At the vendor details section you can edit all the vendor’s details, like contact details, the address, etc.
The vendor details section:

The company name is the shop’s name that appears throughout the storefront. The shop ID is used when generating personalized (mod rewrite) URLs.
The vendor description section:

At the vendor description section you can check or set a descriptive text for the vendor’s shop; you can also set the opening hours.
The overview is usually used where a short description of the vendor should be displayed,therefore only text should be used. The description is the full description of the vendor’s shop and should be more detailed; HTML can be used here too. The description is usually shown at the vendor’s shop homepage.
The opening hours also appear at the vendor’s shop homepage.
The featured vendor section:

At the featured vendor section you can check or set (manually) a vendor as featured vendor. You can also see, if the vendor purchased a featured vendor promotion (if applicable).
Featured vendors can be displayed at several places at the storefront to allow certain vendors to promote their shop.