What does it mean if someone says "in a bit"?

Could you please clarify the meaning of the phrase 'in a bit' when it's used in conversation? I've noticed that it's often employed in casual settings, but I'm unsure if it conveys a specific timeframe or simply means 'soon.' Is there a universally accepted interpretation, or does it vary depending on context and regional dialects? Additionally, are there any cultural nuances I should be aware of when using this phrase?