Mobile Payments
Mobile Payments refer to the ability to make payments using mobile devices, such as smartphones or tablets, often using technologies like Near Field Communication (NFC) or mobile wallets.
Mobile Pos
Mobile POS, or Mobile Point of Sale, refers to the use of mobile devices, such as smartphones and tablets, as a payment terminal to process sales transactions.
O
O2O (Online-To-Offline)
O2O, short for Online-to-Offline, refers to the integration of online and offline business operations, providing seamless customer experiences across both channels.
Omni-Channel
Omni-channel is an approach that focuses on providing a seamless and integrated shopping experience across different channels, such as online, in-store, and mobile.
Omnichannel
Omnichannel is an approach that provides a seamless and consistent customer experience across all channels, such as physical stores, online platforms, and mobile applications.
Online Marketplace
An Online Marketplace is a digital platform where multiple third-party sellers can offer their products or services for sale to consumers.
Order Management System
Order Management System (OMS) is a software solution that consolidates and automates the process of receiving, processing, and fulfilling customer orders, ensuring efficient order flow and inventory allocation.
P
Personal Shopping Assistants
Personal Shopping Assistants are AI-powered virtual assistants or chatbots that help users discover and purchase products based on their preferences, provide recommendations, and offer personalized shopping experiences.
Personalization
Personalization is the process of tailoring products, services, and marketing efforts to individual customers based on their preferences, behaviors, and past interactions.
Point Of Sale (Pos)
Point of Sale (POS) refers to the physical or digital location where a transaction is completed, typically involving the exchange of goods or services for payment.
Pos System
A POS System, or Point of Sale System, is a combination of hardware and software used to process sales transactions, manage inventory, and perform other functions in retail.
Predictive Analytics
Predictive Analytics is the use of statistical algorithms, machine learning techniques, and historical data to predict future outcomes, trends, or behaviors.
Product Bundling
Product Bundling involves offering multiple products or services together as a single package or bundle at a discounted price, encouraging customers to purchase more items.
Product Information Management (Pim)
Product Information Management (PIM) refers to the process of collecting, organizing, enriching, and distributing product data across different sales channels, ensuring accuracy and consistency.
Promotions Management
Promotions Management involves planning, executing, and measuring marketing promotions, discounts, or special offers to drive sales, customer acquisition, or brand awareness.
Q
Qr Codes
QR codes (Quick Response codes) are two-dimensional barcodes that can be scanned using a smartphone to quickly access information or perform an action.
R
Recommendation Engine
A Recommendation Engine is a software algorithm that analyzes user data, such as purchase history or browsing behavior, to generate personalized recommendations for products or services.
Retail Analytics
Retail Analytics is the use of data analysis techniques to gain insights into customer behavior, market trends, and operational performance in the retail industry.
Retail Crm
Retail CRM, or Retail Customer Relationship Management, is a customer-centric approach and software system that helps retailers manage and analyze customer interactions, drive loyalty, and enhance the overall customer experience.
Retailtainment
Retailtainment refers to the use of entertainment, events, or experiences to attract customers and enhance the shopping experience, with the aim of increasing sales.
Retailtech
Retailtech refers to the technology solutions and innovations specifically designed to enhance the retail industry.
Rfid
RFID (Radio Frequency Identification) is a technology that uses radio waves to automatically identify and track objects with RFID tags.
Rfid (Radio Frequency Identification)
RFID (Radio Frequency Identification) is a technology that uses electromagnetic fields to automatically identify and track tags attached to objects, enabling inventory management, asset tracking, and contactless transactions.
Robotic Assisted Fulfillment
Robotic Assisted Fulfillment involves the use of robots in warehouses or fulfillment centers to automate picking, sorting, packing, and shipping tasks.
Robotic Fulfillment Centers
Robotic fulfillment centers use automated robots to assist with tasks such as order picking, sorting, and packaging in e-commerce warehouses.
Robotic Process Automation (Rpa)
Robotic Process Automation (RPA) refers to the use of software robots or bots to automate repetitive and rule-based tasks, improving efficiency and reducing errors.
Robotic Shelf Monitoring
Robotic shelf monitoring involves using robots equipped with cameras or sensors to monitor product availability, placement, and pricing on store shelves.
Robotics
Robotics involves the design, construction, programming, and use of robots to perform tasks, automate processes, or enhance human capabilities.
S
Saas
SaaS, short for Software as a Service, is a software licensing and delivery model where software is provided on a subscription basis and centrally hosted.
Smart Carts
Smart Carts are shopping carts equipped with technology, such as RFID, sensors, or touchscreens, to provide personalized recommendations, offer product information, or enable contactless payments.
Smart Coupons
Smart Coupons leverage digital technologies to provide personalized offers, discounts, or promotions based on customer preferences, behavior, or location, enhancing customer engagement and driving sales.
Smart Lockers
Smart Lockers are self-service storage units equipped with electronic locks and automated systems that enable secure and convenient storage, retrieval, and delivery of packages or products.
Smart Mirrors
Smart Mirrors are digital displays embedded in mirrors, providing virtual try-on experiences, personalized recommendations, and interactive features.
Smart Retail Spaces
Smart Retail Spaces are physical store environments equipped with various technologies, such as IoT sensors, AI-powered systems, and data analytics, to enhance operational efficiency, customer experiences, and optimize space utilization.
Smart Shelf
A Smart Shelf is a shelf equipped with sensors and RFID technology to track inventory levels, monitor product placement, and provide real-time data to retailers.
Smart Shelves
Smart Shelves are shelves equipped with sensors and RFID technology to track inventory levels, monitor product placement, and provide real-time data insights.
Social Commerce
Social Commerce refers to the use of social media platforms to facilitate online buying and selling, leveraging user-generated content, recommendations, and social networks.
Social Listening
Social Listening is the practice of monitoring and analyzing social media platforms to gain insights into customer opinions, brand sentiment, and market trends.
Store Associate Apps
Store associate apps are mobile applications that enable retail staff to access product information, inventory data, and provide personalized assistance to customers.
Subscription-Based Models
Subscription-based Models involve offering products or services on a recurring subscription basis, providing convenience, recurring revenue, and customer loyalty.
Supply Chain
Supply Chain refers to the sequence of activities involved in the production and distribution of goods, from raw materials to the final product reaching the consumer.
Supply Chain Analytics
Supply Chain Analytics is the use of data analysis techniques to optimize supply chain operations, improve efficiency, reduce costs, and enhance overall performance in the retail industry.
Supply Chain Management
Supply Chain Management (SCM) involves the planning and control of the flow of goods, services, and information between suppliers, manufacturers, and customers.
V
Video Analytics
Video Analytics is the use of advanced algorithms and computer vision techniques to extract meaningful information from video data, such as customer behavior, traffic patterns, and security monitoring.
Virtual Assistant
A Virtual Assistant is an AI-powered software program that can perform tasks, answer questions, and provide information or assistance to users.
Virtual Fitting Rooms
Virtual fitting rooms use augmented reality or virtual reality technology to allow customers to digitally try on clothes and accessories.
Virtual Point Of Sale (Vpos)
Virtual Point of Sale (VPOS) is a system that enables businesses to accept payments through virtual terminals, often used in e-commerce.
Virtual Reality (Vr)
Virtual Reality (VR) is a technology that immerses users in a simulated environment, creating a realistic sensory experience using computer-generated visuals, sounds, and sometimes haptic feedback.
Virtual Try-On
Virtual Try-On uses augmented reality or virtual reality technology to allow customers to digitally visualize and try on products, such as clothing, accessories, or cosmetics.
Visual Merchandising
Visual Merchandising is the practice of designing and arranging retail store displays, fixtures, and merchandise to visually engage and attract customers.
Voice Commerce
Voice Commerce enables users to make purchases and transactions using voice commands through virtual voice assistants, such as Amazon's Alexa or Apple's Siri.