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Ecommerce Terms You Should Know – Part 2

Ecommerce Terms: You’ll notice that every industry has its own language – often times, it’s a niche language that only the people living and working within a specific industry can understand. The words used in the technical industry are not only many, but also particularly complex. With the rise of eCommerce businesses, leaders and members of the field are having to quickly learn the language. Whether you are getting ready to launch your business or have been in the industry for a while, we thought it would be helpful to put together a glossary of terms used in the language of eCommerce. This glossary will be divided into various parts to keep you up to date with the latest terminology.

Customer Lifetime Value (CLV)

CLV refers to the estimated profit a company can project to gain from an individual customer. This estimation can help companies focus on and retain the customers who will bring them the most value.

Customer Retention

Customer retention is the process of encouraging and succeeding to have your existing customers return. It is thought to be more cost-effective than customer acquisition as it can cost five times more to attract a new customer than to retain an existing one.

Drop-shipping

Drop-shipping is a fulfillment method where the e-commerce store partners with a third-party manufacturer who will ship items that have been ordered by a customer. Drop-shipping has a big advantage when companies are testing the demand of a product before investing in it long term.

Fulfilment

Fulfillment is the process of getting an online order delivered to your customer’s door. It involves managing the inventory, picking and packing and shipping.

Landing Page

A landing page on an eCommerce website is a webpage that your customers can land on when they click through from social media campaigns, search engines, or emails

 

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