transaction-time

Vocabulary Word

Definition

'Transaction-time' is a term used to describe the period it takes to complete a business deal, like buying a product or delivering a service. It begins when the action is started and ends when it is finished.

Examples in Different Contexts

In e-commerce, transaction time is critical for customers who need instant confirmation of their online purchases. An e-commerce manager might state, 'Our system ensures that transaction times are minimized, providing immediate feedback to the customer.'

Practice Scenarios

Marketing

Scenario:

Our recent customer feedback survey showed some dissatisfaction with the online checkout process. Any ideas for improvements?

Response:

We could simplify our checkout process, to reduce transaction-time and improve customer experience.

Business

Scenario:

The finance team has noticed a few inefficiencies in our trading operations. Any thoughts on how we might enhance our process?

Response:

Investing in high-speed trading technology would significantly cut down our transaction-time.