Benzinga | Aug 3, 2021 10:17AM EDT

OLB Group Commands e-Commerce Space with 8,500 Merchants, $775 Million in Transactions

Image by Media Modifier from Pixabay

It's no surprise that within the year 2020 alone, over $4.2 trillion worth of goods and services were purchased online. As more consumers browse the internet instead of visiting typical brick-and-mortar stores, there is a growing need for retailers to pivot to the e-commerce space to not only thrive, but survive.

Currently, there are over 2.1 million online retail stores in the U.S., catering to nearly 263 million online shoppers. However, still a large number of merchants haven't made the switch to online and are unsure of how to do so. Incorporating the help of commerce service providers like OLB Group (NASDAQ:OLB) can help retailers have a one-stop solution to their online shopping requirements.

With over 8,500 merchants running nearly $775 million worth of transactions, OLB Group's omnichannel solution works to showcase products across a variety of places: Think Facebook (NASDAQ:FB), Instagram, LinkedIn, Twitter (NYSE:TWTR), but also in-person and on mobile devices. This "virtual inventory" houses millions of products that customers know and love, which only enhances the value added of its business.

After developing its unique business model in 1999, OLB Group has been offering services to manufacturers, retailers and single-store clients ever since. Changing with the times, the fintech company has worked tirelessly to innovate new solutions for its customers. For example, as of recently, it has enabled payments through apps such as social media sites so that users can purchase goods and services without leaving the platform.

In addition, during COVID-19 it worked with in-person businesses in the retail and hospitality space, using its cloud-based platforms to transform online ordering and operating systems into a more customer-facing and profitable model. Most recently, OLB announced that its product SecurePay will be able to utilize the popular non-fungible tokens (NFTs) to buy or sell digital assets. With the widening adoption of cryptocurrencies, OLB Group has incorporated cryptocurrency payment capabilities and blockchain technology into its comprehensive platform.

On July 27, OLB Group signed a letter of intent to acquire a portfolio of CBD merchants who will utilize their SecurePay payment product. With the merchants' combined annual transaction volume of over $300 million, this acquisition will add approximately $13 million in revenue (100% increase over the current revenue run rate) and $3.6 million EBITDA to the company's annual financials.

What will the future of online retail hold, with the number of merchants in the space growing by the day? Nothing is for certain, but with a current market cap of 39 million and acquisitions that look to double their revenue to $25 million, OLB Group's potential as a leader in the e-commerce space is imminent.