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  1. I’m not familiar with e-Commerce plugin, but I assume that this function is some kind of their own implementation of the WP update_metadata() function.
    If that’s true, then $type param should have the same meaning as the $meta_type param at update_metadata() (e.g. post_type, taxonomy…). Also look at the wp_cache_delete() usage at the bottom. This could give you some additional hints.