When it comes to the language of business – especially eCommerce – the lexicon used truly is an animal unto itself, with dozens of terms, acronyms, and unique standards being used to describe all sorts of essential process that are unique to the digital realm.
Seeing as Datacrushers is the leading eCommerce revenue discovery platform, we decided to compile this mini-guide with the 42 most commonly used essential keywords and terms you are likely to come across on a regular basis.
“Why only 42 essential keywords, and not an even number such as 50?” you might ask.
Whether you are an eCommerce veteran or a brand-new entrant whose site just launched last night, it’s a great idea to make sure you are up to date with the latest lingo. let’s dive right on into it with the 42 most commonly used terms that you really need to be familiar with.
- Artificial Intelligence: A core pillar of the Datacrushers revenue discovery platform. It’s more along the lines of R2-D2 and less like HAL-9000. Siri, Alexa, and Cortana are all simplified forms of AI.
- Actionable Analytics: Aggregate data that can be used to generate revenue once it is has been properly analyzed by our AI engine. In other words, really useful information that can be easily capitalized on.
- Application Programming Interface (API): A protocol that is used to connect an eCommerce site to a 3rd party program thereby extending its functionality.
- Automated Email Campaigns: Emails that go out automatically following a certain event related to a specific shopper, such as their birthday, a purchase, or customer service query.
- A/B Testing: A technique for testing email performance across different sets of shoppers. Typically, it involves using different subject lines to see which gets more action.
- Buy for As Low As (ALA): A consumer loan financing offer that is unique to Affirm. EX: Buy for As Low As $58 a month with Affirm financing.
- Bounce Rate: The number of emails that cannot be delivered. Calculates the number of emails “bounced” vs the number sent from a specific campaign. EX: The bounce rate for the Valentine’s Day sale was 3.45 vs 7.75 for St. Patrick’s Day sale.
- Browse Abandonment: When a shopper views a specific item but does not add it to their cart, and then closes the tab / leaves the page. Typically signifies a low level of interest in an item.
- Cart Abandonment: The act of leaving a cart while online, without completing a purchase during the browsing session. EX: The total value of all abandoned carts is over $4 Trillion dollars. We can recover a lot of that money.
- Checkout Abandonment: The act of abandoning items at any point during the checkout process, but before submitting payment information. EX: Getting to check out at a physical store and running away from the queue after unloading your cart.
- Conversion Rate (CVR): The pace at which traffic converts (purchases) on a website. EX: The CVR from Facebook ads is 1.2%.
- Conversion Rate Optimization(CRO): The process of maximizing conversions to increase revenue. EX: By showing highly attractive deals in our ads we achieved peak CRO during the campaign.
- Click Through Rate (CTR): The ratio showing how often viewers of your ad actually click on it. EX: For every 100 viewers, only 10 clicked.
- Customer Acquisition Cost (CAC): the combined cost of marketing and advertising per new shopper that completes a sale. EX: our marketing and advertising cost is $100 per month but we got 20 new shoppers who each spent $20 per purchase so we made $400.
- Call to Action (CTA): A strong directive that gets shoppers to interact with your site or email. EX: Click here to view more sales.
- Single-Opt in: A one-step process that enables shoppers to sign up for your email newsletters just by providing their email address and clicking “agree”.
- Double-Opt in: Like the above, but instead shoppers first get a confirmation email or SMS they need to open and follow the included links before they are signed up. This is an extra layer of verification that helps reduce spam.
- Dynamic Coupon: Unique offers that are made available to individual shoppers.
- Deliverability: The success of getting an email into a shopper’s inbox.
- Email Service Provider (ESP): The platform that provides email as a service. EX: Mail chimp, Gmail, and Yahoo are all ESPs at their core.
- Fintech: A combination of the words “Finance” and “Technology”. EX: PayPal is a form of Fintech.
- General Data Protection Regulation (GDPR): A set of requirements that must be followed to ensure shopper data is well protected. Primarily enforced within European markets. EX: As soon as we are GDPR compliant, we can start selling rain in Spain.
- Key Performance Indicator (KPI): An assigned metric that is used to measure the success or failure of an activity. EX: Jessica’s campaign to end excessive complaining in the office was not hitting its KPIs because Jerome just had to wear the same awful aftershave every day.
- Landing Page: A page on a website that shoppers “land” on because they came via an external link, usually through an ad. EX: The landing page for our Facebook ads needs to be improved.
- Machine Learning (ML): The process that teaches the Datacrushers revenue discovery platform how to best maximize the data it receives.
- Open Rate: The number of emails that are opened out of the total number of emails sent. EX: Out of 700,000 emails sent last year, the Nigerian Prince had a surprisingly low 15% open rate.
- Product Segmentation: The term we use to divide different products into unique groups for retargeting campaigns in order to boost revenue.
- Site Search: What shoppers do when they use the built-in search bar on a site to find a specific product. Site search has been shown to produce up to a 20% CVR!
- Shopper Retention: The process of maintaining existing shoppers and bringing them back to complete purchases.
- Shopper Lifetime Value: An objective value assigned to shoppers based on how much money they spend on a given website.
- Shopper Lifetime Sales: An objective value assigned to shoppers based on how frequently they complete a purchase on a given website.
- Shopper Segmentation: The term we use to divide different groups of shoppers into unique groups for retargeting campaigns in order to boost revenue.
- Soft Bounce: A rare occurrence. An email that does not get delivered when the recipients’ inbox is totally full.
- Traffic: The flow of visitors from any other place on the internet, to your website. EX: Following our Super Bowl ad, we saw a 4000% increase in traffic to the site.
- Triggered Emails: Emails that are set up to go out automatically in response to a specific event such as a cart abandonment.
- Welcome Emails: An email “welcoming” new shoppers to your site and directing them to useful utilities such as their account, cart, customer service, and social media links.
- Confirmation Email: The email a shopper gets after they complete a purchase.
- Reactivation Emails: Email sent out to “wake up” a shopper who has not purchased in a few months.
- Recoveries: The money made from shoppers who were brought back to the site to complete a purchase following an abandonment.
- User, Site, & Product (USP): The data at the heart of any eCommerce website.
- Unique Opens: The number of users that have opened one specific email from a campaign.
- Unique Clicks: The number of clicks from a specific email campaign.
So there you have it. The 42 essential keywords in eCommerce. We hope you gained some valuable knowledge from this post!
Founded in 2015, Datacrushers uses Machine Learning and A.I. along with NLP to identify and recover revenue loss, cart abandonment and discover new revenue sources across any site. The revenue discovery platform completes the deep ongoing analysis of eCommerce websites by monitoring the three main focal points of any site: The User, Site, and Product.
Unlike traditional “cart abandonment platforms,” Datacrushers does not require shoppers and customers to be logged-in to conduct both on and offsite campaigns. We use a wide range of data-driven and analytics based conversion tools to target the shopper at the right time with the most accurate and effective campaign to drive the sale.
Datacrushers is platform, language, and currency agnostic and requires only a few lines of code to get started therefore delivering an ultra-fast go-to-market with minimal set-up time and tech intervention.
Based out of Jerusalem, Israel, Datacrushers has clients worldwide including, The US, China, Russia, UK, Germany, and more.