NetSuite records provide the ability to view and manage records in the NetSuite interface. Adding, editing, and deleting these records with SMT changes the content records in NetSuite.
When you add new content and publish it using SMT, the content is saved as a NetSuite record. These custom records contain specific details about how and where the information is displayed on the site. This information includes visibility date and times, area scope, area name and several other elements regarding the content.
See CMS Records for SMT.
SMT Custom Content Type gives developers the ability to create custom website applications or features. These are enabled and managed using SMT. There are many activities needed to create custom content types and then you implement these in your Commerce web store using best practices.
See Custom Content Type.