previous short article, ecommerce is anticipated to rapidly grow in the comingyears. A couple of essential data include:1. The worldwide retail e-commerce market is expected to double by 2021 [1], reaching$4.5 trillion dollars, with approx. 480 million more individuals worldwide< a href=https://www.statista.com/statistics/251666/number-of-digital-buyers-worldwide/ target=_ blank rel=noopener > [2] acquiring products and services online. The percentage of internet users acquiring digital goods is anticipated to rise 5 %to ~ 65%by 2021 [3].2. The Service to Business(B2B)e-commerce market is currently worth$ 7.7 trillion USD and is expected to continue growing
[4].3. Growth in the “sharing”economy(services such as Uber, Lyft, and Air BnB)is prepared to take off, growing from$14 billion USD in 2014 to a predicted$335 billion by 2025, a ~ 2400 %boost [5].4.”Online sales will represent 17%of all US retail sales by 2022 ″ [6] Currently, China and the USA represent ~ 70%of all retail e-commerce sales [7].5. Mobile payment market share is quickly increasing and is expected to reach an estimated$1 trillion USD in 2019 [8] “Cross-border”e-commerce sales are set to grow two times as quick as domestic ecommerce [9] While e-commerce is boasting some impressive future development numbers, the anticipated increase of cryptocurrency is equally impressive:1. The crypto market is expected to have a compound yearly growth rate of ~ 35%over the next 5 years [10].2. The variety of Bitcoin ATMs worldwide grew 5x from ~ 500 in Jan 2016 to ~ 2500 in April 2018 [11], while the variety of blockchain wallets increased 7.5 x from 3 million in 2015 to more than 25 million
Q1 2018 [12].3. The variety of unique users of cryptocurrency was estimated to be between 2.9– 5.8 million inand there’s a post every 3 seconds on social networks about Bitcoin alone [18]. Cryptocurrency: The future of paying goods and services online Cryptocurrency and e-commerce are separately growing at an astounding rate, but the future of these sectors is thoroughly linked. In a current study,
36%of payments industry specialists believe blockchain(the technology which allows cryptocurrency and secure digital agreements)will impact the European payments market by 2025 [19], with some commentators speculating that it will “affect our world more than the web has ” [20] It is forecasted that cryptocurrencies are the future of paying for items and services online [21], and in fact, that future is quickly approaching.” WeMakePrice”, among the biggest e-commerce platforms in South Korea, recently started accepting 12 cryptocurrencies as a type of payment [22] Already in 2018 44 %of players have actually reported that they bought or traded games on the blockchain [23]. A cosmetics business in Canada has even reported that consumers invest more per purchase when they utilize cryptocurrency [24].
The idea of paying for products and services utilizing cryptocurrency is beginning to go into the general public awareness. In Germany, 11.4%of people say that they would use cryptocurrency for payments [25], while nearly 40 %of Americans who were familiar with cryptocurrency said that they were willing to utilize Bitcoin for deals and making purchases [26] In Europe, around 9%of people own some cryptocurrency(remarkably, that number is 18 %in Turkey) [27], while 35%of Europeans(53%of Turks )stated that cryptocurrency is the future of
costs online [28] As for retailers who are thinking about accepting cryptocurrency as a way of payment, 3% of North American merchants prepare to accept cryptocurrency within 12 months, and 12 and e-commerce is a natural fit for this purpose. The quick development of cryptocurrencies and the e-commerce market puts the 2 on a path of crossway, on a path to crypto commerce.By the year 2025, cryptocurrencies are expected to be commonly adopted [30], with 50%of respondents in one survey anticipating to pay their bus fare utilizing cryptocurrencies by that date [31] Those companies who embrace this brand-new technique of payment will likely be the ones who benefit the most from it in the long term. A
quote from a current Forbes short article summarize the situation perfectly:”we’re still early in the days of crypto commerce. For early-adopters it’s a fun time to begin trading in crypto, before their competitors do.”< a href= https://www.forbes.com/sites/jiawertz/2017/11/29/crypto-for-e-commerce-business/#4dbeec3e60de target=_ blank rel =noopener > [32].
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