While 2020 has proven to be devastating for so many businesses, especially brick-and-mortar retail, some industries have undoubtedly blossomed. It’s not that hard to guess which ones, either – just think what you have been doing most while in lockdown, and you’ll be able to guess 90% of them.
Online education (or eLearning) has experienced outsized sector growth. Real estate and home improvement are not far behind, and we mustn’t forget the entertainment industry, eCommerce (online shopping) and cybersecurity to keep it all working smoothly. However, growth, although exciting, isn’t easy. It takes a lot of time, effort, and know-how, and even with those things, a business can fail due to an unfavorable market climate. Here, we have singled out five of the industries that have managed to stay on top no matter what.
This digital version of the retail industry has grown exponentially in the past couple of years, and skyrocketed since the pandemic. Modern consumer behavior has dictated the pace of its proliferation since we, as consumers, have grown accustomed to getting what we want quickly and easily, and eCommerce can provide the instant gratification we crave.
The convenience of being able to buy a new gadget like the best Bluetooth speakers under 2000 or a piece of clothes on the go in just a few clicks is irresistible, saving us so much time and effort. The year 2020 has witnessed a rise by 44 percent in the USA eCommerce sector, triple the value it had in 2019 (15..1%).
Online technology has improved so many aspects of our lives, including communication, business management, shopping, and, of course, the way we have fun. The online entertainment industry has provided us with so many opportunities that we are truly spoiled for choice. That said, we can’t really say that the COVID-19 pandemic has triggered the explosion in the popularity of this industry. Online games, video streaming, AR and VR experiences, eSports, and podcasts have been the preferred choice of many long before the lockdown and social distancing measures.
However, one stands out as recording significantly more profit and popularity than the mentioned rest, and that is the online casino industry. The allure lies in ease and safety of play, choices of literally millions of games available, and a possibility of that huge jackpot everyone’s waiting for. Online casinos are ceaselessly trying to add to the appeal by providing luxurious game graphics, popular themes, abundant bonuses, and low wagering requirements. There’s definitely something for everyone, newbies and pros alike. The whole gaming industry is undoubtedly looking at a very bright future.
No commute, flexible learning hours across all devices – the reason behind the popularity of online classes is obvious. The forecast of Global Market insights says that the eLearning industry will have exceeded $375 billion in revenue by 2026. With more interest in acquiring skills digitally, more professionals felt the need to share them online.
From language learning skills, cooking classes, arts and crafts to complex university-level programs and beyond, we are now able to participate and learn almost anything from the comfort of our home. What’s more, there are many free courses one can attend, educational Zoom conferences, and informative Slack channels that will feed each and every curious bone in your body.
The new dimension of business came along with digital marketing. The whole concept of doing business was redefined – communication with clients, online advertising, outreach, all of which have expanded to social media networks and video channels such as YouTube. The challenging aspect of doing business digitally, for the most part, is that one has to keep pace with the ever-changing customer behavior. We want instant service and support, fast delivery, and secure payment methods, apart from variety, novelty, and intriguing, affordable products and services. The businesses that can’t keep up with such demand, unfortunately, fall through the digital cracks and are quickly beaten by the competition.
This is why a lot of time, money, and effort needs to be invested in software solutions that can make all this possible. The ceaseless technological developments have introduced innovations like AR and VR shopping experiences, chatbots, and artificial intelligence-fueled devices that can take orders, provide support and have a meaningful conversation with potential customers.
Since things are rapidly developing online, we can’t exclude cybersecurity from the list since it plays a pivotal role in the smooth running of online operations. Since we do our shopping online to a great extent, it is necessary to submit, i.e., expose our sensitive data, such as our full name, bank accounts, and the like. This is why without safety and cybersecurity, online purchasing wouldn’t last as long as it has.
With cybercrime expanding, hackers are incessantly challenging security measures, and programmers in this field always need to be on their toes. Fortunately, they always manage to stay ahead and provide safety in most cases, but it doesn’t mean all is always up to them. Always make sure you choose reputable websites for whatever you may need online, and read the terms and conditions before giving access to any of your data. Safety first.
2021 has welcomed new and rapid online progress. Online industries have risen like never before. Although brick-and-mortar establishments have suffered a devastating blow, many of them have managed to stay afloat by switching to online operations and monetary transactions. Looking at it optimistically, once the economy entirely rejuvenates, we are looking at a wonderful, new digital era full of innovation and success.