Digital platforms herald new era in commerce

The research arm of internet commerce giant Alibaba has declared that the world is at the dawn of a new economy in which platforms rather than corporations will dominate and commerce will be driven by data.

AliResearch predicts that by 2020, the majority of commerce will be conducted on digital platforms providing consumers and merchants the infrastructure of commerce, such as data, trade, payment, logistics.

"We are in the midst of a great transformation that requires us to imagine beyond industry boundaries, geographic borders and the limitation of time," Head of AliResearch Gao Hongbing said.

AliResearch also suggested platforms with a trading volume in excess of 6 trillion yuan ($867.4 billion) would emerge, while about half of the workforce would be made up of self-employed and freelance workers.

That could put an end to the 8-hour-day employment system by 2036.

By 2046, AliResearch believes 80 percent of global trade will be conducted by small businesses or individuals as the platform model will enable them to create and trade globally and freely.

Sharing will be a key theme in an environment where inclusive technology, inclusive finance and inclusive trade will flourish.

The "Vision 2046" summit was hosted by AliResearch in Beijing.

More than 800 leaders and executives from over 120 well-known research institutes, think tanks, universities and consulting firms from China and around the world joined to offer a glimpse of the future through the Digital Economy 2.0 lens.