November 17, 2021
Human experience depends on everything that can influence states of the human brain ~ Sam Harris
Close your eyes, use your imagination, look out there into the retail world, and what do you see – a state, a country, or the whole world? Online businesses in the U.S, reacting to the expansion of digital commerce, can reach a worldwide market today. Technology is solving sales tax obstacles, opening global marketing channels, modifying regulations, and accurately meeting the needs of consumers globally. According to multiple surveys, online shoppers focus primarily on price, free delivery, and reliability. However, the overall customer experience requires speed, ease of navigation, data/payment security, customized information, and creative substance; these needs are driving the explosion of genius technology that is masterminding online solutions. It’s a new day.
Digital commerce platforms have knocked down borders so that online companies can reach as far as their imagination allows. If you wonder why your local shopping malls are going defunct, blame it on the Internet’s love child, the digital shopping mall. According to Statista, “In 2020, e-retail sales accounted for 18% of all retail sales worldwide and is expected to reach almost 22% by 2024.” Retail ecommerce sales worldwide are predicted to jump up to almost $5 trillion this year as reported by Karen von Abrams in her article, Global Ecommerce Forecast 2021.
Successful online companies understand that consumer engagement is brief so it better have all the elements of a friendly, effective, and engaging experience. Real-time digital expectations for purchasing products are a reality. Any lapses between transactions should be filled with additional, relevant content that enhances the experience and deepens the customer engagement with the company’s products. As with most products, customer retention and loyalty are the end goals.
Online companies are constantly gathering consumer data, the precious commodity that feeds customized and omnichannel experiences. Jodi Rausch, Director of Integrated Loyalty Solutions at PK, uses data “to develop, transform, and manage differentiated loyalty programs, customer marketing activities, and customer experiences; each one is driven by data, customer insights, and financial rigor.” Unlike the static, physical retail POS, online retail captures the shoppers’ visual attention for a dynamic, but brief time frame so streaming customized data to individuals is crucial for supplementary and future sales. Data keeps the online heart beating.
RIBBIT.ai, a progressive data analytics company, embraces Mahatma Gandi’s definition of a customer, one that still rings true today: “A customer is the most important visitor on our premises, she is not dependent on us. We are dependent on her. She is not an interruption in our work. She is the purpose of it. She is not an outsider in our business. She is part of it. We are not doing her a favor by serving her. She is doing us a favor by giving us an opportunity to do so.”
The RIBBIT team exemplifies a group of customers so insightful reflection is at the forefront of all product creation: the Golden Rule still rules at RIBBIT.
Former FactorTrust Founder/CEO, Greg Rable, Joins RIBBIT Board of Directors
OXFORD, Ohio, April 12, 2022 /PRNewswire/ — Today, RIBBIT Inc. announced the appointment of Greg Rable to the RIBBIT Board of Directors. As the former Founder/CEO of FactorTrust, since acquired by TransUnion in 2017, Greg brings over 25 years of management and strategy experience, combined with a history of building successful fintech and alternative data businesses for the consumer finance space. In his role, Mr. Rable is helping guide the RIBBIT leadership team and promote the growth of bank behavior data as a powerful and necessary predictive data solution.
Getting Real with Financial Inclusion
Financial inclusion matters not only because it promotes growth, but because it helps ensure prosperity ~ Sri Mulyani Indrawati
How arbitrary are the words ‘financial inclusion’; who’s in, who’s out and why is it so unfair? If a consumer is ‘in,’ there are financial opportunities for building a better life. If a person is ‘out,’ good luck with climbing out of a deep money pit. Today’s financial institutions think they are building a more inclusive process. However, many are still using information reflective of historical bias so if it didn’t work then, it ‘ain’t gonna work now’.
Why Interpretation of Data Matters
When a man gives you a rose, what you see may not be what he intends~ Patrick Rothfuss
Assessing information is the foundation of most of life’s important decisions. Mistakes are made when the data is unavailable, unclear, inaccurate, insufficient, immaterial, or unjust. How many people have suffered throughout history by poor decision-making? Like it or not, today’s world is data driven, hopefully an information mecca for making insightful, educated, proven and unbiased decisions. However, data is just that, information on a page, it becomes meaningful only when it is wisely analyzed and interpreted.