Tech Tuesday: The Shifting World of E-Commerce
Meet Tracey Milligan. Founder and CEO of Term Payments, the company looking to empower everyday consumers to purchase the items they crave the most from boutique shops and beyond. Tracey is on a mission to be as inclusive as possible and serve people where they are, and that often lies with where they spend time online. Listen in below as Tracey and I discuss the shifting world of e-commerce and where the biggest opportunities are moving forward.
#TechTuesday Highlight #75: Tracey Milligan, Founder & CEO Term Payments
How/why did you get into your space?
Moving into this space was a natural progression for me. Entering fintech this way is a blend of my experience in retail sales, customer service, institutional finance, banking, and my passion to help people live the happiest most fulfilled life they can. I wanted to create a way for people around the world to participate in the digital economy by providing a low barrier to entry from a financial standpoint.
What role do you play in the tech ecosystem and why is that role important?
I believe my role is a unifying voice between the “haves” and the “have nots”. I’ve lived in the extremes of both spectrums. There is a disconnect that is growing wider and it’s partially due to the speed at which technology is developing. If you don’t have money to purchase the latest gadget or even cell phone, you get left behind in innovation and opportunity. The ability to have conversations with people and understand their needs is important to creating technology people will actually use. With all things, understanding others point of view is important.
How has technology impacted your industry and why is this important?
Technology has greatly impacted the e-commerce space. The ability to shop online has removed barriers of selection, location, and pricing. E-commerce has provided an opportunity for smaller artistic makers and manufacturers to reach consumers they would never have had access to before. It’s important to be as inclusive as possible and serve people where they are. Being inclusive means providing opportunity that levels the playing field in certain regards. Term payments is bringing a payment solution that allows people to use cash online to pay for things. In places like India over 90% of transactions are still cash-based. That represents over a billion people in that country alone.
What do you believe is the most exciting tech trend for 2020 (as it relates to your industry)?
I think the most exciting thing happening in fintech is the new ways people are gaining access to purchasing power. The legacy system is broken and often locks people out of purchasing power long after whatever issues impacted them passed. New mortgage lenders are giving people other ways to buy a home outside a standard 20% deposit, and business loans happening for startups based on funding size or cash in the bank.
Who is a person that inspires you in the space and why?
I really love what Denelle Dixon is doing at Stellar. I believe the future is blockchain and cryptocurrency. She is combining the world of currencies and finance and I love how she is doing it.
What advice would you give to someone who wants to get into your space?
The best advice I can give is to get a good high-level overview of what’s moving and shaking. See what catches your interest and drill down into it and see who is making moves and making waves. Connect with them, follow them. Educate yourself and keep updating that knowledge.
#businessunusual #ecommerce #financialservices #payments #shoptherapy #brand #mission #vision #value
Have thoughts on this week’s trends or questions for me or Tracey? Post your thoughts in the comment section or share them on Twitter. Please include the hashtag #techtuesday and mention me @ScarlettSieber! Until next week. 🙂
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