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.
When you know a thing, to hold that you know it and when you do not know a thing, to allow that you do not know it: this is knowledge ~ Confucius
Maneuvering through a maze often reflects the highs and lows of daily life, sometimes ending with a treat, other times a blocked pathway. Borrowing money or making purchases on credit may feel like crawling through a maze, but the good news is the barriers are coming down. The lending industry is reinventing itself in the aftermath of Covid, where mobile shopping surged, credit scores became unreliable, and creative opportunities for new lending entrants emerged.
A man should first direct himself in the way he should go. Only then should he instruct others ~ Buddha
Old fashioned lay-a-way made so much sense, a way to reserve your product, and pay for it when you actually had money, thus taking possession. It gave consumers time to rationally think about the necessity of the purchase and time to budget the appropriate money. Lay-a-way was a safeguard against impulse buying and going into debt, a fear today that doesn’t resonate as much with consumers or merchants. As a result of Covid, online shopping grew-up, and the Buy Now Pay Later (BNPL) market arrived or rather exploded on the POS scene giving credit cards a run for their money.
Whoever acquires knowledge and does not practice it remembers him who plows his land and leaves it unknown ~ Sa’di Gulistan
What could possibly entice Rick Fiorito, a just-retired, financially secure, new Floridian, and renowned payments-guru to even consider leaving the beach for an opportunity to disrupt the financial services landscape? Rick, at least, let the dust settle from your recent industry-wide retirement announcement from Mastercard. “Joining RIBBIT.ai as their COO is an opportunity I simply couldn’t miss,” Rick knowingly smiles.