E-Commerce in 2020: What to Expect??

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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Last Wall Comments

 
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 Mike says at 23:12 et
Nice one Pat! Let me know when you reach 2k per day :)
 
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 chris says at 21:03 et
Hi friends... Is "Pet Rock" a good product to sell? seems like an eaasy winner and super original.
 
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 Rob says at 21:03 et
pet rock.. hm.. Not really.. run the numbers on the Best Seller finder.. u see most sales are made by 2-3 sellers, others are struggling. It's also too cheap of a product, Average price of the product from top 10 sellers: $13.13 (Approximate FBA fees: $2.63)
 
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 Jonas says at 21:12 et
guys, how do you prevent long term storage fees for things that sell slow?
 
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 Claudia says at 21:12 et
Several options.. Liquidate It, Ship it back to you, Have Amazon Destroy it
go to INVENTORY > INVENTORY PLANNING , then INVENTORY AGE link. You'll see which products are coming up for the 6 month or 12 month long term storage fees. Just make sure nothing stays over 365+ days.
 
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 Lane says at 21:13 et
@Jonas, make sure you get rid of duds that dont sell over 6 months!
 
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 Elena76 says at 21:19 et
I'm new here too.. Great course. Everyone talks of winning the "Buy Box".. whats a Buy Box??
 
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 Evan says at 21:19 et
The Box that appears on the product detail part containing the "Add to cart" button.. You got to win it ;)
Or else sale goes to someone else.. If you are only seller then it wont matter. Read more http://www.amazon.com/gp/help/customer/display.html?nodeId=200401830
 
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 robert says at 21:19 et
you gotta win it!
 
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 Aria says at 21:31 et
What shopify app allows you to quickly make branded Tshirts etc?
 
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 wing11 says at 21:31 et
@ARIA Try Teelaunch app, super easy to make tshirts, etc
 
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 Dylan says at 23:08 et
I want to get in touch with a customer that left a one star review. I've been through all the reports and cannot find them!
 
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 Lane says at 23:09 et
Click on Orders and then click on Manage orders. if they have left their actual name, you can find them through a paid tool called 'sellermail'.
 
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 Claudia says at 23:10 et
Let go... Most likely it's your competitor, more over amazon does not allow you to ask customers to remove bad reviews directly. You can get in trouble. Nobody expects your product to ONLY have 5 start reviews, so don't worry about it. You can't please everyone. Just keep providing great service and good reviews will cover a stinker!
 
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 Claudia says at 23:10 et
You can remove however negative Seller FEEDBACK pretty easy. See our video on that.
 
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 Victor says at 15:03 et
My problem is I am selling too fast and often run out of stock... Should i rise prices to slow down or let it run out of stock?
 
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 chris says at 15:03 et
Dont rise prices it will lower your BSR and ranks... Run out of stock swinging and refill fast!
 
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 Alice says at 15:04 et
forecast.ly and cashcow pro will help you manage inventory and plan better! hope it helps!
 
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 Ethy says at 11:54 et
Great day for me, made $250 usd yesterday and $220 day before!!! YOU ROCK GUYS!
 
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 Angel says at 11:55 et
thank you for sharing! inspiring stuff ethy
 
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Ernestas says at 22:33 et
this is your start ? :)
 
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 Gautam says at 08:57 et
Congrats. When did you start?
 
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 Dennis says at 01:59 et
congratulation buddy :) hope you will do much more!
 
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Jaikishin says at 03:40 et
Hi guys need help to configure the theme like the videos how do I color backgroundto the main menu and put the menu on the side bar on the collections page ? Help
 
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 Evan says at 03:41 et
In shopify go to menu Online Store - > Themes -> click customize theme.
 
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Pavel says at 02:17 et
What to do in case of goods return taking into consideration that delivery done to US and I am located outside of US? Does it mean that returned goods to be deliveried to my home? How I should proceed in such cases?
 
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 Alex says at 02:18 et
Hi Pavel. There is a video lesson talking about it, you can set the forwarding address in US.
 
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Pavel says at 13:27 et
Alex, thank you. Could you please indicate the name of the video.
 
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 casey says at 13:28 et
It was I think a video about the biggest problems with dropshipping and how to solve it
 
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Pavel says at 02:18 et
Any answers? It is important to know in such situations. Similar questions related to refunds. How to work with the suppliers in case of refunds? I will appreciate answers for my questions.
 
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 Violet says at 02:19 et
If you do FBA then Amazon will take care of returns and refunds.
If you do dropshipping then customer can return item to your forwarding address. If the item is cheap it's easier just refund without return.
 
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Pavel says at 13:27 et
Yes, I do understand it. Thank you. The question related to dropshipping part.
 
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Oliver says at 02:38 et
Thanks Emma, I got the logo done!
 
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Dimitrios says at 16:12 et
Hello,
I just started in this member's area. I am using AsinInspector for researching Amazon products and I compared its results with Best Seller Finder. I have noticed a huge difference in Estimated Monthly Sales. Best seller finder shows almost three or four times more sales. Can you explain why this is happening?
 
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 Mike says at 16:14 et
We'll check! probably different update time, as asin inspector is usually updating more often!
 
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Brian says at 12:19 et
I am new
 
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 Mike says at 12:20 et
hi Brian, just follow the videos as they are in the course..
http://sellslikehotcakes.co/videos.php