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Advance Placement: The Future of E Commerce · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 2: Be protected sponsored by the United States Department of Homeland.
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  Speaker 3: Security e commerce tomorrow. So where are we going to
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  Speaker 3: go with this? Where is this heading?
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  Speaker 4: Well?
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  Speaker 3: As I said, the forecast for twenty twenty three is
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  Speaker 3: one point a one trillion twenty twenty four to one
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  Speaker 3: point one in twenty twenty five one point three trillion now,
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  Speaker 3: believe it or not, By twenty forty, it is estimated
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  Speaker 3: that ninety five percent of all purchases will be through
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  Speaker 3: e commerce. And I know that it's hard to believe.
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  Speaker 3: It's like, what, that's impossible, But if you look at
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  Speaker 3: where we were just ten years ago in terms of
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  Speaker 3: our shopping habits to where we are today, you can
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  Speaker 3: definitely see that, especially given the fact that right now
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  Speaker 3: people are focused on millennials, but our Gen zs and
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  Speaker 3: the children who are growing up who've only ever known
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  Speaker 3: the Internet, They've never lived without the Internet, they've never
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  Speaker 3: lived without that convenience. Those are going to be your
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  Speaker 3: primary shoppers. So it's very easy to see how that's
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  Speaker 3: already going to be a natural part of their behavior.
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  Speaker 3: So what does that mean. That means you have to
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  Speaker 3: stand out. So the basic websites that were used to
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  Speaker 3: they're not gonna fly anymore, the two D flat sort
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  Speaker 3: of situations. That's not going to gain your customer's attention.
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  Speaker 3: Three trends that are going to become normalized for e
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  Speaker 3: commerce are artificial intelligence, augmented reality, and virtual reality. These
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  Speaker 3: are going to become standard in your e commerce and
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  Speaker 3: retail stores.
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  Speaker 4: And they'll look like things like AI enable chat bots.
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  Speaker 3: So you guys are probably all going to a store
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  Speaker 3: and then in the bottom corner there's a little chatbot
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  Speaker 3: that comes up and you talk to it, and it
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  Speaker 3: just has automated responses, so it don't really talk to you.
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  Speaker 3: You're gonna have to have more sophisticated chat bots that
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  Speaker 3: are actually using artificial intelligence. People are gonna be looking
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  Speaker 3: for virtual assistance to help guide them, so not just
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  Speaker 3: the automatic responses, but hey, I'm looking for this, can
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  Speaker 3: you recommend something? And they're gonna want a live person
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  Speaker 3: or an artificial intelligence to actually guide them through that,
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  Speaker 3: and then that takes form also in the shape of
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  Speaker 3: AI enabled personal browsing shopping. So some of the challenges
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  Speaker 3: like we discussed are sky rocketing at costs, and that
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  Speaker 3: of course takes up your customer acquisition costs. Your customer
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  Speaker 3: acquisition costs. If you don't know, that's how much it cost.
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  Speaker 4: You to gain a customer.
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  Speaker 3: So if you run an AD and you spend one
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  Speaker 3: thousand dollars and you gain five hundred customers, then each
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  Speaker 3: one of those customers costs you two dollars that would
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  Speaker 3: be an optimal set of circumstances, but that's your customer
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  Speaker 3: acquisition costs. So as the market becomes saturated, you're going
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  Speaker 3: to have to spend more on your inter you're gonna
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  Speaker 3: have to spend more on the back end house things.
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  Speaker 3: You're gonna have to spend more on your advertising to
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  Speaker 3: gain a customer.
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  Speaker 4: And now that's all bad.
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  Speaker 3: And so it's kind of like, oh my god, I
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  Speaker 3: don't know anything about augmented reality. I don't know anything
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  Speaker 3: about virtual reality, and jeez, I don't have the money.
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  Speaker 3: So one place that you actually can i say, participate
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  Speaker 3: and kind of levels the playing field is in social commerce.
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  Speaker 3: So this is a new term that you'll start to
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  Speaker 3: hear more of, and social commerce is what you're already
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  Speaker 3: used to. So when you're on Instagram and you notice
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  Speaker 3: there's an Instagram shop or there's a Facebook marketplace.
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  Speaker 4: That's social commerce.
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  Speaker 3: So it's the social media sites that were largely built
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  Speaker 3: to be social media sites and they've integrated commerce and
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  Speaker 3: shopping into that space.
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  Speaker 4: Now that's on the rise.
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  Speaker 3: As you can tell all of your social media platforms.
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  Speaker 3: That works really well for smaller brands because if you've
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  Speaker 3: noticed the trend where when we were on social media
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  Speaker 3: kind of doing our thing and you you know, your
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  Speaker 3: personality may have lend you gaining a large audience.
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  Speaker 4: I know it did for me. You started to gain followers.
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  Speaker 3: Right, and then you learned how to sort of provide
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  Speaker 3: a product or service and monetize that, and in doing
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  Speaker 3: that you built what is the most valuable thing, You
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  Speaker 3: built community. Okay, So in that community and in your tribe,
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  Speaker 3: now you are able to connect with your customers in
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  Speaker 3: a way that a lot of the larger brands just
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  Speaker 3: have not. They've heavily relied on TV and radio and
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  Speaker 3: commercial and news and print. So when social media came along,
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  Speaker 3: the larger brands really didn't take it serious.
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  Speaker 4: So we have a headstart on that. We're used to.
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  Speaker 3: You know, how social media works, how to interface with
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  Speaker 3: it and everything.
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  Speaker 4: So this this is one of the places that you
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  Speaker 4: can excel erners.
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  Speaker 2: What's up? You ever walk into a small business and
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  Speaker 2: everything just works like, the checkout is fast, the receipts
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  Speaker 2: are digital, tipping is a breeze, and you're out the
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  Speaker 2: door before the line even builds. Odds are they're using Square?
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  Speaker 2: We love supporting businesses that run on Square because it
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  Speaker 2: just feels seamless. Whether it's a local coffee shop, a
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  Speaker 2: vendor at a pop up market, or even one of
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  Speaker 2: our merch partners, Square makes it easy for them to
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  Speaker 2: take payments, manage inventory, and run their business with confidence,
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  Speaker 2: all from one simple system. If you're a business owner
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  Speaker 2: or even just thinking about launching something soon, Square is
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  Speaker 2: hands down one of the best tools out there to
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  Speaker 2: help you start, run and grow. It's not just about payments,
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  Speaker 2: it's about giving you time back so you can focus
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  Speaker 2: on what matters most Ready to see how Square can
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  Speaker 2: transform your business, visit Square dot com backslash, go backslash
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  Speaker 2: eyl to learn more that Square dot com backslash, go
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  Speaker 2: backslash eyl. Don't wait, don't hesitate. Let's Square handle the
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  Speaker 2: back end so you can keep pushing your vision forward.
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  Speaker 3: And fact is estimated by by twenty twenty five, the
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  Speaker 3: social media channels are going to grow triple okay. And
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  Speaker 3: so to give you an example, there's a social media
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  Speaker 3: platform in China called Tabo and it's kind of like
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  Speaker 3: if you mix Facebook, PayPal, and WhatsApp.
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  Speaker 4: All in one.
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  Speaker 3: Well, they account for seventy eight percent of all of
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  Speaker 3: China's e commerce sells.
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  Speaker 4: So just to let you know, there is a little
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  Speaker 4: bit of hope.
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  Speaker 3: So you really want to now ramp up and focus
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  Speaker 3: on your social media presence with your business.
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  Speaker 4: Okay. So now and everything that I've said, it's like, okay,
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  Speaker 4: what is this going to look like?
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  Speaker 3: Right? What is this new face of e commerce going
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  Speaker 3: to look like? How does this apply in terms of
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  Speaker 3: real war application? So I'm gonna show you what it
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  Speaker 3: looks like in for me stepping up because I know
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  Speaker 3: that we're talking about the metaverse and a lot of
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  Speaker 3: people are excited about it. The metaverse is some time
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  Speaker 3: out in the way that is being presented by mister Zuckerberg,
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  Speaker 3: So the way that it's actually been demoed by him,
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  Speaker 3: we have some time for that. Right, the dot com
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  Speaker 3: bubble that I talked about earlier, the reason.
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  Speaker 4: Why I didn't take off when all of those.
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  Speaker 3: People invested was largely because the vast majority of Americans
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  Speaker 3: or just people worldwide, they didn't have a personal computer.
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  Speaker 3: So that's where the issue comes sometimes where tech is
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  Speaker 3: so far ahead of the people. You know how the
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  Speaker 3: law always lags behind tech. Well, tech sometimes is so
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  Speaker 3: much ahead of the people. So when you have an
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  Speaker 3: interface or an invention that requires the people to have
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  Speaker 3: a product in order to use it, albeit a laptop,
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  Speaker 3: a smartphone, or a pair of Oculus glasses, you have
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  Speaker 3: to kind of that has to become the norm, right,
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  Speaker 3: And so until everyone, or at least the large majority
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  Speaker 3: of people get oculus glasses or you know, things like
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  Speaker 3: that into their hands, it'll be a little while. So
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  Speaker 3: what I like to focus on is how can I
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  Speaker 3: segue into this environment in a real and practical way.
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  Speaker 3: And so what I've done is, oh, I wanted to
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  Speaker 3: talk about the advantages, of course, so I'll run through
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  Speaker 3: this first and then I'll give you what I've done
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  Speaker 3: is my solution the advantages, and I think most of
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  Speaker 3: these are kind of common sensical. Why do you need
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  Speaker 3: to focus on a virtual store front presence versus a
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  Speaker 3: physical one. You can expand your audience and your inclusivity.
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  Speaker 3: So of course you know you have greater reach. If
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  Speaker 3: you have a store in LA, your store is in LA.
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  Speaker 3: If you're online, you're everywhere, right, You save time and
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  Speaker 3: money with the logistics. Of course, it's ninety five percent
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  Speaker 3: less to create an online successful store than it is
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  Speaker 3: at brick and mortar. Then of course you have flexibility.
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  Speaker 3: Your customers can shop twenty four seven all year long.
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  Speaker 3: So right now, I'm in New York. It's super cold,
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  Speaker 3: it's knowing I don't feel like going anywhere. I don't
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  Speaker 3: feel like going out shopping, So of course what am
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  Speaker 3: I doing.
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  Speaker 4: I'm utilizing every delivery.
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  Speaker 3: System and anybody who has e commerce, So then you
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  Speaker 3: can collect powerful data. That's a difference too. If someone
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  Speaker 3: comes into your store, they'll shop, and sometimes it'll just
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  Speaker 3: simply be transactional. If you're not collecting an email to
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  Speaker 3: follow up with that customer or some sort of a
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  Speaker 3: survey or something, you really don't get any data. You
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  Speaker 3: know what they bought, but that's it. You don't know
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  Speaker 3: what they're interested in. There's actually software that you can
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  Speaker 3: implement into your website that you can watch your customer
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  Speaker 3: actually traffic through your site. You can see where they're landing,
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  Speaker 3: what their interest sit in, you can see where they
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  Speaker 3: spend their time. There is some software, believe it or not,
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  Speaker 3: that it's so sophisticated, it actually tracks the eyeballs of
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  Speaker 3: the user to see what they're actually really interested in.
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  Speaker 3: And some of that software it even records their emotional response,
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  Speaker 3: so it can indicate joy or interest on the user's face.
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  Speaker 3: And that's giving people cutting edge advantages in terms of
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  Speaker 3: knowing what products the place, what to focus on, So
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  Speaker 3: that data is going to be key. And then of
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  Speaker 3: course it works in conjunction. So if you do have
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  Speaker 3: a brick and mortar store. One of the great things
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  Speaker 3: about having the online stores for things like say you
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  Speaker 3: were gonna have a pop up or something in person
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  Speaker 3: in your store, Well, if you can't do that for
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  Speaker 3: whether issues or lockdown issues, and you have a virtual presence,
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  Speaker 3: you could still do that without missing out.
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  Speaker 4: Of course, on that