If despite being a store owner, all you do is scratching your head for answers during conversations with an eCommerce expert, then you are in trouble! In this century, if you are not aware of eCommerce marketing jargon, you would not grasp how online shopping works.So don't wait for someone to point out the flaws in you and start learning the following terminology today:
You can assume this as the online version of a customer coming to your store, choosing a few items, but leaving your store without purchasing it. In the eCommerce world, cart abandonment usually comes into play, and it talks about customers placing products in their virtual carts but not completing the transaction ultimately.
You can think of this as the phenomenon of one firm selling another brand's products on its website. The firm which promotes the merchant's products via visual tools becomes the affiliate partner. If a customer visiting the affiliate's website purchases the merchant's products, the affiliate partner gets a commission.
To increase revenue, brands often bundle together similar or complementary products together. Often the bundles are offered at reduced prices so to encourage an increase in purchase rate. For example, a retailer can bundle chips and soft drinks together and slash the package's price.
It refers to an option or button you can find at most eCommerce websites, and it is a much-needed marketing technique. You will also come across phrases like 'Call now,' 'Buy Now, etc., to encourage buyers to take immediate buying action. CTAs, if placed effectively, can motivate users to make a purchase effectively.
When a visitor clicks the Call-to-action option of a website and ultimately makes a purchase, a conversion is made. It means that you have successfully convinced your customers to buy your products or sign up for your newsletters.
Customer Relationship Management or CRM refers to a set of techniques to improve customer relationships. It generally involves using tools to derive customer data from websites and social media platforms and analyzing it to get insights. The CRM's primary aim is to enhance the buying and after buying experience of the customers throughout the customer life-cycle.
An innovative trend has emerged in the world of eCommerce, named dropshipping. In this setup, businesses buy goods from a brand and sell them at an increased price to the consumers. The perks of dropshipping is anyone having the passion for becoming an entrepreneur can do it as it does not require chunks of funds and warehouse facilities.
Even if you don't have a website yet, you must have visited websites that have asked for your permission to access cookies. It usually refers to your browsing history, so the next time you visit. Furthermore, cookies can be used to fill your user-id, password, and other details automatically.
Remember the exact instances when you convince customers visiting your store to buy expensive products? When a customer has intentionally displayed a pricier variant of the similar product he/she is interested in, the activity is known as upselling.
- Responsive design
Although the jargon might sound too complicated, it explains that the eCommerce website might be compatible with most devices. With the constant increase in smartphone users, all eCommerce websites follow this approach to enhance the accessibility of their websites from PCs, laptops, tablets, etc.
- Promo code
Both brick and mortar retail stores and eCommerce websites offer discounts on various product categories to attract customers. There is no such thing as promo codes in stores because the cashiers manually apply the discounts. However, to get discounts while shopping online, customers have to apply the discount code or coupon code during the transaction. The promo code is usually an alphanumeric phrase provided by the eCommerce website before shopping.
- Shipping fee
Depending upon your location, eCommerce websites might charge you for a shipping or delivery fee. This nominal fee is usually non-refundable, and it is charged to facilitate the dispatching of the products from the brand's warehouse to reach your doorstep.
Blogs are sensational now, and if you still don't have an idea about it, you need to learn, my friend! Blogs are textual and infographic content mostly posted by bloggers on their website to promote 3rd party business websites.
Suppose you stick to the idea of building a website for your retail business, but how will you ensure that all your potential customers will land on your website? For instance, whenever a user searches for products available on your website, will your website name appear in the results? To ensure that it does, you need to implement an SEO strategy to enhance your business's visibility.
- Payment gateway
Since no human is present to receive the customers' payment during the purchase physically, the payment gateway is a much-required service. A payment gateway is a service that enables business owners to accept payments from their customers digitally. So with the help of this software, the customers of eCommerce websites can pay for their purchases via multiple payment options
- User Interface
This metric determines how convenient it is for users to shop on a particular eCommerce website. The user interface is considered to be useful if you don't face any issues while shopping.
Knowing all the eCommerce terms might seem overwhelming at first, but if you make it a point to learn at least a few in one go, you will be sorted. Once you get familiar with these, make sure to catch more words from articles, videos, and podcasts related to eCommerce.