Retail Technology Glossary

Big Data refers to the massive volumes of structured, semi-structured, and unstructured data generated at a rapid pace from various sources, characterized by its three dimensions: Volume, Velocity, and Variety. This data cannot be efficiently processed using traditional methods and requires advanced technologies and analytics tools to uncover valuable insights and patterns.

By analyzing Big Data, organizations can enhance decision-making, optimize operations, and gain competitive advantages by identifying trends, correlations, and predictive insights.

Brick and Click is a business model that combines both physical brick-and-mortar stores and online e-commerce channels. It represents a hybrid approach where retailers have a presence in both the offline and online realms. In the Brick and Click model, customers have the option to shop in-store or make purchases through the retailer's website or mobile app. This approach offers the convenience of online shopping along with the tactile experience and immediate gratification of traditional retail. Retailers adopting the Brick and Click model aim to cater to the evolving needs and preferences of customers who seek a seamless and omnichannel shopping experience. By integrating physical and digital channels, businesses can reach a wider customer base, provide flexibility in shopping options, and offer services like click-and-collect, where customers can buy online and pick up their purchases in-store.

The Brick and Click model allows retailers to leverage the strengths of both online and offline retail to enhance customer satisfaction, increase sales, and stay competitive in a rapidly evolving retail landscape.

Bundling software for an eCommerce website refers to a tool or functionality that enables online retailers to display products bundled together, often displayed on the PDP. Most often utilized with home goods or other non-apparel retailers, bundling allows complementary products to be displayed together on the PDP, increasing average order value, as customers are more likely to purchase multiple items when displayed together. With bundling software, eCommerce websites can present customers with pre-defined or customizable bundles that provide value, convenience, and an enhanced shopping experience. This software facilitates the management of product combinations, pricing, inventory, and promotion of bundled offerings.

By leveraging bundling software, eCommerce businesses can increase sales, encourage upselling, and cross-selling by showcasing complementary or related products together.