For somebody who is indulging in e-commerce shipping for the first time, dealing with the terms can be a slightly daunting task. Since the process can be long drawn and involves a long list of steps and as most steps are described differently, memorizing each term can be difficult. You often come across terms like couriers, channels, cross-border trade and you wish you could get a direct gateway to head straight to the major chunk of work.
Why Do You Need Shipping Terms?
These terms are very important to keep up with shipping across the world. For example, If you want to sell something to the world the shipping of that product is crucial. Thus, to avoid any confusion or discrepancy, these terms are kept uniform all over. They help maintain uniformity and smooth flow of knowledge from one department to another. Also, if there is any fault in the process, it can be easily called back if the terminology used by all in the field is the same.
Nonetheless, to sort this confusion, we have come up with a list of the e-commerce shipping terms, which you can refer to for making your process functioning much easier. According to the process of e-commerce shipping, the following is a glossary of shipping terms for you to follow.
Air Waybill (AWB)
Air Waybill or AWB is a document that is used when shipments are transported by air. It is issued by the carrier, as a mandatory document serving as a receipt to the consignor for the goods, and containing the conditions of transport. It also houses the details of the consignee so that they can be contacted on arrival of the goods.
Commercial Invoice
A record from the vendor to the purchaser, giving subtle elements of all the individual exchanges which incorporates information of the merchandise, costs, cash, conveyance and instalment terms.
Customs Duty
A tax is taken at the time of import upon merchandise entering a nation. Normally in view of the estimation of the shipment, on the physical idea of the products, for example, amount of weight, or on a blend of these and different elements.
Dimensional Weight/Volumetric Weight
Volumetric/Dimensional weight is a pricing method for business cargo transport, which utilizes an expected weight that is ascertained from the length, width and height of a shipment. Dimensional weight is calculated by measuring the l*b*h of the package and then dividing the resulting value by 5000. This figure of 5000 is not a constant. It varies with courier companies. Some even have 4000 as the constant.
Dimensional Weight (Volumetric Weight) = (L*B*H)/5000
Exchange Rate
The cost of money in one country in the terms of another.
Expedited Shipping
Expedited shipping is the process of sending a package at a quicker rate than ordinary. It can include conveyance that happens any place from that day too as long as three days.
Export
To send merchandise from one country to a foreign destination.
HSN Codes
Harmonized System Nomenclature code(HSN Code) number is a globally embraced item portrayal and coding framework created by the World Customs Organization (WCO). HSN code is utilized by in excess of 200 nations as a reason for their traditions taxes.
Import
To bring goods from foreign countries to one’s own country.
Insurance
A procedure whereby somebody with a danger of something happening to their monetary impairment (the guaranteed) pays another person (a guarantor) a charge (premium) to hold up under that hazard for their sake.
Insurance Certificate
A declaration issued by the protection guarantor giving points of interest in a specific exchange which is held guaranteed under a protection arrangement.
Insurance Policy
Contract of protection/insurance
Last Mile Delivery
It is characterized by the development of products from a transportation central point to the last goal. The last conveyance goal is commonly an individual habitation. The focal point of last mile coordinations is to convey things to the end client as quick as could be expected under the circumstances.
Manifest
A rundown of the different shipments being carried on a ship or aircraft.
