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Security e commerce tomorrow. So where are we going to go with this? Where is this heading?
Well?
As I said, the forecast for twenty twenty three is one point a one trillion twenty twenty four to one point one in twenty twenty five one point three trillion now, believe it or not, By twenty forty, it is estimated that ninety five percent of all purchases will be through e commerce. And I know that it's hard to believe.
It's like, what, that's impossible, But if you look at where we were just ten years ago in terms of our shopping habits to where we are today, you can definitely see that, especially given the fact that right now people are focused on millennials, but our Gen zs and the children who are growing up who've only ever known the Internet, They've never lived without the Internet, they've never lived without that convenience. Those are going to be your
primary shoppers. So it's very easy to see how that's already going to be a natural part of their behavior. So what does that mean. That means you have to stand out. So the basic websites that were used to they're not gonna fly anymore, the two D flat sort of situations. That's not going to gain your customer's attention. Three trends that are going to become normalized for e
commerce are artificial intelligence, augmented reality, and virtual reality. These are going to become standard in your e commerce and retail stores.
And they'll look like things like AI enable chat bots.
So you guys are probably all going to a store and then in the bottom corner there's a little chatbot that comes up and you talk to it, and it just has automated responses, so it don't really talk to you. You're gonna have to have more sophisticated chat bots that are actually using artificial intelligence. People are gonna be looking for virtual assistance to help guide them, so not just the automatic responses, but hey, I'm looking for this, can
you recommend something? And they're gonna want a live person or an artificial intelligence to actually guide them through that, and then that takes form also in the shape of AI enabled personal browsing shopping. So some of the challenges like we discussed are sky rocketing at costs, and that of course takes up your customer acquisition costs. Your customer acquisition costs. If you don't know, that's how much it cost.
You to gain a customer.
So if you run an AD and you spend one thousand dollars and you gain five hundred customers, then each one of those customers costs you two dollars that would be an optimal set of circumstances, but that's your customer acquisition costs. So as the market becomes saturated, you're going to have to spend more on your inter you're gonna have to spend more on the back end house things. You're gonna have to spend more on your advertising to gain a customer.
And now that's all bad.
And so it's kind of like, oh my god, I don't know anything about augmented reality. I don't know anything about virtual reality, and jeez, I don't have the money. So one place that you actually can i say, participate and kind of levels the playing field is in social commerce. So this is a new term that you'll start to hear more of, and social commerce is what you're already used to. So when you're on Instagram and you notice there's an Instagram shop or there's a Facebook marketplace.
That's social commerce.
So it's the social media sites that were largely built to be social media sites and they've integrated commerce and shopping into that space.
Now that's on the rise.
As you can tell all of your social media platforms. That works really well for smaller brands because if you've noticed the trend where when we were on social media kind of doing our thing and you you know, your personality may have lend you gaining a large audience.
I know it did for me. You started to gain followers.
Right, and then you learned how to sort of provide a product or service and monetize that, and in doing that you built what is the most valuable thing, You built community. Okay, So in that community and in your tribe, now you are able to connect with your customers in a way that a lot of the larger brands just have not. They've heavily relied on TV and radio and commercial and news and print. So when social media came along, the larger brands really didn't take it serious.
So we have a headstart on that. We're used to.
You know, how social media works, how to interface with it and everything.
So this this is one of the places that you can excel erners.
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And fact is estimated by by twenty twenty five, the social media channels are going to grow triple okay. And so to give you an example, there's a social media platform in China called Tabo and it's kind of like if you mix Facebook, PayPal, and WhatsApp.
All in one.
Well, they account for seventy eight percent of all of China's e commerce sells.
So just to let you know, there is a little bit of hope.
So you really want to now ramp up and focus on your social media presence with your business.
Okay. So now and everything that I've said, it's like, okay, what is this going to look like?
Right? What is this new face of e commerce going to look like? How does this apply in terms of real war application? So I'm gonna show you what it looks like in for me stepping up because I know that we're talking about the metaverse and a lot of people are excited about it. The metaverse is some time out in the way that is being presented by mister Zuckerberg, So the way that it's actually been demoed by him,
we have some time for that. Right, the dot com bubble that I talked about earlier, the reason.
Why I didn't take off when all of those.
People invested was largely because the vast majority of Americans or just people worldwide, they didn't have a personal computer. So that's where the issue comes sometimes where tech is so far ahead of the people. You know how the law always lags behind tech. Well, tech sometimes is so
much ahead of the people. So when you have an interface or an invention that requires the people to have a product in order to use it, albeit a laptop, a smartphone, or a pair of Oculus glasses, you have to kind of that has to become the norm, right, And so until everyone, or at least the large majority of people get oculus glasses or you know, things like
that into their hands, it'll be a little while. So what I like to focus on is how can I segue into this environment in a real and practical way. And so what I've done is, oh, I wanted to talk about the advantages, of course, so I'll run through this first and then I'll give you what I've done is my solution the advantages, and I think most of these are kind of common sensical. Why do you need to focus on a virtual store front presence versus a
physical one. You can expand your audience and your inclusivity. So of course you know you have greater reach. If you have a store in LA, your store is in LA. If you're online, you're everywhere, right, You save time and money with the logistics. Of course, it's ninety five percent less to create an online successful store than it is at brick and mortar. Then of course you have flexibility. Your customers can shop twenty four seven all year long. So right now, I'm in New York. It's super cold,
it's knowing I don't feel like going anywhere. I don't feel like going out shopping, So of course what am I doing.
I'm utilizing every delivery.
System and anybody who has e commerce, So then you can collect powerful data. That's a difference too. If someone comes into your store, they'll shop, and sometimes it'll just simply be transactional. If you're not collecting an email to follow up with that customer or some sort of a survey or something, you really don't get any data. You know what they bought, but that's it. You don't know
what they're interested in. There's actually software that you can implement into your website that you can watch your customer actually traffic through your site. You can see where they're landing, what their interest sit in, you can see where they spend their time. There is some software, believe it or not, that it's so sophisticated, it actually tracks the eyeballs of the user to see what they're actually really interested in.
And some of that software it even records their emotional response, so it can indicate joy or interest on the user's face. And that's giving people cutting edge advantages in terms of knowing what products the place, what to focus on, So that data is going to be key. And then of course it works in conjunction. So if you do have
a brick and mortar store. One of the great things about having the online stores for things like say you were gonna have a pop up or something in person in your store, Well, if you can't do that for whether issues or lockdown issues, and you have a virtual presence, you could still do that without missing out.
Of course, on that