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I need to publish new version of our product that has less capabilities. Shall we name it Product Light or Product Lite?

I read Lite instead of Light but I am not sure what to use. They said that Lite is incorrect but used in branding.

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    We don't recommend how to brand a product, this is a language site, you may ask about the difference in meaning and usage between the two terms.
    – user5267
    Nov 2, 2015 at 10:30

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It depends on what your product is!

'Lite' is more common in the context of software tools. This 'lite' means it does not consume more memory or it occupies less space, and thus software runs faster. 'Lite' also mean that that software version has some limited functionalities or could support ads as well.

On the other hand, if you have some other product (other than software), using 'light' is more common as seen here.

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