The economy is changing and evolving – especially where virtual currencies are concerned. While traditional economics textbooks might describe a sharp drop in the value of the dollar as a “bad thing,” those who turned to alternative investment opportunities might see it as a good thing. After all, when the value of a dollar falls, more dollars are worth the same amount.
Why Should You Get Into Virtual Currencies?
In the recent past, the primary purpose of virtual currencies has primarily been to enable users to purchase goods and services online. While this might still be the case, the future of money is looking more like a hybrid of online and offline commerce. As people become more familiar with the internet and connecting with friends and family online, they are discovering the advantages of online shopping, especially when dealing with large-scale retailers.
When shopping online, consumers have the advantage of researching and comparing various offers and deals. In addition, online stores can offer a wider array of products, increasing their appeal to potential customers. In today’s world, where information is readily available through smartphones and personal laptops, going offline to make a purchase isn’t realistic for many people.
The Rise Of E-commerce
To follow suit, online stores have moved beyond simply enabling consumers to purchase products and have begun experimenting with new revenue streams, including e-commerce.
According to a report published by the Global Market Insights team at PriceWaterhouseCoopers, “the rise of e-commerce and social media has led to significant changes in how consumers engage with businesses. E-commerce and social media allow consumers to engage with businesses in a more personal way and provide them with greater access to information. This, in turn, has resulted in a shift from traditional marketing strategies toward those that are more conversational and seek to build relationships.”
As illustrated by the example of DollarShopping.com, an e-commerce store that specializes in selling luxury brands, internet-based ventures that sell branded merchandise have seen a significant rise in business. In December of 2016, the e-commerce industry, which includes online stores, marketplace platforms, and social media networks, earned revenue of approximately $16.7 billion in the U.S. alone, according to a report published by the NPD group.
The Growth Of Online-Offline Commerce
Looking for an anniversary present for your sweetheart? How about treating them to a trip to Paris, France, to celebrate your twentieth wedding anniversary? Your best friend’s birthday? Who’s it for? Why, yourself, of course! You can find whatever you want online, and shipping the item(s) to your home address is usually the least expensive and most convenient option.
If you’re looking to do some holiday shopping this year and don’t want to spend a fortune, why not consider shopping at a nearby retail store or picking up your favorite fragrance at a department store? You can also find a nice view of winter landscapes while you’re at it!
If you’re looking to make some extra cash and think that selling bits of metal or plastic on the internet might be a good idea, then you’re on the right track. The popularity of cryptocurrencies and other alternative investment vehicles is increasing, with many savvy investors seeing this as a safe and lucrative opportunity.
According to a study from New York University’s School of Law, approximately 15% of American households don’t pay any taxes at all, and another 23% are heavily delinquent. If you fall into one of these categories, then you might want to consider exploring alternative investment opportunities to supplement your income. The experts at PriceWaterhouseCoopers predict that by next year, 10% of GDP (gross domestic product) will be spent online, and that by 2020, this figure could reach 22.4%. What’s more is that due to the internet and social media, 87% of that spending will take place without ever leaving the comfort of your home.
You don’t necessarily need a significant amount of money to get started. If you have a family or friends who might be willing to help you out, then you might want to consider borrowing some money from them to get your feet wet. Alternatively, you can use platforms like Lending Club to connect with investors who are willing to provide money for small businesses.
The Bottom Line
In the coming years, we’re likely to see a drastic shift in the way we do business and buy things. Traditional retailers are struggling to keep up with the pace of change, and those who do embrace it are reaping the benefits.