What Current Trends Say About the Future of e-Commerce
The best way to predict the future has always been to look at current trends and try to determine where they might lead. Even though some trends are harder to interpret than others, they can all be used to paint a fairly accurate picture. In this post, we will examine three current trends and see how they might influence e-commerce in the future.
We might see stronger cybersecurity measures.
The need for stronger cybersecurity measures is quite glaring in the world today.The rate of cyberattacks has been on a steady rise. In 2018, hackers were said to steal approximately $3 billion worth of data from organizations in the United States. The good news is that current technology trends suggest that we may see a change in the situation.
Artificial intelligence and machine learning have the potential to defend security systems in ways other programs never could. AI/ML systems can learn and adapt to their environment through more complex defense mechanisms with every attack. Several tech companies are already working on prototypes that can harness the power of artificial intelligence.
Another potential source of stronger security is cryptocurrency. Cryptos are based on blockchain, a highly secure open ledger system. Online vendors have already begun to accept blockchain-based cryptocurrency payments. While it’s difficult to tell which cryptocurrencies will be here in ten years, we at least know that blockchain is here to stay. Its payment processing ledger system may just replace velocity checks as the new standard of transaction security.
Cheaper products and services
Current trends suggest that online vendors are finding new ways to offer more affordable products and services to the public. Consider that products offered by giants like Amazon and Alibaba are priced so competitively that other websites need unique strategies just to stay in the game. These cheaper offerings are all due to market forces and profitability. If consumers want cheaper products, they’ll flock to the vendors that can provide them. Since people will always want lower prices, we can expect cheaper goods.
Understandably, these low prices aren’t going to be across every product category – goods that are expensive to manufacture will remain costly. But then, if you consider that China’s Alibaba has been practically bombarding the rest of the world with ridiculous prices, you can see that the trend is more than likely to continue.
Rise of premium goods
Even though this point seems like a contradiction of the previous, it really isn’t.There are always going to be socioeconomic classes in society, which means that there will always be upper-class individuals who demand high-end products. Luxury items will always be in demand, and lower commodity prices can’t affect that.
As an example, consider the iPhone. Every new model costs a little more than the previous one, with the latest iPhone 11 costing as much as $849. Luxury fashion brands also come to mind when we discuss the subject of higher prices. While the future probably holds the potential for cheaper goods, there will probably be more expensive ones, too.