Smart Retail Terms Glossary: Smart Retail Terms in 2024
A
Ai
Artificial Intelligence (AI) refers to the simulation of human intelligence in machines.
Ai-Powered Pricing
AI-powered pricing involves using AI algorithms and data analytics to determine optimal pricing strategies based on factors like demand, competition, and customer behavior. In Smart Retail, AI-powered pricing can help maximize profitability and sales.
Ar
Augmented Reality (AR) is a technology that overlays digital information, such as images, videos, or 3D models, onto the real world.
Artificial Neural Network (Ann)
An Artificial Neural Network (ANN) is a computing system inspired by the structure and function of biological neural networks, used for pattern recognition and machine learning.
Artificial Neural Networks (Ann)
Artificial Neural Networks (ANN) are a type of machine learning algorithm inspired by the structure and function of the human brain. ANNs are used in Smart Retail for tasks like pattern recognition, forecasting, and image analysis.
Augmented Commerce
Augmented Commerce refers to the integration of augmented reality and other technologies into the online shopping experience to enhance product visualization and interaction.
Augmented Reality (Ar)
Augmented Reality (AR) is a technology that overlays digital information, such as images or 3D models, onto the real world. AR can be used in Smart Retail to provide interactive product experiences or virtual try-on.
B
Beacon
A beacon is a small wireless device that transmits signals, enabling smartphones and other devices to receive location-specific information and personalized notifications.
Beacon Technology
Beacon technology uses Bluetooth Low Energy (BLE) to transmit signals that can be received by mobile devices. In Smart Retail, beacons are used for personalized marketing, proximity-based notifications, and indoor navigation.
Big Data
Big Data refers to extremely large and complex data sets that require advanced technologies and techniques for storage, processing, and analysis.
Blockchain
Blockchain is a distributed and decentralized digital ledger technology that enables secure and transparent record-keeping.
C
Cash Register
A Cash Register is an electronic or mechanical device used to process sales, calculate change, and store transaction data.
Cashierless Store
A cashierless store is a retail store where customers can pick up products and leave without interacting with a cashier. Technologies like AI, computer vision, and sensors enable automated checkout and payment processes.
Cashless Payment
Cashless payment refers to transactions made using digital payment methods, such as credit cards, mobile wallets, or online banking. In Smart Retail, cashless payment options provide convenience, security, and faster checkout experiences.
Cashless Payments
Cashless Payments refer to transactions made without the use of physical money, typically using electronic payment methods.
Chatbot
A Chatbot is a computer program that conducts conversations with users through text, voice, or other methods, typically powered by AI.
Click And Collect
Click and Collect is a retail service that allows customers to purchase products online and collect them in-store at their convenience.
Clickstream Analysis
Clickstream Analysis involves analyzing the sequence of user interactions and actions on a website or digital platform to gain insights and improve user experience.
Cloud Computing
Cloud Computing is the delivery of computing services over the internet, providing on-demand access to resources, storage, and applications.
Computer Vision
Computer Vision is a field of AI that focuses on enabling computers to gain high-level understanding from digital images or videos.
Customer Analytics
Customer analytics involves analyzing customer data to gain insights into preferences, behaviors, and patterns. In Smart Retail, customer analytics is used to understand and engage customers, personalize offers, and improve loyalty programs.
Customer Experience
Customer Experience (CX) refers to the overall impression and perception a customer has of a brand or organization based on their interactions and experiences.
Customer Feedback Management
Customer feedback management involves capturing, analyzing, and acting upon customer feedback to improve products, services, and customer experiences. In Smart Retail, feedback management systems enable businesses to gather insights, address issues, and enhance customer satisfaction.
Customer Journey
A Customer Journey is the sequence of interactions and touchpoints a customer has with a brand or company through the entire relationship lifecycle.
Customer Lifetime Value (Clv)
Customer Lifetime Value (CLV) is the predicted net profit attributed to the entire future relationship with a customer.
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. In Smart Retail, CRM systems facilitate customer engagement and personalized marketing.
Customer Segmentation
Customer Segmentation involves dividing a customer base into distinct groups based on demographic, behavioral, or other criteria to better understand and target different customer segments.
Cyber-Physical Systems (Cps)
Cyber-Physical Systems (CPS) are integrated systems of computational and physical components that monitor and control physical processes.
Cybersecurity
Cybersecurity involves protecting computer systems, networks, and data from unauthorized access, attacks, and threats.
D
Data Analytics
Data Analytics involves examining large volumes of data to uncover meaningful insights, patterns, and trends to inform decision-making and improve business performance.
Data Governance
Data Governance involves establishing and implementing policies, procedures, and controls to ensure the availability, consistency, and security of data across an organization.
Data Integration
Data Integration involves combining and reconciling data from different sources and formats to provide a unified view and enable analysis.
Data Privacy
Data Privacy is the protection of personal and sensitive information, ensuring compliance with privacy laws and regulations.
Data Visualization
Data Visualization is the graphical representation of data and information to understand and communicate complex patterns, relationships, and trends.
Deep Learning
Deep Learning is a subset of machine learning that deals with algorithms inspired by the structure and function of the brain's neural networks.
Digital Signage
Digital Signage refers to electronic displays (e.g., LCD, LED, plasma screens) used to deliver targeted messages, advertisements, or information.
Digital Twin
A Digital Twin is a virtual representation or simulation of a physical product, process, or system, providing real-time monitoring, analysis, and optimization.
Dynamic Pricing
Dynamic pricing is a pricing strategy that allows retailers to adjust prices in real-time based on factors such as demand, competition, and market conditions. In Smart Retail, dynamic pricing can be implemented using AI and data analytics.
E
E-Commerce
E-commerce (Electronic Commerce) refers to the buying and selling of goods or services over the internet.
Ecommerce
eCommerce refers to the buying and selling of goods and services over the internet. In Smart Retail, eCommerce platforms enable online shopping, order fulfillment, and digital marketing.
Edge Computing
Edge Computing involves processing and analyzing data near the source or edge of the network, reducing latency and reliance on centralized cloud computing.
Energy Management
Energy management involves monitoring, controlling, and optimizing energy consumption in buildings and facilities. In Smart Retail, energy management systems can reduce costs, improve sustainability, and enhance operational efficiency.
F
Facial Recognition
Facial Recognition is a technology that uses biometric data to recognize and identify individuals based on their facial features.
Fulfillment Center
A fulfillment center is a facility where online orders are received, processed, and shipped to customers. In Smart Retail, fulfillment centers can automate order fulfillment, inventory management, and logistics.
G
Geofencing
Geofencing is a location-based technology that uses GPS, RFID, or wireless networks to define virtual boundaries and trigger actions when a device enters or exits the specified area.
H
Heatmap
A Heatmap is a graphical representation that uses colors to show the density of data values within a specific area, providing insights into patterns and trends.
I
In-Store Analytics
In-store Analytics involves capturing and analyzing data within physical retail stores for insights into customer behavior, store performance, and operational efficiency.
Internet Of Robotic Things (Iort)
The Internet of Robotic Things (IoRT) refers to the integration of robotics, automation, and IoT technologies to create intelligent, connected systems.
Internet Of Things (Iot)
The Internet of Things (IoT) refers to the network of physical devices, vehicles, appliances, and other objects embedded with sensors, software, and connectivity to exchange data with other devices and systems.
Inventory Management
Inventory Management involves overseeing the flow and storage of goods and materials, ensuring optimal stock levels and minimizing costs.
Iot
The Internet of Things (IoT) refers to the network of physical devices, vehicles, appliances, and other objects embedded with sensors, software, and connectivity, enabling them to collect and exchange data.
L
Last-Mile Delivery
Last-mile delivery refers to the final stage of the delivery process, from a transportation hub to the customer's location. In Smart Retail, technologies like drones, autonomous vehicles, and route optimization software can improve last-mile delivery efficiency.
Location-Based Marketing
Location-based marketing involves delivering targeted marketing messages and offers to customers based on their physical location. In Smart Retail, technologies like geofencing and beacon technology enable location-based marketing strategies.
Loss Prevention
Loss Prevention refers to strategies and measures taken to minimize theft, fraud, and other losses within a retail environment.
M
Machine Learning (Ml)
Machine Learning (ML) is a subset of AI that focuses on getting machines to learn from data. ML algorithms enable retailers to analyze vast amounts of data and derive meaningful insights.
Machine Vision
Machine vision refers to the ability of computer systems to interpret and analyze visual information from images or videos. In Smart Retail, machine vision can be used for tasks such as object detection, quality control, and facial recognition.
Ml
Machine Learning (ML) is a subset of AI that focuses on getting machines to learn from data.
Mobile App
A Mobile App is a software application designed to run on mobile devices, providing specific functions or services to users.
Mobile Commerce (Mcommerce)
Mobile Commerce (mCommerce) refers to the buying and selling of goods and services through mobile devices. In Smart Retail, mCommerce enables customers to make purchases, access product information, and receive offers on their mobile devices.
Mobile Payment
Mobile Payment refers to making payments using a mobile device, such as a smartphone or wearable, instead of traditional payment methods.
O
Omni-Channel
Omni-channel refers to a seamless and integrated approach to retail that provides customers with a consistent experience across different channels, such as online, offline, and mobile. In Smart Retail, omni-channel strategies aim to deliver a unified customer experience.
Omnichannel
Omnichannel refers to providing a seamless and integrated shopping experience across multiple channels, such as physical stores, websites, mobile apps, and social media.
P
Personalization
Personalization involves customizing and tailoring products, services, or experiences to individual customer preferences and needs.
Pos System
A POS (Point of Sale) System is a combination of hardware and software used to process sales transactions and manage inventory.
Predictive Analytics
Predictive Analytics involves using historical data, statistical algorithms, and machine learning techniques to predict future events or outcomes.
Predictive Maintenance
Predictive Maintenance involves using data analytics and algorithms to predict equipment failure or maintenance needs before they occur.
Privacy By Design
Privacy by Design is an approach to incorporate privacy protections and considerations into the design and development of systems, processes, and products from the start.
Proptech
PropTech (Property Technology) refers to the use of technology innovations and solutions to transform and improve the real estate industry.
Q
Queue Management
Queue Management involves managing customer waiting times and improving the efficiency of queues through strategies and technologies.
R
Recommendation Engine
A Recommendation Engine uses data analysis and algorithms to suggest products or content that are likely to be of interest to a particular user.
Remote Monitoring
Remote Monitoring allows for monitoring and managing equipment, systems, or processes from a remote location using sensors, connectivity, and data analytics.
Rfid
Radio-Frequency Identification (RFID) is a technology that uses electromagnetic fields to automatically identify and track tags attached to objects.
Rfm Analysis
RFM Analysis is a technique used to segment customers based on Recency, Frequency, and Monetary value, to identify high-value customers and create targeted marketing strategies.
Robotic Process Automation (Rpa)
Robotic Process Automation (RPA) is the use of software bots or AI to automate repetitive and rule-based tasks and processes.
Robotics
Robotics involves the design, development, and use of robots to perform tasks autonomously or semi-autonomously. In Smart Retail, robotics can be used for tasks such as automated checkout, inventory management, and customer assistance.
S
Sensor
A Sensor is a device that detects and responds to physical input from the environment, such as light, temperature, motion, or pressure.
Single Customer View (Scv)
Single Customer View (SCV) is a consolidated and comprehensive view of a customer's data, interactions, and history across multiple touchpoints.
Smart Cart
A Smart Cart is a shopping cart equipped with technology and sensors to track items, provide personalized recommendations, and enable frictionless checkout.
Smart Checkout
A smart checkout system uses technology like computer vision, sensors, and AI algorithms to automate the checkout process, enabling faster and more convenient transactions.
Smart City
A Smart City is an urban environment that uses IoT sensors, data analytics, and technology to improve sustainability, efficiency, and quality of life for its residents.
Smart Fitting Room
A smart fitting room is equipped with technology like interactive mirrors, RFID tags, and mobile apps to enhance the shopping experience. Smart fitting rooms can provide personalized recommendations, virtual try-on, and seamless checkout.
Smart Grid
A Smart Grid is an electrical grid that uses digital communication and automation to monitor, control, and optimize the generation, distribution, and consumption of electricity.
Smart Home
A Smart Home is a residence equipped with devices, appliances, and systems connected to a network that can be controlled remotely and automated for improved comfort, energy efficiency, and security.
Smart Lighting
Smart Lighting refers to the use of IoT and automation technologies to control and optimize lighting systems for energy efficiency and personalized experiences.
Smart Loyalty Program
A smart loyalty program leverages customer data and analytics to reward and retain loyal customers. Smart loyalty programs can offer personalized rewards, targeted offers, and gamification to enhance customer engagement.
Smart Mirror
A Smart Mirror is a mirror with an integrated display, providing information, interaction, and personalized experiences.
Smart Packaging
Smart Packaging incorporates intelligent features, such as sensors and RFID tags, to provide real-time information, user engagement, and product protection.
Smart Payments
Smart payment solutions enable secure and convenient payment methods, such as mobile wallets, contactless payments, or biometric authentication. In Smart Retail, smart payment systems can improve checkout experiences, reduce fraud, and enhance customer satisfaction.
Smart Restocking
Smart restocking involves using data analytics and predictive algorithms to automatically determine when and how much inventory needs to be restocked. In Smart Retail, smart restocking can optimize inventory levels, reduce stockouts or overstocking, and improve supply chain efficiency.
Smart Retail
Smart Retail refers to the application of advanced technologies and data analytics to enhance the customer experience, optimize operations, and improve retail business outcomes.
Smart Rewards Program
A smart rewards program uses data analytics and personalized offers to incentivize customer loyalty and engagement. In Smart Retail, smart rewards programs can be tailored to individual customers' preferences, behaviors, and purchase history.
Smart Security
Smart security systems use technologies like video surveillance, access control, and analytics to enhance safety and prevent theft or loss. In Smart Retail, smart security solutions can protect physical assets, detect anomalies, and ensure customer and employee safety.
Smart Sensors
Smart sensors are devices equipped with built-in intelligence and connectivity to collect and transmit data. In Smart Retail, smart sensors can be used for various applications, such as monitoring temperature, foot traffic, or shelf conditions.
Smart Shelf
A Smart Shelf is an electronic shelf equipped with sensors, RFID technology, and data analytics to track inventory, monitor product placement, and provide real-time information.
Smart Supply Chain
A smart supply chain employs advanced technologies like IoT, AI, and data analytics to optimize the flow of goods, improve transparency, and enhance efficiency. Smart supply chain solutions can automate processes and enable real-time monitoring and decision-making.
Smart Waste Management
Smart waste management involves using sensors, data analytics, and IoT technologies to optimize waste collection, recycling, and disposal processes. In Smart Retail, smart waste management can reduce costs, improve sustainability, and streamline operations.
Social Commerce
Social commerce refers to the integration of social media and eCommerce, allowing users to buy products directly within social media platforms. In Smart Retail, social commerce enables seamless product discovery, sharing, and purchasing.
Social Media Analytics
Social media analytics involves analyzing data from social media platforms to gain insights into customer sentiment, engagement, and trends. In Smart Retail, social media analytics can be used for reputation management, customer feedback, and targeted marketing.
Social Media Listening
Social Media Listening involves analyzing social media platforms to monitor brand mentions, sentiment, and customer feedback for insights and support.
Supply Chain
Supply Chain refers to the network of organizations, activities, and resources involved in the creation and delivery of a product or service.
Supply Chain Optimization
Supply chain optimization focuses on improving the efficiency and effectiveness of the supply chain. In Smart Retail, technologies like RFID and data analytics are used to optimize inventory management, reduce costs, and improve delivery logistics.
Supply Chain Transparency
Supply chain transparency refers to the ability to track and trace products and components throughout the supply chain to ensure ethical sourcing, sustainability, and compliance. In Smart Retail, technologies like blockchain and RFID can enable greater supply chain transparency.
Supply Chain Visibility
Supply chain visibility refers to the ability to track and monitor products, inventory, and shipments throughout the supply chain in real-time. In Smart Retail, supply chain visibility enables better inventory management, order fulfillment, and logistics optimization.
Supply-Demand Matching
Supply-demand matching involves aligning supply and demand in real-time to optimize inventory and minimize stockouts. In Smart Retail, technologies like AI, machine learning, and predictive analytics enable efficient supply-demand matching.
Sustainable Packaging
Sustainable Packaging refers to the use of environmentally friendly materials, design, and practices in the packaging of products.
V
Virtual Reality (Vr)
Virtual Reality (VR) is a technology that simulates a virtual environment for users. In Smart Retail, VR can be used for virtual shopping experiences or store design and layout planning.
Voice Commerce
Voice Commerce refers to the use of voice-activated technologies, such as smart speakers and virtual assistants, for online shopping and transactions.
Vr
Virtual Reality (VR) refers to the computer-generated simulation of a three-dimensional environment, which can be interacted with and experienced using electronic devices such as headsets.