Most entrepreneurs hope that they will become a business owner to a company as large as Amazon. The e-tailer once known only for shipping books to various locations has become famous for innovative approaches to marketing, breakneck delivery speeds, and even improving the platforms people use for all forms of e-commerce. It goes without saying that Amazon has made a massive impact on the way that online retailers do business. In fact, most regular retailers can tell you that Amazon may have affected the way they do business, too.
What most people don’t realize is that retail and e-commerce aren’t the only industries that have been changed by Amazon’s runaway success. The world of financial technology will never be the same as a result of the online juggernaut’s striking sense of innovation.
Retailers and e-tailers both know about the impact that Amazon’s “Buy Button” has had in terms of getting people out of stores and onto computers for their shopping needs. Amazon’s officials have noted that they are definitely thinking outside the old vanguard of payments processing these days.
In a recent release, Amazon has announced that their classic Amazon Pay option will be moving to other sites as well. Currently, around 10% of the top 1,000 online retailers accept this one-click button, and Amazon has made a point to say that they intend on increasing that number as days go by.
But, that isn’t the only new twist to e-commerce platform that Amazon is working on bringing forward. The company’s brand new voice-activated assistant, Alexa, is getting geared up to learn context clues from things that people are saying in its proximity. Eventually, Amazon is hoping that Alexa will eventually be able to help people do shopping for them. Within a matter of years, this very technology may allow voice activated purchases.
Currently, the market share of people who will have Alexa as part of their daily arsenal is expected to grow to around 500 million by 2020. Considering that a very large portion of the people who will be using Alexa to purchase goods and services, it’s very likely that the online assistant will turn into a payment device in and of itself.
However, the days in which this will become incredibly commonplace are still far off, and that means that there’s no reason to panic quite yet. If you are curious about how to compete in this online world, talking to the right consultant can help. Call CPS to hear about how you can keep up with the demands of increasingly tech-savvy consumers.