Very nice game! Here's my feedback.
The presentation feels really polished and the gameplay is a lot of fun.
I tried to equip the blue ribbon but it disappeared. Not sure what happened. I had to restart.
If I were you the thing I'd focus on the most is making the character art and 3D models look better. (Particularly the faces on the 3D models)
The cutscenes are really well made and enjoyable.
The music is alright but a little generic.
You should make the items autoequip. Going into the inventory is not fun. Especially since you have to do it all the time.