The world of ecommerce is growing. This is the case for the last 20 years. COVID only kicked it into a higher gear. While the percentage of the whole has dropped back, it is still higher than before the pandemic hit.
In this video I discuss how this major shift is in complete alignment with cryptocurrency. This was not created in the physical world but the digital. As we enter the virtual realm, there is no place for Mastercard or Visa.
Chart talked about in video.
https://fred.stlouisfed.org/series/ECOMPCTSA
▶️ 3Speak
The retail has always been in trouble as things moved digital and I first noticed it because of Gamestop. As much as people rag on it, it was fairly good back in the day to get games. The problem is their business model. When I realized how their customer service started degrading (no matter which store I went to) and less people friends wanting to go there, I realized it was on a decline.
I saw quite a few stores change out and even some stores were never rented out at all. I didn't like going out to the malls anymore since it didn't seem worth it given the drop in things available. This has lead me to go towards online shopping since its much easier and returns are fairly easy to do if you buy the wrong things. I am not a person who abuses the return system and I have kept over 95% of the things I bought since I did my research beforehand.
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Thanks @taskmaster4450 for enlightening us as always. I’m trying to get away from those companies and I get squeamish when I PayPal, Visa and the like are getting involved in crypto.
I’m no expert, noob; but I am on the blockchain bandwagon and happy to be. I always fear the gummit will come eff things up somehow, but it’s even worse when the likes of PayPal get involved.
Listening to your video in it’s entirety provided me with that point of view that we will be ok, because those who really get it is all we should be following anyway.
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Yep, more people are switching to e-commerce. Even facebook created its own MarketPlace to buy/sell goods and services, and w/ those transactions - delivery services just on your mobile also grew, it mostly grew because of the pandemic.
In our country which is the Philippines, e-commerce services were also able to afford getting contracts w/ the most famous celebrities in the US and Korea.
In response to your e-payments from China -
Visa are making some moves in the crypto world, so I wouldn't say they won't carve a niche for themselves in the future
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You mentioned the impact this retail apocalypse has on physical stores, especially those crowded all-in-one-building places we call malls here in Europe (not sure if it's a different term for them in the US). There's also a noticeable trend to move away from large cities to more remote and less crowded places. Covid had its influence on this. I wonder, will some of today's cities become ghost cities in the future, or will they actually be redefined along with our commerce and living habits?
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Summary:
In this video, the speaker discusses the shift towards digital payments and e-commerce, focusing on the impact this trend has on traditional physical retail. They highlight the involvement of major players like Visa and PayPal in cryptocurrency, emphasizing the need for traditional retailers to adapt to the changing landscape. The speaker predicts a rise in online shopping and mobile commerce and suggests that cryptocurrency, due to its digital nature and peer-to-peer system, could play a crucial role in revolutionizing the payment industry. They also touch on the potential for retailers to create their own cryptocurrencies to enhance customer loyalty and engagement in the online shopping space.
Detailed Article:
The speaker begins by drawing attention to Visa's move to settle payments on Ethereum, signaling a significant endorsement of blockchain and cryptocurrency. They point out that major players like Visa and PayPal are getting involved in the cryptocurrency space to adapt to the changing landscape and avoid becoming obsolete due to the rise of online shopping and declining physical retail sales. The United States, particularly, has witnessed a decline in physical retail sales and square footage since 2013, leading to a ripple effect across various markets like commercial real estate and the bond market.
The speaker notes the increasing percentage of online sales compared to overall retail sales, especially following the COVID-19 pandemic, and discusses how demographics play a role in the shift towards online shopping. Younger generations, more comfortable with technology and online transactions, are gradually driving the growth of e-commerce, which is a global trend, not exclusive to the United States.
They discuss China's advanced adoption of electronic payments compared to the West, emphasizing that cryptocurrency, as a digital payment system, aligns well with the increasing preference for online transactions. The speaker explains that cryptocurrency, designed in the digital world, eliminates the need for intermediaries like Visa, thus reducing transaction costs and friction in commercial transactions.
Furthermore, the speaker touches on the potential for retailers to create their own cryptocurrencies, suggesting that this could enhance customer engagement and loyalty by offering a unique form of value exchange within their ecosystem. They elaborate on the concept of developing marketplaces for specific tokens, catering to a niche but growing audience with cryptocurrencies they already hold, thus driving further adoption and utilization of these digital assets.
In conclusion, the speaker predicts a gradual shift from physical retail towards digital and virtual shopping experiences, pointing out that traditional payment systems may become redundant in a virtual reality setting. They underscore the importance of developing infrastructure and applications to support the integration of cryptocurrencies into mainstream retail, highlighting the potential for retailers to tap into a growing community of crypto users and adapt to the ongoing e-commerce trends for a successful transition into the digital realm.