LPDDR3 stands for Low Power Double Data Rate 3, a type of memory used primarily in mobile devices like smartphones and tablets. It is designed to consume less power while providing high-speed data transfer, making it ideal for battery-operated gadgets. This memory technology supports data rates of up to 2133 MT/s (megatransfers per second) and offers improved performance compared to its predecessor, LPDDR2. LPDDR3 helps enhance multitasking and overall device efficiency, allowing users to run multiple applications smoothly without draining the battery quickly.