Business how to earn money from home without any investment how to make money from home part time real ways to make money from home for free
- This story was delivered to Business Insider Intelligence Payments & Commerce subscribers earlier this morning.
- To get this story plus others to your inbox each day, hours before they’re published on Business Insider, click here.
In late 2018, Business Insider Intelligence published predictions about what to expect in the commerce industry in 2019. Here’s a look at how our past predictions fared:
Business Insider Intelligence
We missed the mark on two key predictions last year:
- Amazon Prime’s US membership growth did not flatten to almost zero as the e-commerce titan managed to maintain its growth. We expected that Prime’s annual membership growth would drop to zero after it fell to 8% year-over-year (YoY) in Q3 2018, according to estimates from Consumer Intelligence Research Partners (CIRP). But its growth has rebounded a bit, hitting 10% or 11% YoY in the next three quarters. Amazon may still be finding success in adding Prime subscribers because of perks it’s added, like discounts at Whole Foods, and its growth is unlikely to slow now that Amazon’s made one-day shipping the standard for Prime.
- Target did not emerge as the clear-cut fourth place US online retailer, but it is on the rise. Target’s continued self-investment and increased convenience for consumers led us to predict that Target would move up the e-commerce ranks to become a top player in terms of online sales revenue alongside Amazon, eBay, and Walmart. There appears to still be several e-tailers ahead of Target, as it brought in less than $1.4 billion in digital sales in its fiscal Q3 2019 (ended November 2, 2019) while Qurate Retail, which operates QVC, and Best Buy beat it in their comparable quarters. But with Target’s comparable digital sales growing 31% YoY, 34% YoY, and 42% YoY in its first three quarters of 2019, its e-commerce business clearly still has a lot of potential.
While our crystal ball isn’t always perfect, some of our predictions held up throughout the year — here are two other predictions we got right:
- Stores with autonomous checkout technology didn’t scale beyond the size of the established Amazon Go stores. We predicted that autonomous checkout stores would not be deployed in a full public store larger than 2,500 square feet — most autonomous checkout stores open to the public were around 2,000 square feet. This proved to be correct, likely because technology providers are still struggling to track all the people and items in a large store and to retrofit existing stores. There are reports of companies like Amazon working on the issue, but the lack of progress may mean it will take some time for the technology to scale.
- Social commerce failed to gain widespread adoption despite social platforms’ efforts. Instagram, Snapchat, and other social platforms have been adding new shopping capabilities in the hopes of driving consumers to shop directly through them. While the share of US consumers who report having bought products through social media has climbed from 13% in Q4 2018 to 21% in Q3 2019, per CivicScience, that doesn’t compare to the 84% who are now aware of the shopping method. Adding new shopping capabilities may not be enough to get consumers to start shopping via social media, but highlighting platforms’ ability to easily take shoppers from product discovery to purchase may get more consumers to give it a shot.
Want to read more stories like this one? Here’s how to get access:
- Sign up for Payments & Commerce Pro, Business Insider Intelligence’s expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >> Get Started
- Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. >> Inquire About Our Enterprise Memberships
- Explore related topics in more depth. >> Visit Our Report Store
- Current subscribers can log in to read the briefing here.