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, April
27,
2021 -- InvestorsHub NewsWire -- 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.
For more
information about The OLB Group, please visit www.olb.com or www.olb.com/investors-data.
Future
OLB Press Releases and Updates
Interested investors
or shareholders can be notified of future Press Releases and
Industry Updates by e-mailing investorrelations@OLB.com .
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.
Contact:
The OLB
Group - Investor Relations
InvestorRelations@olb.com
(212)
278-0900 EXT: 333
Glenn
Goldberg – Media
Relations
Parallel
Communications, Inc.
ggoldberg@parallelpr.com
(5160
705-6116