The Term store management tool is a beneficial features that can help you manage Terms Sets that are used in the managed metadata service in SharePoint 2013. Term store is also preconfigured service in SharePoint Online we just need to create out Group, Term set and term as per our organization requirement.
· We can demonstrate you how to add group, term set and term in term store.
1- Go to the Site Collection(https://site2015.sharepoint.com)
2- Click Settings, and then click Site Settings Click “Site Administrator Section” and select Term Store Management.
3- You need to have Term Store Administrators right to create, edit and delete term store.
4- To create term set you need to click “New Term Set”. Also there is option to import term set. Where we can enter all term in in ImportTermSet.csv file and import it.
5- Once term set is created we can create term as shown in below image.
6- We can view the hierarchy how group, term set and term look once they are created.