E-commerce has experienced sustained growth over the years as more people are shifting to purchasing online. There is an advantage to looking for items online instead of a brick and mortar because you can find niche products you may not find elsewhere. Delivery has also grown to be more attractive as shipping times become shorter and more efficient. People can also have the convenience of paying through e-wallets and credit cards in a safe online environment. Now and in the future, e-commerce and online payments are looking up according to statistics and industry trends.
E-commerce Markets in 2020 and Beyond
Global digital payments have always had a massive revenue since it started a few decades ago. In 2019, the global digital payments market had an overall value of USD 3885.57 billion. It is projected to grow by as much USD 8686.68 billion by 2025. Money and its exchange have evolved from simple metal coins and paper. There has been massive growth and change with new providers and new platforms being launched over the years to provide more ease of use and versatility in payments.
The Spread of the Internet
Markets are expected to flourish mainly due to the internet. The upgrade and spread of the internet have been on a steady climb over the years. There is a better possibility for people to make online purchases if they have a stable and lightning fast internet service. There are also increased investments by internet service providers to spread their business in more areas and improve their architecture, which will get more people and customers on the internet.
Shopping online allows anyone in pajamas to sift through items and be exposed to tons of stuff that can be delivered to their doorstep in just a span of a few days. If you are a busy person with no time to shop in a brick and mortar, you can shop online for items and get the same deals and promos like in a real store. You can even engage in activities like casino gaming, and Paypal casino lets you play and earn with real money.
The main concern in digital online payments is security. There is a possibility of security breaches happening with the number of online transactions happening online in all platforms, including smartphones. Most mobile wallets and online banks have deployed hardware-level security to make online transactions more secure, and these improvements in the system have gained the trust of many consumers.
Economies are moving towards digitalization. The convenience of digital is simply unparalleled because of its speed and convenience. However, one of the downsides to online is it is vulnerable to viruses and cyberattacks. Some of the biggest viruses to hit computers and the internet are WannaCry and Wquifax. Industries realized just how vulnerable and fragile their systems are. Governments should be involved in regulations in staving off such attacks and give assistance and craft laws dealing with cybersecurity. In the west, the European Union’s General Data Protection and New York Department of Financial Services, are already in place. The number of securities imposed by the government in all areas should thus increase in the future to curb cyberattacks.