Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Entrepreneurs, Start-ups, Small Businesses
Crypto Crime Falls But Ransomware Persists: 2023 Mid-Year Update
Research | July 13, 2023
Image: Chainanalysis
2023 Mid-Year Crypto Crime Update from Chainalysis
Despite a broad downturn in crypto crime in 2023, ransomware has bucked the trend, extorting an alarming $175.8 million more than the same period in 2022.
- Cryptocurrency-related crime has significantly decreased in 2023, with inflows to known illicit entities down by 65% compared to the same period in 2022. Inflows to risky entities, primarily mixers and high-risk exchanges, are also down by 42%. This decline is more pronounced than the 28% drop in inflows to legitimate services, indicating a more substantial decrease in illicit crypto transaction volume.
- Scams Take a Hit: Scams, typically the highest-revenue form of crypto crime, have seen a significant drop in 2023. Crypto scammers have taken in nearly $3.3 billion less than they did in 2022, totaling just over $1 billion for the year. This decline is notable as it occurs during a period of rising crypto asset prices, which usually correlate with higher scam revenue.
- Ransomware is the only form of crypto-based crime expected to grow in 2023, with attackers having extorted $175.8 million more than they did at the same time in 2022. If this trend continues, ransomware attackers could extort $898.6 million from victims in 2023, making it the second-biggest year ever for ransomware.
See: Calgary Police and Chainanalysis Launch the Western Canada Cryptocurrency Investigations Centre
- Big Game Hunting: The resurgence of ransomware is attributed to the return of "big game hunting," where large, deep-pocketed organizations are targeted by ransomware attackers. There has also been an increase in successful small attacks, leading to growth in ransomware payments at both ends of the spectrum.
- Despite the overall decline in crypto crime, the persistent threat of ransomware underscores the need for continued vigilance. Businesses should continue to strengthen their cybersecurity and data backup procedures to protect against this significant threat.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How AI is Shaping the Future of Financial Services in Canada
NCFA Canada | July 11, 2023
Image: Unsplash/Nguyen Dang Hoang Nhu
Unleashing the power of AI in fintech promises a future where financial services are personalized, accessible, efficient, secure, and socially responsible, revolutionizing our financial lives and contributing to a better world.
Artificial Intelligence (AI) is no longer a futuristic concept; it's a present-day reality transforming industries across the globe. The financial sector, including fintechs, banks, and other financial institutions, is at the forefront of this revolution. As AI continues to evolve, it's crucial for these organizations to understand and prepare for the profound changes it will bring to their business models and the financial services landscape as a whole.
The Impact of AI on Financial Services
AI is set to impact every aspect of financial services, from customer service and risk assessment to fraud detection and portfolio management. It's predicted to automate and enhance many tasks, leading to increased efficiency, accuracy, and other benefits of AI. The integration of AI in fintech is set to revolutionize the way consumers interact with financial services, leading to numerous benefits.
- Personalized Services: AI enables financial services to be tailored to the individual needs of each customer. For example, AI can analyze a person's financial habits to provide personalized advice, or suggest products and services that best fit their financial goals. This level of personalization can lead to better financial outcomes for consumers.
- Improved Accessibility: AI technologies like chatbots and voice assistants make financial services more accessible. They can provide 24/7 customer service, answer queries, and even guide users through complex financial processes. This can make financial services more accessible to people who may be intimidated by traditional banking or who prefer digital interactions.
- Increased Efficiency and Sustainability: AI can automate many routine tasks in financial services, such as data entry or transaction processing. This can lead to faster service for consumers, freeing up human staff to focus on more complex tasks and improving the overall customer experience and reduce environmental impact. For example, digital transactions can reduce the need for physical bank branches and paper documents, leading to lower carbon emissions.
- Enhanced Security: AI can significantly enhance the security of financial services. It can be used to detect fraudulent transactions in real-time, identify patterns of suspicious behavior, and even predict future threats. This can give consumers greater peace of mind when using financial services.
- Socially Responsible Investing: AI can help consumers invest in line with their values. For example, AI can analyze a company's environmental, social, and governance (ESG) factors to help investors make more socially responsible investment decisions. This can contribute to a more sustainable and equitable world.
- Financial Inclusion: AI can help extend financial services to underserved populations. For example, AI can assess creditworthiness based on non-traditional data, enabling more people to access loans and credit. This can help reduce poverty and promote economic growth.
- Better Financial Decisions: AI can provide personalized financial advice, helping people make better financial decisions. This can lead to improved financial health and wellbeing for individuals and families.
See: Three Human-Centric Practices to Become a Better AI Fintech Leader
30 AI Fintech Use Cases
Below is a list of 30 AI fintech ideas that are turning heads in the industry, along with a prominent company active in each space:
- AI-Powered Personal Finance Management: Using AI to analyze spending habits and provide personalized financial advice. Example: Wealthsimple is a Canadian company that offers AI-powered financial services.
- AI in Risk Assessment: Using AI to assess the risk of loans and investments. Example: MindBridge uses AI to detect anomalous patterns of activities, unintentional errors and intentional misstatements.
- AI in Fraud Detection: Using AI to detect fraudulent transactions. Example: Verafin provides a cloud-based fraud detection platform.
- AI in Trading: Using AI to predict market trends and automate trading. Example: AlgoTrader is a platform that enables the development and deployment of quantitative trading strategies.
- AI in Insurance: Using AI to personalize insurance premiums based on individual risk profiles. Example: Lemonade uses AI to digitize the entire insurance process.
- AI in Credit Scoring: Using AI to assess creditworthiness based on non-traditional data. Example: Borrowell offers free credit score monitoring.
- AI in Customer Service: Using AI-powered chatbots to handle customer inquiries. Example: Ada is a Toronto-based firm that specializes in AI-powered customer service chatbots.
- AI in Wealth Management: Using AI to provide personalized investment advice. Example: Mylo is a Canadian app that rounds up purchases and invests the spare change.
- AI in Regulatory Compliance: Using AI to ensure compliance with financial regulations. Example: Trulioo provides instant electronic identity & address verification.
- AI in Blockchain: Using AI to enhance blockchain technology. Example: Dapper Labs is the creator of CryptoKitties and the Flow
Image: Freepik/fatmawatilaudablockchain.
- AI in Peer-to-Peer Lending: Using AI to match lenders with borrowers. Example: Lending Loop is Canada's first fully regulated peer-to-peer lending platform.
- AI in Payment Processing: Using AI to detect fraudulent payment activities. Example: Nuvei provides fully-supported payment solutions designed to promote and advance your business’s success.
- AI in Financial Planning: Using AI to create personalized financial plans. Example: Plooto provides an all-in-one payment platform that makes it easier to manage payments.
- AI in Tax Preparation: Using AI to automate the tax preparation process. Example: SimpleTax is a Canadian tax software that uses a question-and-answer format to fill out your tax return.
- AI in Invoice Management: Using AI to automate invoice processing. Example: Sensibill provides a smart, simple solution to manage your receipts.
- AI in Mortgage Lending: Using AI to streamline the mortgage lending process. Example: Homewise is a Canadian company that uses AI to simplify the mortgage process.
- AI in Debt Collection: Using AI to improve debt collection processes. Example: MetCredit is a Canadian debt recovery company that uses AI to enhance its services.
- AI in Asset Management: Using AI to manage and track assets. Example: Emagin leverages AI to help utilities proactively manage their infrastructure.
- AI in Expense Management: Using AI to track and categorize expenses. Example: Expensify uses AI to automate expense management.
- AI in Equity Financing: Using AI to match startups with potential investors. Example: FrontFundr is a Canadian platform that uses technology to connect entrepreneurs with investors.
- AI in Market Research: Using AI to analyze market trends and consumer behavior. Example: Stradigi AI is a leading AI software company that enables organizations to bring business-accelerating AI to fruition, quickly.
- AI in Financial Forecasting: Using AI to predict future financial trends. Example: Blue J Legal uses machine learning and AI to predict legal outcomes and provide transparency in finance.
- AI in Real Estate Investing: Using AI to analyze real estate markets and identify investment opportunities. Example: Properly is a Canadian real estate technology company that uses AI to simplify the home buying and selling process.
- AI in Rewards Crowdfunding: Using AI to match projects with potential donors. Example: FundRazr is a Canadian crowdfunding platform that uses AI to enhance its services.
- AI in Financial Education: Using AI to provide personalized financial education. Example: BMO has an AI-powered chatbot, BMO Bolt, which can answer customer's financial questions.
- AI in Retirement Planning: Using AI to create personalized retirement plans. Example: WealthBar is a Canadian robo-advisor that provides low-cost ETFs and financial advice.
- AI in E-commerce: Using AI to provide personalized shopping experiences and payment options. Example: Shopify is a Canadian e-commerce company that uses AI to enhance its platform.
- AI in Cryptocurrency Trading: Using AI to predict cryptocurrency market trends. Example: Coinsquare is a Canadian cryptocurrency platform that uses AI for market analysis.
- AI in Financial News: Using AI to curate personalized financial news feeds. Example: theScore is a Canadian digital media company that uses AI to personalize content.
- AI in Socially Responsible Investing: Using AI to identify investment opportunities that align with individual values. Example: OpenInvest is a platform that uses AI to build custom portfolios based on social values.
See: Navigating the End of Jobs: 2023 Human Capital Trends (From a Financial Services Perspective)
Pexels Pavel Danilyuk, AI
Immediate AI Fintech Risks to Navigate
- Data Privacy and Security: AI systems often rely on large amounts of data to function effectively. This can include sensitive personal and financial information. If not properly managed and protected, this data could be vulnerable to breaches, leading to significant privacy concerns and potential financial losses.
- Bias and Fairness: AI systems learn from the data they are trained on. If this data contains biases, the AI system can also become biased, leading to unfair outcomes. For example, an AI system used for credit scoring could unfairly disadvantage certain groups if it's trained on biased data.
- Regulatory Compliance: The use of AI in fintech is a rapidly evolving field, and regulatory frameworks are struggling to keep up. This can create uncertainty for fintech companies, who must navigate a complex and changing set of regulations. Non-compliance can lead to significant penalties and damage to a company's reputation. Read about Open AI's legal action over data theft
Conclusion
AI is set to revolutionize the financial sector, bringing both opportunities and challenges. By understanding the key technologies and adopting the right strategies, fintechs, banks, and financial institutions can prepare for this transformation and ensure they remain at the cutting edge of innovation. The future of finance is here, and it's powered by AI.
Keywords: AI in Fintech, Artificial Intelligence, Machine Learning, Natural Language Processing, Robotic Process Automation, Blockchain, Continuous Learning, Networking, Collaboration, Regulatory Compliance, Investment in AI.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Navigating the End of Jobs: 2023 Human Capital Trends (From a Financial Services Perspective)
Report | Jul 10, 2023
Image: Deloitte
The Deloitte 2023 Human Capital Trends report highlights the need for a skills-based approach to work, the importance of technology in augmenting human capabilities, the negotiation of workforce data, the necessity of leadership in a boundaryless world, the push for equitable outcomes, and the advancement of human sustainability in the financial services industry.
Survey participants
Approximately 10,000 professionals from global business and HR organizations across 105 countries. Among these respondents, 15% were from the Financial Services industry, providing a total of 1,130 responses. The sector distribution within the Financial Services industry was:
- 29% from Banking & Capital Markets
- 22% from Investment Management
- 28% from Real Estate
- 21% from Insurance
Image: Deloitte
Top 6 Trends
- Navigating the End of Jobs:
- The report suggests a shift from traditional job-based structures to a skills-based approach. This approach allows work to be done beyond traditional job boundaries, empowering workers and helping organizations adapt quickly to changes in the industry.
- Powering Human Impact with Technology:
- The relationship between intelligent technology and workers has evolved significantly. Technologies are emerging that don't just substitute or supplement workers but help them improve—augmenting humans to become better humans and teams to become better teams.
- Negotiating Workforce, Workplace, and Work Data:
- Organizations and workers vie for control of worker, workforce, and workplace data when they should focus on mutual benefits. This is particularly important in light of increasing data privacy concerns and regulatory requirements in Financial Services.
- Leading in a Boundaryless World:
- To thrive, Financial Services leaders must evolve in tandem with their organizations and adopt a new set of fundamentals to mobilize workers and teams to achieve new outcomes.
- Taking Bold Action for Equitable Outcomes:
- Diversity, equity, and inclusion (DEI) progress has traditionally been measured using activities and effort, with little consideration for actual outcomes. DEI actions should aim at achieving equitable outcomes in the marketplace and workforce while boosting an organization’s innovation, competitiveness, and long-term business success.
- Advancing the Human Element of Sustainability:
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Human sustainability rises to the forefront of organizations’ sustainability strategies in Financial Services as the industry seeks to promote sustainable investments and address climate change risks.
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Takeaway
The report underscores the importance of embracing change, fostering a culture of resilience, and investing in workforce transformation to stay competitive in the dynamic global market. For businesses looking to thrive in this new era, the report's findings offer a roadmap. It's time to reimagine the future of work, redefine the role of leadership, and reinvent HR for a more human focus.
See: How will Web3 impact the future of work?
In the face of rapid technological advancements and shifting workforce expectations, the call to action is clear: Embrace the human element in your business strategy. Invest in your people, foster a culture of resilience and adaptability, and leverage technology to enhance, not replace, human capabilities. The future of work is here, and it's human.
Download the 28 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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U.S. District Court Green Lights DealMaker’s Trade Secrets Lawsuit Against Darren Marble, Issuance Inc., and Crush Capital Inc.
DealMaker Release | Jun 28, 2023
DealMaker's lawsuit against Darren Marble, Issuance Inc., and Crush Capital Inc. has been greenlit by the United States District Court for the Central District of California.
- The court has denied the defendants' motion to dismiss the case, affirming that DealMaker's trade secrets claims are adequately stated in the complaint. This development underscores the importance of intellectual property rights and the potential legal consequences of their violation.
See: CCA 2022 Investment Crowdfunding Report: 7 Charts Highlight Growth and Impact
- Canadian company, DealMaker, a pioneer in the capital markets sector, alleges that the defendants accessed their platform under false pretenses and misappropriated their intellectual property and trade secrets. This case serves as a reminder of the critical role of ethical business practices in maintaining a competitive edge and the potential legal repercussions of their breach.
- In addition to the ongoing lawsuit, DealMaker has also sought a preliminary injunction to prevent the defendants from making false statements about the company. This move highlights the importance of reputation management in the business world and the legal measures companies can take to protect their brand image.
- DealMaker's innovative approach to capital raising, which includes equity crowdfunding, investor ranking algorithms, and data/analytical tools, has revolutionized the industry. The company's mission to simplify the process of raising capital into an eCommerce-like experience underscores the growing trend of digital transformation in the financial sector.
See: Patentability In Software – Everything You Need To Know
- The implications of this case extend beyond the involved parties. It emphasizes the importance of intellectual property protection in the era of digital business and could set a precedent for future cases involving trade secret misappropriation. For businesses, it serves as a reminder to ensure robust security measures and legal protections for their proprietary information.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Small Businesses Can Benefit from These Types of Loans
July 4, 2023
Image: Freepik/Drazen Zigic
Small businesses form the backbone of the Canadian economy. They boost local industry, drive innovation, and create jobs. In fact, businesses with 1 to 99 employees comprised 98.0% of all employer businesses in the country in 2022, according to Statistics Canada.
Expanding a small business, taking advantage of seasonal opportunities, or meeting costs in an unpredictable economy can require significant capital. Many companies try to utilize small business loans to finance current or future business activity.
From traditional bank loans to alternative lenders, there are several options available to entrepreneurs looking to secure financing:
Finding the Right Loan
Navigating the world of small business loans can be complex and intimidating. That’s why small businesses can benefit from using Levr.ai; a free and intelligent loans platform designed to make it easier for small businesses to navigate through funding options and secure the right financing.
In a nutshell, Levr.ai is a sophisticated software company that leverages artificial intelligence (AI) and machine learning (ML) to help applicants match with the best loan options and certified lenders. The application process is uber easy and secure.
Levr.ai guides you through the entire loan application process. Once you share some information about your business, the platform matches you with its top certified lenders for the funding your small business needs. Businesses are also free to get support from their business partners, financial advisors, or accountants during the application process. Levr.ai also makes it easy to complete your online loan application for multiple lenders by connecting to your online banking and accounting data.
Different Types of Small Business Loans
There are several types of small business loans available today, including term loans, merchant cash advances, and others. Each type of loan has its unique features and benefits.
1. Term Loans
Traditional Term Loans are the most common type of loans. Small businesses usually use them for specific purchases or investments. Term loans have a fixed repayment schedule. Their interest rates can either be fixed or variable.
2. Merchant Cash Advances
A merchant cash advance (MCA) is a type of business loan where a lender provides a lump sum payment in exchange for a portion of the business’s future sales. The loan repayment is made through automatic payments from the business’s bank account until the loan is paid in full.
MCAs are suitable options for businesses with good cash flow but don’t qualify for conventional loans and need fast and flexible funding options.
3. Equipment Loans
Small businesses needing expensive equipment such as machinery should consider equipment loans. There are different types of equipment loans. Lenders offer a lump sum of money to purchase equipment in a conventional equipment loan. The borrower repays the loan with interest over a fixed term.
Alternatively, the borrower can lease the equipment. Here, the lender purchases the equipment and leases it to the borrower. At the end of the term, the small business can purchase or return the equipment.
4. Invoice Factoring
Invoice factoring, also known as invoice financing or accounts receivable financing, is a fast and flexible option for small businesses. Companies can leverage their unpaid invoices to access working capital at a cost.
5. Line of Credit
A line of credit allows small businesses to borrow money up to a certain limit whenever needed. It’s a flexible option because small businesses only pay interest on the amount they borrow. They can also borrow and repay as needed.
6. SRED Loan Program
The SRED loan program is a form of cash advance. It’s available to Canadian businesses that have a good business plan and have engaged in successful R&D activities. The loan program can offer payment in installments or lump sums with flexible repayment terms, depending on the R&D project.
See: Why Small Businesses Invest in Stocks
Small business loans can be a valuable resource for entrepreneurs, offering the financial support required to start, grow, or sustain a business. That’s why it’s critical for small businesses to choose a loan that’s suited to their needs and financial situation. Working with an advanced loans platform can help small businesses match with the ideal financing options.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Digital Renaissance: Exploring 15 Ontario-Based Startups Reshaping the Crypto Landscape
Canadian Venture | Jun 15, 2023
Image: Freepik/Pikisuperstar
Ontario is quickly becoming a global hub for digital asset innovation, with a thriving ecosystem of startups spearheading transformative technologies in the realm of cryptocurrency and blockchain.
Listed below are just a handful of innovative enterprises that are not just revolutionizing the digital asset landscape in Ontario, but they are making significant strides in shaping the future of global finance, technology, and digital ecosystems.
| Company Name | Description |
|---|---|
| Figment | A pioneering startup dedicated to supporting the adoption, growth, and long-term success of the Web 3 ecosystem. |
| Newton.co | A leading cryptocurrency trading platform that enables seamless buying and selling of Bitcoin and Ethereum. |
| Haloo | An enterprise-focused startup on a mission to streamline and simplify the complex process of trademarking. |
| VirgoCX | Canada’s leading regulated cryptocurrency trading platform, committed to ensuring safe, easy, and affordable crypto trading. |
| NFT3 | A groundbreaking startup that has developed the first Unified Decentralized Identity and Credit Network for Web3. |
| Source.network | Revolutionizing data management in the Web3 landscape as an interoperable data management layer. |
| Integral Treasury | Offers a cutting-edge real-time finance platform tailored to Web3 enterprises. |
| Rehuman | Redefining human identity for the digital economy. |
| Yuser | A decentralized social networking platform designed to empower users. |
| Balance | Offers a comprehensive solution for the custody, trading, and management of digital assets. |
View more --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Small Aspects of Your Business That Could Pay Off Massively
June 29, 2023
Sometimes, it is the smaller details of your business that really make a difference. Sure, aspects like the unit space and the pricing of your products are going to have a major impact. Although, it is sometimes the smaller aspects that can help you get the edge over your competitors or get consumers coming back. This is why attention to detail is so important in the world of business. If you want to know what small aspects you should be taking into consideration, then keep in mind the following.
Having Gift Cards
As a business, you should definitely be selling gift cards. You might even be surprised by the number of other companies that are not involving themselves with this. They are a really effective way to make a profit for very little cost. When it comes to buying gifts, there are a lot of people who will always opt for investing in a gift card. After all, it is a great idea. You get the feeling that the person was thinking about you when they bought it, so it has a personal aspect. Although, you also get the freedom to choose what you want, making it great. So having gift cards in your business is definitely something you should consider. Check out the Blackhawk Network comparison to see different gift card options.
Having Loyalty Schemes
One of the key things you are trying to do in your business is to get people to come back. When you have consumers that are coming back on a consistent and frequent basis, this sets up a great base for profit. So how do you ensure they keep coming back? An impactful option is to have loyalty schemes. Reward your consumers for coming back. When you do this, they are not only going to feel appreciated, but they are also going to be more motivated to come back. This can include a loyalty card where you build up points for discounts. Or, you could have loyalty schemes where you get a free item after a certain number of purchases.
Changing Rooms/Testers
People don’t want to be hesitant when they are buying an item. This is why it is always a good idea to allow the consumer to know exactly what they are getting when they make the purchase. When a customer is 50/50 on whether to buy something or not, chances are they are going to end up leaving it. However, if they are able to get an experience with it, they might change their mind. In a clothing store, the best way to do this is to have changing rooms.
See: Liquid Avatar Technologies Inc. Launches First-Ever Payment Card and Loyalty Program for the Metaverse
This way, the consumer can see exactly how the clothes are going to look on them and see if it fits. If you are in an electrical store or have a business that sells products of use, give them a chance to test them out. Being more familiar with an item will make them much more likely to invest.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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