OLB Group is Making Omnicommerce and Wireless Plans Accessible to the Underbanked and Revolutionizing Payments for Businesses
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February 29, 2024 08:20 AM Eastern Standard Time
By Faith Ashmore, Benzinga
Omnicommerce is an integrated "all-channel" retail approach that provides consistent, seamless and personalized customer experiences, ultimately leading to secure and frictionless payments. It encompasses meeting customers where they are, whether through physical stores, online platforms, social media or other digital spaces. By adopting an omnichannel strategy, businesses can create a unified brand presence and deliver a smooth consumer experience across multiple channels.
As technology continues to advance and consumer expectations evolve, the omnicommerce industry will continue to grow and play a significant role in shaping the future of the retail industry. In 2022, the global market size of retail omnichannel commerce platforms was $8.1 billion, and is projected to grow at a CAGR of 16.6% from 2022-2030.
Businesses today are investing more in developing omnicommerce solutions, such as mobile websites, apps, personalized email marketing and social media integration. However, not all businesses have the technology to adopt this approach and have to look to third-party technology companies for help. That’s where companies like OLB Group (NASDAQ: OLB) come into play to make omnicommerce more accessible.
OLB offers a comprehensive suite of products and services, catering to the needs of small and medium-sized enterprises (SMEs) as well as larger organizations. OLB's flagship product, OmniSoft, is a cloud-based e-commerce platform that enables businesses to easily establish an online presence, manage and track their sales and accept payments securely.
In June 2023, OLB acquired a controlling interest in black011.com, which encompasses Black Wireless and Mango Mobile, and is beginning to contribute to revenues. These strategic moves enabled the company to offer one Point of Sales (POS) system to customers so they can purchase products and seamlessly reload mobile phone minutes.. OLB is in the process of rebranding these platforms and integrating them into the OLB Payment Platform and ECO Payment system. Ultimately, these acquisitions enable OLB to focus on the rapidly growing underbanked communities. As of 2022, a market study revealed that approximately 13% of American adults were underbanked, a new market that OLB has identified as underserved. Increased accessibility can dramatically help these communities and provide bodegas and convenience stores with a new service to their customers.
In November, the company reported a wider-than-expected quarterly loss, but an often overlooked accounting technicality is that the loss was largely due to non-cash depreciation “expense”. However, to underscore the confidence in the company’s future, Chairman and CEO Ronny Yakov acquired a total of 784,212 shares and Vice President Patrick Smith purchased a total of 392,106 shares at an average price of $0.77.
OLB also provides various payment processing solutions, such as point-of-sale systems, mobile payment applications and virtual wallets – allowing businesses to accept payments from customers through multiple channels. To date, the company has worked with 10,500 merchants worldwide and secured over 28.5 million transactions annually in over 130 different industries. OLB prides itself on being a comprehensive single solution with over 15 years of experience. The company runs on the SaaS model with pay-as-you-go options, making its platform more accessible to businesses of all sizes.
With a modest market capitalization of around $13 million and an annual revenue run rate of over $30 million (one of the lowest Price to Sales ratios of 0.3 times sales vs. a peer average of 1 x sales), OLB Group may represent an opportunity for investors interested in participating in the broadening out of the payments industry to include more of the underbanked.
The emergence of omnicommerce reflects the next evolution in e-commerce for both businesses and customers alike and the growing recognition of payments as a cornerstone in every customer journey. With the convenience and accessibility of online shopping, customers now expect a seamless and personalized shopping experience across various touchpoints. With a commitment to empowering businesses with efficient and secure payment solutions, OLB is establishing itself as a trusted provider in the payments industry.
Featured photo by Mark König on Unsplash.
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