SKU stands for Stock Keeping Unit and is a scannable barcode composed by an alphanumeric combination – usually eight digits long – that allows retailers to track their inventory levels and determine the difference between their products. Different products have their own SKUs and the combination is usually based on product characteristics such as price, size, color and many others.
Metaverse's goal is to change the way people interact with technology. It is not related to a single type of technology, but to an entire virtual and shared environment in which people can socialize, work, play and even shop together. Although not a new concept, having its origins in the year 1838 with "binocular vision", the Metaverse is increasingly popular these days. As an example of the growing attention, Facebook changed its name to Meta in 2021. Regarding to this, it's important to mention the evolution of decentralized Web as we can see below. Metaverse is part of the next wave of computing in Web 3.0.
CRO stands for Conversion Rate Optimization. It refers to the process of improving the conversion rate through the analysis of the website’s performance and the customer’s behavior, among many other techniques. For example, if the conversion isn’t working as expected, CRO helps to understand the reasons for why that is happening and develop action plans to accomplish better results. Some CRO best practices are: Collect information and make tests to measure what changes are needed and how to carry them out. To have the necessary data, you can use analysis tools and even conduct surveys with your customers; Improve your web page, use CTA (call-to-action) elements, create good landing pages and make sure that the website is mobile-friendly; Make sure to always track your results.
A Call to Action (CTA) is an element that aims to make the audience take an expected action. The main objective is to influence the audience on what to do and what next steps to take, help visitors and users make decisions and make sense of your content or publication. It can take many forms, such as a button, landing page, image, or link. It's important to enhance emotion, connect with your audience, and clarify the reason for action. One of the best ways to implement a CTA is to make it implicit rather than direct.
The conversion rate is the percentage of the total number of people who took an expected action. For example, on websites, the conversion rate indicates the percentage of users that have taken actions (conversions) across your website. Some examples of conversions are: number of purchases, clicks on a call-to-action button, downloads, engagement with advertisements, and many others.
The Data Driven methodology refers to the processes and operations that are oriented by the use of reliable data and analysis of important information, in which the decision making is based on strategic planning and data interpretation. It allows companies to improve their productivity and results and to keep updated on the market trends, offering a clearer picture of the customers, products, competitors and everything that is related to them.
The concept of User Interface (UI) is related to the elements that are presented to the user to improve their interaction with software and applications, websites and even physical products. It consists of all that enables and facilitates navigation on the company's platform and the presentation of its product or service, such as adequate page layouts, images, sounds, buttons, icons and texts. Its main objective is to create a good interface to improve the user experience, making it more accessible, satisfactory and usable.
The concept of User Experience (UX) is related to the experience of those who interact with a company and its products, systems or services, whether in the online environment or in the physical one. Understanding in depth User Experience will make contact of people with your product or service as pleasant, relevant, intuitive and effective as possible.
CRM stands for "Customer Relationship Management" and represents the set of tools and relationship strategy implemented by a company. This term is commonly used to describe or define the platform that a company uses to manage this relationship. There are plenty of platforms available and their most common features are organizing customers (B2C or B2B) databases with customisable information about them and delivering bespoke messaging (through email, SMS and social media, for instance).
Minimum Viable Product or MVP is a development technique that seeks to test whether a product works in the market environment. The MVP is a version of the product with just the basic features, as the goal is to test quickly to collect feedback as soon as possible and validate if the idea has adherence or not.
A Prototype is a simulation of the final product, focused on how the product will look like and how users will interact with it. Although you don’t release a prototype to the market, you can receive feedback when testing it with users. A prototype is a cheap and fast way to collect feedback and evaluate the user's experience, before developing the final product.
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