OLB Group to Provide AI-Based Analytics to Small- and Medium-Sized Merchants
Company is implementing AI and ML analytics through its ShopFast dashboard, enabling merchants to assess and respond to customer behavior and propensities
NEW YORK–(BUSINESS WIRE)–$applepay #3DSecure—The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, announced that customers using its ShopFast service will have access to new customer analytic capabilities which can improve competitive positioning. ShopFast is the point-of-sale solution within OLB’s OmniSoft™ cloud-based business management platform, which provides merchants with seamless integration across all aspects of business operations.
The analytics features will work as an extension to the ShopFast merchant dashboard by offering data-driven insights on customer buying and browsing patterns, inventory and business processes, and predictive analytics regarding additional consumer propensities and behaviors. Employing specialized artificial intelligence (AI) and machine learning (ML) algorithms and processes, this extension of ShopFast can put merchants on a more competitive footing with large retailers while helping them achieve a deeper and more comprehensive view of their own business.
“Most large e-Commerce and brick-and-mortar merchants use advanced customer and sales analytics tools to increase customer engagement and sales, but the cost and complexity associated with these features have kept many small- and medium-sized merchants from following suit,” said Ronny Yakov, Chief Executive Officer of The OLB Group. “Empowering merchants with solutions to better understand their customers’ behaviors can lead to operational efficiencies, improvements to loyalty and incentive programs, and provide data which can inform product selection decisions. OLB is keenly focused on empowering its merchants to effectively compete through efficient solutions which are easy to implement and use. We anticipate that this new capability will offer substantial benefits to our customers.”
The new analytics features will be available to all ShopFast merchants in the third quarter of 2021 at no additional cost.
Merchants interested in implementing omnicommerce services can set up a ShopFast or OmniSoft account at https://cardaccept.com/#contact.
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Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data.
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