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

 
9
Claudia says at 22:23 et
Welcome guys to Sells Like Hotcakes LIVE Q&A SESSION! I'd be glad to answer all your questions. Lets rock!
 
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 David S says at 22:34 et
Hi guys! I am about to place the order with the factory, what is the difference between EXW and FOB?
 
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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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 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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 Papa says at 21:37 et
Hi guys.. Would love to know if you use paypal checkout in your shopify store, or any other checkouts in addition shopify?
 
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 chris says at 21:38 et
Paypal accounts for about 45% of our sales. I'd say 20% of conversations are coming from Amazon. Also add Stripe and they'll have a much more straightforward guest checkout with credit card.
 
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 Victor says at 21:38 et
Stripe is a way to go!
 
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 diego says at 21:43 et
Where to get turnkey solutions for amazon coupon squeeze page?
 
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 David says at 21:43 et
Check Amzpromoter, pretty easy to set up and build a list!
 
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 Good Vic says at 21:44 et
I made a shopify store about FURNITURE and people want to mix or match so I had to create a collection for each piece. the big furniture stores have it where you can choose different piece all from that same page. how to do it?
 
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 Kylie says at 21:44 et
Try Option Apps will do this..
 
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 Father says at 23:25 et
When running a promotion, what is the recommended discount for the sale to count as a verified review and feed the amz algorithm?
 
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 Emili says at 23:27 et
Amazon does not reveal exact cutoff data for "verified" vs "unverified". some people say it's 50% but it's a wild guess. It does not matter really. Don't overthink it Father.
 
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 Emili says at 23:27 et
I give minimum of 80% off. Keeps buyers happy and many reviews coming (WITHOUT asking even with new policies all ok).
 
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 Ron says at 09:15 et
where to find local suppliers?
 
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 Aria says at 09:16 et
see resources... for example http://www.wholesalecentral.com/Made-In-USA.html or salehooo
 
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Claudia says at 17:16 et
Will it work for me? What if I have no coding skills? Check out Libni's store and case study here: http://sellslikehotcakes.co/blog/index.php/2017/03/29/sells-like-hot-cakes-program-wonders-heres-libnis-story/
 
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 Mike says at 04:28 et
Hi guys!

I just returned back from China trip, that was such an amazing and eye opening experience to see REAL China, to break stereotypes, to meet my chinese partners, sourcing agents.

I had a great opportunity to get in depth insights into Chinese whitelabelling business, I even visited and FILMED several factories for you! So you will see my journey and hopefully follow and take action as well, starting your own successful business in China!

We also had a chance to visit Canton fair, the biggest industrial fair in the world with over 45000 factories showing their newest products to potential FBA sellers from all over the world! We filmed it too to give you real life insights on how we choose the product and what questions we ask!

It will take me couple of months to cut all material and prepare the videos, but once ready, you will be first to receive them! Stay tuned and enjoy our course! Remember I do it in my spare time from selling, as doing course does not really bring me any money with such a low price, so my main profit only comes from selling itself, that's why I'm little slow on cutting the videos so bear with me :)

Thank you again for leaving your reviews for the course, it really helps me a lot spread the word and inspire me keep going and share this exciting material with you to help you succeed on Amazon and shopify!

Mike

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 Olga says at 05:31 et
looking forward mike!!! super exciting!
 
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Brandon says at 14:21 et
What was your most meaningful review (so far) like? What impact did it have on you? What would you want your dream review to say if your student could only use one sentence?
 
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 Mike says at 14:23 et
The fact that someone took action and started his own ecommerce business is the best review for me. I know many people only learn but never take action or find excuses like "i dont have time for this", so I really appreciate when people take action and do what they learn!
 
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Brandon says at 03:47 et
Good answer
 
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Claudia says at 16:10 et
Mike added new video "Canton Fair Case studies, product ideas and PRO Sellers Tips" really great insights and tips there for FBA sellers planning to go to china!
 
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 Mike says at 04:50 et
Yes, super cool trip to China https://youtu.be/jf-pF_mr1TA
 
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dilini says at 19:04 et
can I open USA shopify account? If yes what are the things I need? Thanks
 
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 Lane says at 19:07 et
You need to do your research. To open USA shopify account you will need VPN, some USA forwarding address. But to use USA payment systems you will need more work - US company and bank account. You might also partner with someone from USA.