Can i switch a token value to something else in an email?

I'd like to take everyone with a company type and dynamically insert a word in the email that is not actually my token.  (i.e Merchants is the token but I'd like to say "online store. I don't want to use the whole token we have in SF for others- would like to shorten is. Is there a way to assign other terms for tokens?) looks like I just have a "default value" if the token is blank but no other options.