The Retail Sector Foresees the Rise of Bitcoin by End of Decade

The retail industry is one of the largest sectors in the world. The process of buying and selling goods has been around since the concept of money was introduced to mankind. Until now, the retail sector has not seen much change in the way trade is conducted. But in the coming years it may start bearing a new look resembling scenes from old science fiction movies. Bitcoin will also be included in this change, indicates a recent survey.

The survey was conducted by the research firm Infomentum in the United Kingdom. As part of the survey, employees working in the country’s retail sector were asked to participate in a poll where they were asked questions about the current and future outlook of the sector and the changes they are expecting in the future. responses from the participants were collected, analysed and published in the survey report titled “Beyond Digital”.

According to the report, people are expecting the face of the retail sector to change in the next 3-4 years. These changes are expected to be in the form of alternative payment methods, displaying and showcasing the products, mode of delivery and on-demand custom products.

beyond digital report

beyond digital report

The need for change by technology adoption is considered absolutely necessary by most people in the retail industry. A majority of the survey participants believed that if their company/outlet continue being the same, then it may fall out of the competition by 2020. Bitcoin as a digital currency doesn’t form a big chunk of the economy at the moment, but in the coming years, it may potentially become one of the most widely used form of money for everyday expenses. A future like this will also coincide with the attempts being made by governments across the world to replace the use of cash as much as possible with electronic payments.

The survey has also pointed out an interesting trend where about 20 percent of the participants were pro-digital currency and they expect bitcoin and digital currency to become a regular affair by the end of this decade. It is an important statistical data point that can’t be ignored. If 20 percent of respondents forming the sample set were pro-bitcoin, then can a comparative analysis be done to identify the thoughts of people employed in other industries about bitcoin? If the results show a similar trend, then it is good news for bitcoin, as it means the bitcoin community may grow faster than it was expected earlier.

On the other hand, will the Bitcoin network be able to handle such a rapid expansion of the network and handle transactions, is something that should be considered. Some of the other things that can be expected to change soon in the recent industry include 3D printing terminals for people to choose things they want 3D printed on the spot, augmented reality based catalogues for customers to look and feel the product before they decide to spend on it and goods delivery using drones.

Infomentum’s Beyond Digital full report can be accessed here.

Ref: Infomentum Img: Infomentum

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