Help us envision the future of commerce! Tell us the story of your future world when buying, selling, and trading things – both expensive items (housing, transport, business equipment) and everyday items (groceries, clothing, consumer products).
The world has changed dramatically in the last 15 years driven by globalization, new technologies, and unique business models. Since 2000 the global population has grown by nearly 1.2 billion people. Smartphones were developed and now 2.5 billion people use them each day.
The ways in which we make purchases has also changed dramatically. This year nearly $7 Trillion USD will change hands via electronic payments. What was once a straightforward and simple process (use cash to purchase items) is now very often a complex journey involving several retailors, digital platforms, and financial institutions. Consumers’ today use various financial tools i.e. credit cards, mobile payment apps, rewards points, digital currencies (Bitcoin), etc. to exchange money. For example consider Alipay, the mobile payment application, which now has more than 300 million registered users in China alone. Many Alipay users have stopped carrying their wallets altogether and instead use their smartphone for purchases, to open bank accounts, and to take out small business loans.
Capital intensive transactions (something normally requiring you to borrow money from a bank) such as buying a house or a new car are also experiencing dramatic change; the sharing economy, driven by companies like Uber and Airbnb, are making it such that people may not need to own cars or homes in the future.
Given the rapid change occurring across industries, this contest is about looking towards the future and imagining what commerce will be like in 2030. What will people buy, how will they buy, and who will they buy from? What financial products will people need (or not need)?
Our client is a financial services company who wants to understand how to create products and services that will be essential for customers in 2030, please help us to imagine this future.
- #1 Prize €3,000
- #2 Prize €1,500
- #3 Prize €500