Whats DM stands for Whatsapp Direct Message.
means if you want to send message to a person but his phone no is not saved with your contact list then you can use Whats DM. also you can see history in whats DM history which numbers u sent the messages.
and also can type message in whats DM message section to send that unsaved number.
and in coming update version of whats DM you can save the favourite messages that u want send again and again.