The Next Chapter of Commerce: How AI Is Shaping Retail's Future
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Definitions of terms and acronyms from the world of product experience, digital experience, and eCommerce.
Below is a list of definitions for key terms and acronyms related to product experience, digital experience, and eCommerce.
The process of automating machine learning tasks, from data preparation to deployment, to assist non-technical users by simplifying complex processes, saving them time and improving prediction accuracy.
Artificial Reality, or Augmented Reality (AR) is the overlays of digital elements like images, text, or 3D objects onto the real world through devices.
The theory and development of computer systems that aim to mimic the problem-solving and decision-making capabilities of the human mind.
The process of identifying outliers in your dataset to ensure conformity and accuracy.
An Amazon Vendor sells products directly to Amazon under a first-party (1P) relationship, with Amazon becoming the retailer.
An Amazon Seller is a third-party business or individual who sells products directly to consumers on Amazon’s marketplace.
Amazon A+ Content is a premium feature that allows sellers and vendors to enhance their product listings with rich media, images, videos, and custom text layouts.
A field of AI safety research that aims to build safe, secure AI systems that produce accurate, desired outcomes.
A sophisticated algorithm that effectively gives each parameter an independent learning rate and incorporates past knowledge for gradient-based optimization.
A training approach where the algorithm selectively chooses a particular range of examples to learn instead of blindly searching for a diverse range of labeled examples.
Brick-and-mortar refers to businesses that operate from a physical location.
Brands are products and services that represent a company through their unique identity.
BOPIS (Buy Online, Pick Up in Store) enables customers to place orders online and then pick them up at stores.
Black Friday is one of the busiest shopping days in the world, where businesses sell their products for a cheaper price to attract more customers.
Best of Breed refers to selecting the best solution available for each specific function instead of using a single integrated system for multiple tasks.
A business or an organization sells its products to a consumer rather than selling them to another business.
A business or an organization that sells its products to other businesses instead of selling them to a consumer.
Cyber Monday is an annual online shopping event that takes place on the Monday following the US Thanksgiving weekend.
Customer experience is the interactions a customer has with a business.
Cross-selling is a technique where businesses suggest compatible products to customers based on their current purchase.
Conversational commerce refers to the combination of eCommerce and technology, giving various ways brands and retailers can communicate with their customers, such as messaging apps and voice assistants.
Composable commerce is when a business utilizes the best services, from different vendors, for its online store.
A circular economy is a business model that aims to minimize waste by reusing, repairing, and recycling existing products and materials.
Distributors are entities that buy products from manufacturers and then sell them for a profit to stores or directly to customers.
Digital transformation involves leveraging digital technologies to reshape a business’s culture, processes, and customer experiences in response to changing business and market conditions and needs.
A digital shelf represents an online version of a physical store, displaying product information, pricing, images, and reviews.
Digital Product Passports (DPP) are a digital record that provides clear, essential information about a product and entire its value chain.
Digital Asset Management (DAM) is software that stores, organizes, manages, and shares digital files securely within a business.
An AI method inspired by the brain, enabling computers to recognize complex patterns and predictions from images, text, and sound.
Enterprise resource planning (ERP) is software that helps a company manage essential aspects of its operations, such as accounting, resource management, and sales.
eCommerce is an exchange of goods between businesses and customers online, compared to shopping in a store.
A first-party marketplace is an eCommerce model where the marketplace owns inventory and acts as the retailer.
Grounding refers to the ability of a system to connect abstract concepts or language with real-world meanings for improved predictions.
Greenwashing is a deceptive practice where companies falsely claim to be environmentally friendly to appeal to eco-conscious consumers.
GPT-4 is a generative AI model using the internet’s data to understand and generate human-like text based on contextual input.
Generative AI is a type of artificial intelligence that creates original content, such as text, images, or audio.
Hybrid shopping combines offline and online channels, enabling customers to seamlessly purchase and return products across both.
A hidden layer in a neural network links input features and output predictions.
Headless commerce is an eCommerce approach where the front-end is separated from the back-end, enabling businesses to create customized shopping experiences across various channels.
Hallucinations refer to instances where a model generates incorrect or nonsensical outputs that deviate from factual information or reality.
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A mathematical function that measures the variance in a model’s predictions, guiding training to improve accuracy and reduce loss.
The learning rate controls how much an algorithm adjusts weights and biases during training, influencing the speed and accuracy of learning.
Machine learning algorithms use training data to make predictions, and improve over time as they process more information.
Large language models process vast internet data using AI accelerators, like GPT, PaLM, LLaMa, and Claude.
Multichannel commerce is a strategy where businesses sell products through multiple sales platforms like physical stores and mobile apps.
Master Data Management (MDM) is the technology, resources, and methods to ensure the consistency, accuracy, and proper management of the company’s key data assets.
A manufacturer is a business or company that makes goods in large numbers to sell to wholesalers, distributors, retailers, or even consumers.
The development of computer systems that learn and adapt autonomously using algorithms and statistical models.
The MACH Alliance is a non-profit advocacy group promoting open, flexible, and future-proof digital ecosystems built on Microservices, API-first, Cloud-native SaaS, and Headless principles.
A neural network model mimics complex nonlinear relationships using interconnected neurons across multiple layers.
Natural Language Processing (NLP) enables computers to understand, interpret, and generate human language for seamless interaction.
Natasha’s Law is a UK regulation requiring all prepacked foods for direct sale (PPDS) to include a full ingredient list with clearly marked allergens.
An order management system (OMS) is a software application that digitally helps businesses manage the lifecycle of an order.
Open-source AI models foster collaboration and innovation, offering customization while posing potential security and liability risks.
An omnichannel customer experience is a fully integrated approach that offers a seamless and consistent journey for customers across all channels, integrating online and offline touchpoints.
Proprietary AI models are built by a single organization, enabling rapid innovation and scalability through better funding.
A product page is a web page on an eCommerce site that presents extensive information about a particular product that is being sold.
Product Lifecycle Management (PLM) is an approach businesses use to manage the entire lifecycle of a product, from beginning to end.
Product Information Management (PIM) is a system that businesses use to help manage all aspects of their product information so that they can display and distribute their products on their platforms.
The skill of crafting precise, well-structured prompts to achieve accurate and desired outputs from large language models.
A strategy to deliver exceptional product experiences across all touchpoints, driving growth and aligning with organizational goals.
Product Experience Management (PXM) is an approach to managing a customer’s experience with a product by delivering compelling, consistent, and tailored product content across various channels.
Product experience is the interaction a customer experiences with a product, contributing to their customer journey.
Product discovery refers to the process in which customers find and explore products through different channels or platforms.
A Product Cloud is a SaaS solution for managing the entire product journey, delivering great omnichannel experiences across all channels.
A return rate is the number of products that consumers buy, that are sent back to the place they were originally bought from.
A return policy is a document of guidelines that set out the rules for returning products.
Retail Channels means any store or distribution channel where customers purchase products from.
A retailer is a person or business that purchases products in large quantities and sells them in smaller amounts to the general public
Resale markets involve wholesalers, retailers, distributors, and individuals buying products to sell to consumers.
Reckless consumerism is when people pay too much attention to what they purchase, resulting in irresponsible buying of products and services at the expense of the environment and society.
Syndication is the process of distributing content, products, or data across multiple channels to increase visibility for a broader audience.
Sustainable retail sells products and services to reduce harm and enhance positive contributions to the environment and society.
A supply chain is a network of people, organizations, resources, and other factors involved in creating a product or service and selling it.
Supplier onboarding is the process of initiating new supplier relationships by collecting data, streamlining communication, and managing data.
A supplier is a person or company that provides needed products or services for another entity’s operations.
Supervised machine learning uses labeled data to train algorithms, enabling accurate predictions and classifications.
SKU (Stock Keeping Unit), is a unique code, in the form of words and numbers, that’s given to products to keep track of them.
Site search is a feature on websites that allows users to quickly find specific content, products, or information by entering queries into a search box.
SEO (Search Engine Optimization) is the process of improving a website so it ranks higher in search engine results, making it easier and more accessible for others to find it online.
A third-party (3P) marketplace is when a brand uses a retailer to sell its products directly to consumers through a retailer’s platform.
Time to market (TTM) is the amount of time it takes to develop a product, from the idea to market availability.
Taxonomy is the classification and organization of information into structured categories for easy navigation and understanding.
User-generated content (UGC) is published content (such as videos, images, reviews, text, and audio) made by individuals rather than brands.
Up-selling is a sales technique in which a company encourages its customers to buy a more expensive version of the product they have.
Unsupervised machine learning analyzes unlabeled data to identify patterns, structures, and relationships without human guidance.
Voice search is a technology that allows users to search the internet or interact with devices by speaking rather than typing.
Virtual reality (VR) technology generates an immersive, digital environment for users to interact with virtual objects and people.
A value chain is the necessary sequences a business performs to deliver a product or service before it is given to a customer.
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