Industry Terms

A business transaction that happens over the internet with the help of electronic devices is called eCommerce (electronic commerce). It involves buying and selling products via electronic devices such as computers, tablets, mobile phones, etc.

The Economic Order Quantity is a very good approach for efficient inventory management, though not the only step that a merchant can take, but can certainly make an impact.

The method of transferring money from a customer’s account to the merchant’s account while buying a product or service online is called electronic payment or electronic fund transfer.

The Electronic Point of Sale (EPoS) is a very commonly used system in supermarkets, malls, and showrooms (retail stores to be precise) to enter the sales information, handle customer loyalty programs, manage stock inventory, etc. It’s basically also known as the ‘checkout point’ or ‘checkout lane’ where the customer transactions are done.   Another definition […]