Administration, usage, and development of CMS Widgets
A widget is a snippet of code that makes it possible to display a wide range of content and place it at specific block references in your store. Many widgets display real-time, dynamic data and create opportunities for your customers to interact with your store. The Widget tool makes it easy to place existing content such as static blocks with images and text, and interactive elements most anywhere in your store.
See the Magento user guide for more detail on the administration of widgets: