Selling online allows retailers to sell their merchandise in any part of the world without additional expense, this allows online retailers to give better prices which is what customers are looking for, they usually visit websites like Raise in order to find the coupon codes from multiple retailers. It can also allow for free shipping, saving on the costs of transport. But with online shopping, retailers have an incentive to use a website or app that helps them to automate the process of selling a good or service.
Fintech firms, like the ones mentioned above, can help to automate the process by helping retailers collect data from a customer base as well as using mobile phones to direct them to the best products, products from a specific store and more.
But these companies will also need to be cognizant of all the risks and regulatory barriers as they work to break through the often labyrinthine regulatory hurdles.
The new industry is in its infancy with relatively little regulation and very little infrastructure in place for those starting the fintech industry. In fact, there are many fintech startups and a number of big players who are either active in the space or have already established themselves. These companies can help retailers move away from brick and mortar stores and into online locations, as well as make it easier for customers to discover and shop for a range of products.
With that in mind, it makes sense to start with companies that provide service for those seeking to shop for things online. I decided to explore the list of fintech startups in this space and find out which are the biggest players out there. I’ve created a short list of these companies below, broken into two distinct categories: those that work exclusively with brick-and-mortar stores and those that offer services in addition to online stores.