Achieve overarching customer satisfaction through Omnichannel approach implementation
“Whoever said money can’t buy happiness simply didn’t know where to go shopping,”- Bo Derek. The modern-day purchase decision and shopping experience is much more complex with the shopper having multiple options to choose from online store to teleshopping sites. To address this challenge and provide shoppers a seamless shopping experience across the channels, retailers deploy Omnichannel retailing solution. A distinctive feature of Omnichannel retailing is the integration of various sales channels including retail stores, mobile stores, online stores, mobile app and telephonic sales. This provides a unified customer experience starting before the sale and continuing even after the sale is complete. However, it’s essential to differentiate from a multi-channel experience. Essentially, this differentiator is the depth of integration of all sales channels. Most companies in today’s business invest in different engagement platforms such as Facebook, Twitter, website, etc. but still the customer lacks the seamless experience due to lack of integration. So, businesses investing in Omnichannel approach should focusing on aligning the objective, goals and messaging of all the different channels and deliver a seamless experience to the customer. Companies considering to implement an Omnichannel approach should involve all the stakeholders of the organization such as front end executives, marketing, IT, sales, etc. in strategizing to ensure that transition to the new model happens smoothly. Ultimately, this translates to providing a superior customer experience and better satisfaction. One good example of Omnichannel approach providing a great experience for customers is the entertainment giant Disney. The approach begins with a very well designed website having a good user interface. It has a real experience not only on a desktop but also on mobile devices which lacks in many other cases. After booking the trip, the user can use My Disney Experience tool that allows the user to have a complete view of the future experience. The customer can plan the entire trip starting from picking the pass to identifying the rides and deciding what to eat at which eatery. Disney’s unique customer experience offerings don’t stop here. The company provides Magic Bands or cards that can be used to do a gamut of activities including unlocking the door of resort hotel room, enter the water park, check in at fast pass entrances, connect Disney photo pass images to the account and also charge food and merchandise purchases to the Disney resort hotel room. Such a seamless integration of multiple channels to provide a comprehensive user experience is the key to the success of Omnichannel retailing. This exercise might seem out of reach to companies of small sizes. But, technology has come a long way over the past few years helping reduce the cost involved in customer engagement. So, it can be said that commitment from the company’s management, predefined strategy and working with different organizational stakeholders in tandem will surely help organizations achieve a successful Omnichannel approach implementation and thus provide a significant customer satisfaction. Implementing one such strategy, in turn, leads to customer retention and contributes to better revenue prospects.
Advanced Analytics: Solution to Traditional Media Buying Inefficiencies
Little more than a decade back, when big data arrived, it gave businesses something extra. However businesses either felt their data was inadequate or the inferences they could draw, were at best, vague. The world has come a long way from then and there has never been a better time to advertise online than now. However, it is not big data alone, or even the technologies that came immediately after its emergence. Smart analytics is relatively more recent, and it goes beyond providing detailed descriptions of your data. Advanced analytics is what data technology should ideally be. The blur before your marketing data disappears, and you can draw sanguine inferences such as what percentage of your ad spend generates what proportion of sales and from which channels. The main advantage of advanced analytics is the availability of accurate inferences in real-time. Besides automating your online advertising process, you will be able to quantify the outcome of your advertising efforts across channels. That helps you make media buying decisions with minimum risk and measure your performance without forced assumptions. You can cut costs incurred on expensive statisticians Unlike in the recent past, when big data was used by high-end statisticians to figure out the best locations, channels, and messaging for you, advanced analytics can do much better, and at a lower cost. With real-time data on multiple aspects related to your markets, advanced analytics software can deliver the inputs you require for adjusting your media buying budget. Efficient media buying involves a range of data processing techniques, but with approximations, you get nowhere in spite of large expenditures. Using predictive analytics, software is now able to provide you with accurate suggestions. Knowing and making the right cross-channel investments It is important that you realize your returns on investments that are distributed across channels. Earlier, with traditional media buying, finding it out accurately in relative terms was impossible. With advanced analytics and customized software deployment, you can assess your individual channel investments. It helps you take confident decisions on whether to expand your campaigns or stop them. Moreover, the deployment over cloud helps you with maximum efficiency in media buying, ad placing, and transacting. Measurements can be carried out every second, and the whole media buying process becomes free of uncertainties. Facing palpable shortage of data? That’s changing! Even when big data had first arrived, companies felt their in-house data was inadequate for drawing sufficient insights. Back then, many decision makers doubted if analytics would be useful for media buying. Software that was smart enough wasn’t around as yet, and even a flood of data seemed inadequate. However, with the emergence of advanced analytics, companies have realized that they can use even their in-house data—related to third parties, finances, channels, transactions and more—to generate the insights that now help them make media buying decisions with unprecedented accuracy. Software can now be deployed and used to implement advanced statistical functions—such as relative importance analysis, structural modelling, case-based reasoning and more. When deployed over cloud, such software can function in real-time to deliver insights on how to best optimize your media buying spend.
Five Trends That Will Shape the Mortgage Industry in 2016
As we embark on 2016, the mortgage industry is poised for another exciting year. Here is a look at trends and topics that will shape the new year. 1. Interest rates are on the rise – There is potential for future rate increases from the Federal reserves. Rates are expected to rise by up to 1% in 2016. Increased interest rates may prevent many first-time buyers from entering the housing market. The millennials, already reeling under student debt could delay home purchases. 2. The rise of Millennials – Growing up in a digital age, their set of priorities and buying behaviour is different to the previous generations. Born between 1980 and 2000, millennial purchasing power is at an all-time high. As the first digital natives, they naturally expect lenders to engage with them on digital platforms. Lenders are cranking up their tech muscle and developing digital platforms to capture this lucrative market. However, rising student loan debts may withhold them from immediate purchases. 3. Marketplace lenders continue to transform the industry – Marketplaces are revolutionizing industries across business lines. Marketplace lending platforms match borrowers with investors who purchase securities backed by notes issued by these platforms. By adding critical functions in the middle, they are leveraging technology to unlock value, deliver scale and in the process take a significant market share. In a digital world, technology allows marketplace lenders to use advanced data analytics to make possible credit decisions, reduce risk and enhance customer experience. Marketplace lenders will continue to disrupt the market 4. Automation is the way forward – Buying a home is a complex process. It involves multi-layered, levels of approvals across a relatively long timeframe. Equipped with an array of options, the digital consumer expects speed across the loan application cycle. Lenders are looking to eliminate roadblocks and deliver superior customer experience. Lenders will leverage automation and adopt advanced technology platforms to automate credit assessment process, track customer sentiment, and detect fraud. 5. Cheaper to buy than rent – Rental rates across the United States continue to rise. Rental vacancy rates are at a low for both apartments and houses. Growth in rental rates is higher than inflation, and buying is cheaper than renting in major urban markets. With an increasing need to be mobile and lower than average employee tenure, millennials may not want to commit to living in a single location. This could impact buying behaviour and keep rentals at a high. We’ll do a mid-year review to check how these trends are affecting the market. Watch this space for more.
HTML5 – Opening new horizons
The volatility of stock markets and the availability of diverse trading technologies have made the task of stock trading interesting and challenging at the same time. The advent of new platforms and applications has added a certain degree of complexity to the concept of online trading. Traders, for many years, have been relying on thick client applications for monitoring the market. Trading terminal features can be classified into ‘must-haves’ and ‘good to haves’. Must-have features include a constant connection with the exchange or clearinghouses, technical analysis support, security, and provision to create a dashboard to perform multiple actions. Customization and multi-platform support are some of the good-to-have features. Since most of these features are resource-intensive, they did not work on browsers in the past. Nowadays, with the introduction of new technologies like Flash, Silverlight, etc., most of the features can be built for browsers. But the challenge is that these solutions continue to face bottlenecks since they are still not at par with existing thick clients. The improvements in Javascript engines and the introduction of HTML5 specifications have now made it easier to build an application on the browser, or a suitable workaround. Features Overview Things we feel excited about HTML5 introduces features that have a direct application in the Capital Markets space. By leveraging these applications, it is possible to bring the experience of a thick client based terminal to the browser (directly and indirectly) with very little compromises. Streaming A terminal requires constant feed for prices, order execution and alerts. This has been achieved using various techniques like long-polling, Flash sockets and HTTP streaming. With the introduction of WebSocket, a bi-directional communication channel, it is easier to build streaming channels with a lot more efficiency. Leading commercials and free products in this space provide support for WebSocket based channels. Cross-platform All modern browsers on desktops or mobile devices support most of the features, and hence HTML5-based applications give a true cross-platform experience to end-users. The same applications can be re-modeled just by using Javascript and CSS3. The new form factors of devices have encouraged developers to build applications––by using cross-platform HTML5 language, API and tools––and remain focused on developing features rather than infrastructural blocks. Despite the fragmentation, the growing community and third party libraries have helped address a lot of issues with ease. Analytics Analytics is an integral part of any application in the Capital Markets space. An application can have calculations as simple as percentage change to as complex as computation of pricing model for derivatives. Since most of the work is done on UI threads, performing such calculations made the application sluggish. By using Worker (Web Worker), thread calculations can be offloaded from UI threads, hence making the user experience better. Other features like Storage API helps in handling large volumes of data on the browser by offloading objects from memory to browser-based storage; it also helps in securing cross-domain communication. Canvas is a case in point––it helps in advanced graphics with improved performance on machines with GPU.
Insights into Online Advertising
In recent years, the online advertising space has grown at an astounding pace. More and more businesses are counting on the online medium, thanks to the reach and measurability. Whether it’s pay per click advertising, search engine optimization, email marketing or social media marketing, advertisers can easily reach out to their target audience more efficiently––no matter where they are located and what they do. Having started with a conventional model, online advertising has grown to a complex and innovative business model today. Be it the view, pricing, type and/or ad positioning, change has become the only constant. An ad that was once nothing more than a simple unoptimized image, has now become a dynamic and versatile communication asset that rotates, animates, speaks (audio) and plays (video). The what, where, why, when and how of ad display have become critical factors that determine the success of online advertising. As new functionalities/features/opportunities get unveiled every single day, today’s advertisers are game to increase their online spending. Let us first have a look at the nuts and bolts of online advertising, and then go through more complex concepts in this fast evolving domain. In this post, let us have a look at the role of advertisers, publishers and networks, and understand some of the critical terminologies commonly used in the domain. Key Players in Online Advertising There are multiple roles that come into play in the world of online advertising. Advertisers: The advertiser’s primary role is to provide the actual ads and campaign parameters. It is up to the advertisers to decide what ad they want to run, where they want to run, how long they want it to run, and how much they are want to spend. Apart from providing the actual ad, the advertisers may want to examine reports to see if advertising is meeting their desired goals. Publishers: Publishers run websites, and these websites have specific ad spots where advertisements can be placed. Generally, the publisher is also responsible for managing and running ads on their web site. An advertiser tells the publisher to run a campaign, but the publisher has to make sure that the campaign is set up properly and delivered as promised. Networks: Most advertisers do not have time to search for sites to run their campaigns, and many publishers do not have the time or resources to handle ad sales. An ad network will have extensive relationships with advertisers and publishers. An advertiser might go to that network and say they want to run a campaign across the whole network, or on specific category of sites. The advertiser gets the maximum number of audience, without having to deal with each individual site. The publisher gets the benefit of receiving a higher number of campaigns that they might not be able to attract on their own. Rates and Fees: Most widely asked questions are “What rate should I charge?” or “How much should I pay?” Unfortunately, there are no simple answers to these questions. The rate can be based on several factors like demographic and geographic targeting, total impressions served, etc. Few of them are listed below: CPM (Cost per Mile)- Is a flat fee for thousand-page impressions. CPC (Cost per Click) – Has become popular because of Google, where an advertiser only pays when a user clicks on the advertisement. Fixed Cost- Advertisers pay a fixed cost for delivery of ads online, usually over a specified time period, irrespective of the ad’s visibility or users’ response to it. My next post will delve deeper into more advanced concepts in online advertising! Keep watching this space.
NoSQL – Break The Shackles
Recent growth of social media networks and smartphone users have led to a sudden spike in internet user population. In today’s world a good application can become viral in a matter of few hours. Gone are the days when user-base growth was a slow, linear and predictable process. Having a million+ users is the new ‘Norm’ for any internet application. Growth estimates have become unpredictable and now companies need to implement/create applications such that they can effectively support dynamic increase in the number of users as and when required. Today’s web applications also generate a lot of unstructured data in form of comments, feedback and access patterns. This data contains lot of useful insights about the users and usage behavior. Applications should be able to preserve and analyze this unstructured or semi structured data. Let the facts speak for themselves, 2+ billion – Internet users 32 billion – Hours spent online daily 1+ billion – Smartphone users 566% – Growth in number of internet users in last 12 years Scalability and Performance have become key success factors for any web app company. Normally, web applications follow a three tier design approach – Front-end (UI) layer, Model layer and Back-end (Database) layer. There are a variety of solutions and design strategies available for UI and model layer implementations, however database layer has been dominated by relational databases. Relational databases are rigid and difficult to scale. Application developers find it extremely challenging (impossible in most of the cases), to get the dynamic scalability without compromising performance. Relational databases have also failed to provide effective storage and retrieval of unstructured data. So, in nut-shell Relational databases are biggest bottleneck for rapidly growing web applications? Not anymore; NoSQL databases have emerged to their rescue. NoSQL is a completely new approach of thinking about a database. NoSQL databases generally do not adhere to the traditional RDBMS principals and fundamentals. A NoSQL DB may not support SQL and may not provide ACID (atomicity, consistency, isolation, durability) guarantees, but compared to relational implementations, a NoSQL DB is more flexible, scalable and cost efficient. Let me clear the ambiguity around the term ‘NoSQL’. It is a misnomer. NoSQL should be understood as ‘Not Only SQL’.NoSQL databases are – non-relational, schema-free, distributed, open-source, eventually consistent and horizontally scalable. NoSQL DB solutions available today can be classified into four major design categories, namely: key-value stores, document store, Columnar, and graph databases. Irrespective of the design and implementation, NoSQL databases share following characteristics: a) Auto-sharding: A NoSQL Database automatically distributes stored data across servers, without any need of explicit applications logic to do that. Servers can be added or removed from the cluster without any data loss or major application downtime. b) Implicit cache: To increase throughput, advanced NoSQL database technologies seamlessly cache data in memory. This is implicit and transparent to the application development team. c) Schema free: The storage structure is schema free and thus more flexible to efficiently store and retrieve unstructured data. NoSQL may not be a fit for all applications, specially the ones which involve online transactions. However, most of the today’s web applications can break performance shackles through NoSQL. NoSQL is supported by many technology companies and is gaining momentum. It is here to stay! Stay tuned to dive deeper into the NoSQL world in my further posts.
DISQUS: Elevating to the Next Level Commenting System
DISQUS has proven to be unique. I am able to record my observations about this distinctive comment management system in my blog. Firstly, I realized that what makes DISQUS a winner is that it removes hurdles for users across the web for managing multiple logins when all they want to do is just comment. The user can log in with Facebook, Twitter, OpenID, or a Yahoo! account and comment. This is the first win. Other significant advantages that make DISQUS stand out from other commenting platforms are: •Real-time comments – DISQUS launched a newer version of their system named “DISQUS 2012” which has improved features. One major enhancement was that DISQUS now works in real-time which implies that you don’t have to refresh a page to check for new comments. In fact, you can have a conversation within the DISQUS comment section as you would have on Facebook or MSN. •Email replies to commenters – If you leave a comment in DISQUS, you will get an email when anyone replies to your comment. This also helps in active commenting and replying. •Seamless integration with any website – DISQUS integrates seamlessly into any website or blog regardless of the platform of that website/blog. With a few quick and easy steps you can have your new commenting system up and running in no time. •Practically handles all spam – DISQUS uses its own anti-spam software to smartly combat comment spam. As it was designed to learn over time and becomes increasingly accurate with your moderation activity. •Shared profiles – As more and more websites are opting for DISQUS for their websites, profiles that commenters create are shared across blogs. This benefits bloggers in their communities. •User analytics – The DISQUS dashboard provides information on the users commenting on your site, including user reputation, history, post-approval rating, like from other users, and more. While there are certainly advantages to this system, there are also a handful of disadvantages in using DISQUS. The biggest problem which websites face is Search Engines Optimization (SEO). As search engines cannot crawl in a JavaScript comment widget and comments are fresh content to any website which search engines value highly. This poses a pretty big drawback. Another big disadvantage of using DISQUS or any other third party commenting system is that it lessens your control over it. Users can sometimes experience a slow page load or even no response if the DISQUS server is down. Though the blog details some of the pros and cons of using DISQUS, the system eds up being easy to use for both commenters and readers.
Ad Impression and Click Counting: Are You Billing Your Customer Correctly?
One of the key functionalities of an ad server is to determine how many ad impressions and clicks have been logged and confirmed. This is important because billing is dependent on that. A “confirmed” ad is one that we’ve verified as actually seen by a user. This means the ad was visible on the page and not blocked by an ad-block software or something else on the user’s end. Counting and confirming impressions In general, whenever ad server receives a request, it has all the user-related information from the cookie such as age, gender, etc. Depending on user profile, ad server returns ad to the user and logs it, which is counted as one impression. Key point to note here is that ad server has counted an impression, but it might not be confirmed because of several reasons. Therefore to confirm, ad server sends a blank GIF file (1×1) in the ad response with some unique ID, which is used by ad server to mark it as confirmed. Customer billing is done on the basis of confirmed impressions only. Similar is the case with clicks, in which ad server verifies the source is registered and valid and is not a robot. Delayed impressions There are some scenarios wherein ad server sends initial ad to the user but impression counting is not done till the ad server receives another request for the asset itself. An example is video ad, wherein you will see the video ad with “skip ad” options. If you skip ad, it will end displaying ad, else it will send request to ad server to continue the ad. Delayed impressions are used with: • Prefetched ads • Out-of-page ads • Video ads • Mobile ads • Ad Exchange ads Counting clicks When an ad is displayed to the user and user clicks on it, a request is sent to the ad servers. Whenever ad server receives the request, click is counted and in parallel redirects the user to the landing page. Discarded impressions and clicks Sometimes there are impressions and clicks that are not generated by actual people browsing the web. Such impressions and clicks are neglected by ad servers. Invalid impressions and clicks can come from a variety of sources, including: • Web crawlers and spiders • Impressions and clicks from sources that are not registered and considered to be robots. Different ad servers can use different logic to discard impression and clicks. A Popular logic is to discard requests are coming from unknown sources such as robots. Robots IP are usually filtered in three ways. 1. The first is based on known user-agents, which is straight forward. All entries in the log files where the browser is robot, are considered to be not confirmed. 2. The second way of filtering robots is based on a known list of robot IPs and hostnames. The list is maintained in a configuration file and updated by the system administrators. 3. The third way of robot filtering involves identifying robots based on behavior by analyzing a sample of the ad logs. Robots are identified by click activity. An IP/host which has clicked on more than THRESHOLD_TOTAL clicks that day, or has clicked on more than THRESHOLD_HOURLY clicks in any hour of that day, is considered to be a robot. THRESHOLD_TOTAL and THRESHOLD_HOURLY are configurable. This was an overview of ad impression and clicks counting. If anyone is interested to know more, feel free to send me an email. In another post, I will discuss technical details of impression and click confirmation and different scenarios related to ad impression and click counting. Stay tuned!
3 Step Program to Customer Targeting
Businesses, today, are turning to customer analytics to define and predict customer behavior. Most businesses represented by publishers and advertisers rely on demographic data to target consumers online. This is required to associate a product to a particular audience as defined by its demographics (age, gender, income) and interest data. Below is a three-step method for advertisers and publishers to reach their target audience: Collect User Behavior User behavioral data is usually collected through web browsers and video/audio players. Scripting languages such as JavaScript or Flash action script can be used to collect information related to browser, IP and content consumed by the user. This information can be categorized as strong or weak. For example, video player, tags or GPS-based location information can be categorized as strong and IP address, browser type, or login patterns as weak. Audience Segmentation The next step is the classification and identification of users by their interest or demographic characteristics. Users can be broadly classified by the following attributes. >Interest (media content) >Behavior (source, location, region) >Demographic (age, gender, income, company) This data can be used for machine learning model. Machine learning algorithm correlates user behavior to a specific interest. Users can then be targeted by using a combination of observed behavioral data. Interest and Behavior-Based Targeting Online behavior and the kind of media content consumed is required to predict user interest. The audience segmentation model identifies relationships between interest or content categories. The affinity rule increases the penetration of the ads campaign beyond the observed data. Interest-based advertisements, also sometimes known as personalized ads, are displayed based on information from online buying and browsing interacting patterns. Demographic-based Targeting The registration process can help to obtain demographic data such as age, gender, income or place of residence. The combination of behavior and demographics data is used as input to the Machine learning algorithm. By affinities rules regarding interest and demographics the machine learning algorithm increase number of users for ads targeting. Deliver Ads in Real Time When all this information is collated, then the next step is to deliver advertisements in real time. The trend in real time advertising is already visible and businesses can push dynamic content advertisements, across platforms and in a social environment. Thus, once the target audience has been defined and the ad content is formalized the power of the Net takes over. By doing this, advertisers and publishers will move away from creating perfect messages to creating perfect brands.
Online Dispute Resolution (ODR) Process – Six Steps to Get Your Disputes Resolved Faster
Dispute Resolution is a process of settling a disagreement on a business transaction made between two or more parties. Every online website has certain protection policies for buyers, but there are instances where a protection policy is unable to stop a dispute from being raised. According to Emarketer, “China and United States are the world’s leading e-commerce markets combining 55% of the global internet retail in 2014.” As per the analysis, China will top the chart by exceeding $1 trillion in retail e-commerce sales by 2018 accounting for more than 40% of global e-commerce sales. With these huge number of transactions, it would be hard for anyone to keep disputes at bay. Without a robust dispute resolution mechanism in place, companies are finding it difficult to stay even competitive due to the inability of evaluating a dispute legitimately. With every on-going dispute settlement, companies will not only bleed out chunks of dollars for reaching a mutual settlement but also slowly lose the user tractions on their websites. According to the “Online Dispute Resolution for Business by Colin Rule,” for $7 trillion internet projections, the rule of thumb is that 1 to 3 percent of transactions end up in some dispute that will result in hundreds of billions of dollars tied up in disputes needing resolution. With the ODR process in place, a lot of disputes that were unmanageable earlier are now resolved promptly. Two renowned e-Retail giants have recently implemented an ODR system for efficient management of disputes. They even have strong policies of Buyer Protection, where if charges are proved against a merchant, then the whole amount will be refunded to customers with no questions asked. These companies are working continuously to make their ODR process more flexible than what it was in its earlier days to achieve a level of customer delight. There are some other companies like Modria, PeopleClaim, and 4PS, who only specialize in settling disputes between other companies and customers. When we talk about resolution, there are different ways of resolving a dispute that varies from company to company. There are certain basic methods that are pinpointed by most companies for settling disputes are mentioned below: Negotiation – Mediation – Conciliation – Arbitration After a dispute is raised, it is advised that the disputed parties come together for a discussion to reach a mutually agreed solution using ‘Negotiation’ process between them. In some cases, when negotiation is failed, ‘Mediation’ process is followed where a mediator tries to direct the discussion to reach a consensus but does not suggest any outcome. But there are times where disputed parties will not mediate, and then a third party known as conciliator tries to settle a dispute by providing multiple suggestions for reaching a common agreement. This process is known as ‘Conciliation.’ There are events where all processes mentioned above are unable to settle a dispute, then a single person or a group of people known as arbitrators hear the case presented by disputed parties along with all supporting pieces of evidence. This process is termed as ‘Arbitration.’ All parties involved in a dispute need to be bind by the decision put forth by arbitrators. Arbitration helps in resolving a dispute privately instead of going to court. Below are some of the steps of how an ODR process would work online. Do you have a problem with a transaction? Raise a dispute An online dispute can be raised either by a customer or a merchant for a particular transaction within a specified time span. Once a dispute is raised, parties involved in the dispute will be notified with the details of the dispute. Negotiate to reach a mutual consensus In the first instance, all disputed parties will communicate with each other and try to settle a dispute amicably by reaching a mutual agreement. The parties once satisfied will close the dispute. Still not satisfied? Escalate an existing dispute to a claim If any party is not satisfied with the terms negotiated for a dispute, may escalate the same to a claim within some specified time span. Solve a claim with expert advisors As soon as it gets escalated, a third party first understands the reason of the claim and then asks for some supporting documents. After all, documents are evaluated, the concerned person tries to direct the discussion towards a common agreement and may also provide some suggestions as part of the resolution process. Close a claim Once an agreement is reached, the claim is closed, and the third party freezes all documents to avoid any legal actions filed against them in the future. Want to arbitrate? Re-open a closed claim. In case a disputed party is not satisfied, he can re-open a claim within a particular time frame. Once re-opened, the process of arbitration may follow to reach a settlement. Using these steps, a generic ODR system can be outlined. While having an ODR process in place, the companies can save their money from being drained out due to different disputes. This also gives a sense of protection to buyers which increases their loyalty for the websites. The Modria team already helped companies like eBay and PayPal to solve more than 400 million cases. In eBay, there are approximately 60 million disputes among traders are resolved using their ODR process. Now – a – days, in the UK people are so much inspired by the ODR process of eBay that they are thinking of creating an ODR system to move the judicial system partially online. As per the report written by Prof. Richard Susskind, cases like financial claims worth less than £25,000 or various family disputes could be resolved over email and telephone conference calls. By 2017, the new and updated three-tier online dispute resolution system known as ‘Online Courts’ would be running live in the UK with an aim to resolve civil disputes on some pre-defined criteria using techniques like e-negotiation and e-mediation. In the coming days, Online Dispute Resolution (ODR) process will be a game-changer for companies to survive in this highly competitive world.