Industry Terms

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.

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.

Electronic Data Interchange (EDI) is the electronic exchange of business information using a standardized format; a process which allows one company to send order information to another company electronically rather than by paper or email.

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 […]

Definition The acronym ERP first came into existence when the Gartner Group to signify material resource planning and manufacturing resource planning, denoting application integration beyond manufacturing. There are numerous core departments and functions within an organization such as HR, Finance, manufacturing, logistics, and supply chain, inventory management, sales and marketing, IT, etc. Enterprise Resource Planning […]