'UX/UI' stands for User Experience and User Interface. UX focuses on improving user satisfaction by enhancing the usability, accessibility, and interaction with a product, emphasizing the overall experience. UI, on the other hand, pertains to the visual and interactive elements that users engage with on a screen, such as buttons, layouts, and fonts. Effective UX/UI design creates a seamless interaction where users find it easy and enjoyable to navigate, greatly impacting user retention and satisfaction.