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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 pat says at 23:09 et
Not to brag... but It's my first $1000 DAY pals! 37 units sold today! Really appreciate all the help you gave me to boost my sales.. Last year I never reached even 15 units per day!
 
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 USA says at 20:59 et
What about long waiting time with dropshipping from aliexpress?? 2-4 weeks is a lot of wait? wont there be complains and refunds?
 
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 Claudia says at 20:59 et
That's not an issue as long as you don't sell on amazon or ebay and only use this method on your OWN site (shopify store). So you customer cant ruin your acc feedback with negative reviews on slow delivery time.
For amazon you should only use domestic dropshippers to avoid long waiting time.
One more tip - call the shipping "FREE". when something is free people tend to complain less. Okay it's slow but i got it for free so i will wait.
 
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 max says at 21:08 et
How do you guys handle delays related to Chinese New Years etc?
 
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 Emili says at 21:08 et
You can say the product is out of stock due to "high demand", "custom printing", "warehouse relocation". And then instead use Pre-order now and get special early bird discount price...
 
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 USA says at 21:30 et
How to find and contact influencers on Instagram??
 
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 Samuel says at 21:31 et
Try whalar.com, socialhype.co, influence.co, Buzzsumo ,Boostagram .. each can provide list. Also BrandSnob app. Also of course direct contact without third party tools on instagram!
 
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 nicholas says at 21:31 et
Already discussed before, please search first...
 
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 Wolf says at 21:43 et
My store is ready and doing pretty well. What app to create a contest and collect emails?
 
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 Emma says at 21:43 et
Check kingsumo.. it lets set giveaway on wordpress sites. in exchange for emails.
 
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 freedom says at 21:50 et
Does dropshipping work? i worry about slow delivery times? who will wait 2-4weeks??
 
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 Gab says at 21:50 et
Dont be discarded about drop shipping there are lots of people have succeeded in drop shipping, my advice drop ship is good when you do it internationally. I have no problems with international customers.
 
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 Victor says at 21:50 et
You can reduce the delivery time.. Try DHL, i pass the cost to the consumer, i find consumer will pay the xtra amount to get the instant gratification they seek in online shopping.. Or find domestic suppliers..
It is Ok to use AlieExpress - just make sure that your customers know about the delivery times and the reason is because all products are made to order and direct from the factory.
Then scale up and move slowly to FBA once you know what sells best for your store and fullfill via amazon prime!
 
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 Raven says at 19:56 et
Do I need a trademark registred first to be amazon brand registered?
 
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 Kylie says at 19:56 et
No Raven, not necessary. But you must have a site ready
 
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 Claudia says at 20:00 et
If you are approved nobody can sell over your ASIN, chance your title etc.
 
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 Gab says at 20:00 et
Also you get access to Enhanced content
 
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 Gab says at 22:23 et
Amazoners... with new UPC rules, is it better to print the FNSKU directly onto the product instead of a UPC?
 
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 Alice says at 22:23 et
yes i did it and it worked fine
 
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 chris says at 09:57 et
I posted my Critics today, if you care - please send me suggestions here http://sellslikehotcakes.co/critics.php
 
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Angela says at 16:31 et
Hi, I am new in e-commerce. I am trying to white label a product and I have registered a domain name so I can put in my product or products. Do I need to also Trademark the name? It appears a quite expensive exercise.
 
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 Mike says at 16:32 et
hi Angela. Please watch the video about BRANDS, it talks about it. You might not need to invest too much at this stage but later down the road you might get a trademark if your business is growing fast. However make sure you are Amazon brand registered, it's free.
 
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Ernesto says at 06:36 et
I thought "boost post" was a big no- no, and should instead use ads manager? Can someone drop some knowledge on me?
 
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 Eddy says at 06:38 et
Boost post is the same as using ads manager if you already created audience and just want to quickly boost the post for $10-15 when building community.
 
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dilini says at 19:04 et
hi, i am sri lankan. In sri lanka it is not allowed paypal and stripe still. for that i can use local intrenational payment gateway. But is there any option by opening amrican bank account to connect to world wide accept IPG? Thanks..
 
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 Kylie says at 19:13 et
also search for local facebook groups, there must be people from sri lanka doing shopify and you can join them as well to get some local advice!