2020 first became a buzz word, when people wanted to refer to the perfect vision (i.e., vision 20-20), it didn’t take long before the word found its way to the business world and became a symbol of clarity of vision which then became integrated into the architecture of businesses all around the world. It was used as a claim that an organization or business was well grounded and had foresight with regards to future events.
Vision 2020 is now officially accepted as a great foresighted vision! With this 2020 craze spreading, it didn’t take long before nations began incorporating 2020 into their plans for the future. Now, almost every country in the world has set some ambitious target for the year 2020, so it’s like everything is being set up for some eventually explosive event, probably something significant and positive that will happen in 2020.
Is this all b.s, or mass hysteria or something else?? Let’s not bother ourselves with the nitty gritty of this 2020 madness, instead, let us see what analysts are saying about e-commerce in that year because 2020 is almost upon us already.
What do the experts predict? Well… read on and find out.
1. Tremendous growth of the e-commerce sector
When new technology comes out, what really scares innovators and investors are how quickly people will adapt and use these technologies. E-commerce has received widespread adoption and usage, and this is only going to increase by 2020, as there will be more humans who grew up using e-commerce services so that it will be a global norm. E-Commerce sales are expected to reach US$ 120 billion by 2020 from US$ 30 billion in 2016.
Based on current data and research, analysts predict that customers will even demand more value than ever before, and will tend towards instant gratification and fresh, groundbreaking innovations.
2. Increased Demand for Logistics-Based Service
One of the most challenging aspects of e-commerce has always been logistics. With the massive increase in e-commerce services, logistics is predicted to evolve and become the most sought-after service in 2020 and beyond.
3. Perpetual Innovation & Hyper Competition
Of course, this is to be expected. The rate at which we are advancing with regards to technology is mind-blowing! Every day, new concepts, ideas, and technologies come to life, and with these innovations, our world will drastically change from what we are used to. E-commerce in 2020 will be extremely competitive as brands and companies will keep striving to differentiate themselves from the competition by integrating new technologies and innovative concepts into their business.
Some of the technologies that will transform e-commerce in 2020 include:
- Artificial Intelligence: Is a broad subject dealing with several kinds of innovations that will transform the way business run, interact with customers and so much more. It is a hot topic right now, and a lot of work is being done in the background to see that A.I can perfectly integrate with business, help with analyzing and foreseeing customers future needs and help in decision making.
- Chatbots: analysts are hail these programs as the customer service of the future. They aren’t wrong about this summation. Chatbots are created with the customer in mind; they’re designed to exchange messages with the customer via a chat interface. As artificial intelligence and machine learning grows, these chatbots will be able to act human in their interaction efficiently, it might be so compelling that one won’t be able to tell the difference between a bot and a human!
- Mobile Wallets: Analysts predict that as the internet continues to grow, 50% of transactions by 2020 will be cashless! This will drive up the demand for mobile wallets, as its shares are estimated to go up by 15% from the current 8%. These figures are truly amazing! This shows that the internet, along with e-commerce and online marketing is only going to get bigger in the future.
- Widespread Adoption of Cryptocurrencies: Although a lot of well-known bankers and politicians have decried cryptos as a bubble that will eventually burst, day after day, we keep seeing other companies and online stores adopting these cryptocurrencies as part of their payment methods. The truth is that cryptos are degraded by bankers as a bubble because of the threat they pose to the banking industry. Research has also shown that millennials prefer cryptos to stocks, and this preference is only going to keep on increasing in the future as more and more people will embrace blockchain technologies.
By 2020, we should see more e-commerce stores accepting popular cryptocurrencies like bitcoin, litecoin, ethereum, and dash. A few days ago, it was heavily implied by insiders that one of the biggest e-commerce companies, e-Bay will soon start accepting bitcoin as a form of payment, if this eventually happens within the year, it will only be a matter of time before others follow suit.
Whether expectancy of 2020 is overhyped, a conspiracy theory or just another case of mass hysteria, the fact is that changes will happen in 2020 and it is best to gear up and position yourself and your business to be able to adapt and cope with the massive change that will sweep the e-commerce industry in the near future! In this regard, it will serve you well to adopt the vision 20-20. *pun intended* 🙂
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