by Contributing Author
Many markets have grown over the years due to the exposure of online technologies and the internet, as they have become more acclimated to the digital era, they have been able to increase their size and value.
There are certain industries, including retail, entertainment, and advertising, that have adapted particularly well and have created new, innovative experiences for consumers. Here are just some of these industries that have achieved substantial growth in recent years:
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E-commerce
Online shopping has revolutionized the way we search for, purchase and receive the products we want and need. The convenience of logging on to a commerce site or app has made shopping much quicker and easier and almost anything can now be purchased on the web and shipped directly to your door.
The average shopper makes 19 purchases online each year, in some countries such as China this average figure is as high as 22 purchases per year. At certain times of the year, including the holiday season, sales of foods and gifts skyrocket and put pressure on postal services.
The industry continues to grow as high street stores close and more people embrace smartphone tech. Last year, global eCommerce sales were estimated to be in the region of $4.9 trillion U.S. dollars.
By the year 2025, it is expected that global eCommerce sales could be as high as $7.5 trillion dollars per year. There are now somewhere between 12 and 24 million online stores. Although the figure is difficult to estimate precisely, experts are certain the number of stores will continue to grow steadily in the years ahead.
Online marketplace Amazon is by far the biggest eCommerce site with over 3.5 billion visits per month, eBay follows closely behind with one billion monthly visitors. Other online retailers making huge numbers of sales include Ali Express, Walmart, Home Depot, Ikea, and the marketplace Etsy.
iGaming
People do not go online solely for shopping, they also seek entertainment and escapism from everyday life. iGaming has seen huge growth in recent years and more and more people seek games they can play on their smartphones and tablets in the comfort of their own homes, with poker games being particularly popular with adult gamers.
As technology has developed, these games have become far more interactive and immersive. Mobile slots, for example, are famous for their fun animations, vibrant graphics and catchy soundtracks.
A number of iGaming sites now offer live interactive gaming experiences. These sites stream games such as poker and blackjack from a land-based venue and allow online players to interact with an in-person dealer in real-time.
Newer technologies, such as virtual reality, are also being explored in the iGaming space. Online VR casinos are in development, with these games giving players the chance to walk around and play games in a virtually built venue using a specially designed headset.
Entertainment streaming
iGaming isn’t the only industry to be making use of streaming online. Streaming entertainment content such as music, television series, and films is on the rise. There are now a huge number of these streaming services on a subscription-based model.
In 2021, the global video-streaming industry was estimated to be worth $375.1 billion. By the end of this decade, it is reportedly set to reach more than $1,700 billion US dollars worldwide.
Major players in streaming television and film entertainment include Netflix, Amazon Prime, Hulu, and Disney Plus. These services are under high pressure to keep up with customer demand as customers expect new, entertaining content to be shown on the platform regularly.
Netflix, in particular, has struggled to keep up with customer demand in recent months and has found large numbers of customers leaving the subscription platform as they feel they are not getting the content they want for the money they are paying.
For music, Spotify and Apple Music are big names in the industry. Customers pay a monthly fee to access all the music content they want on demand and be introduced to new upcoming artists. These platforms now also feature many podcast shows that listeners can subscribe to and enjoy on the go.
Advertising
Lastly, another online industry that did not exist a few decades ago but is now booming is the online advertising industry. Many businesses now use the internet as an important medium to display their promotion messages and these clever ads have a much bigger impact out buyer decisions than many people realize.
The global online advertising market was worth an estimated $319 billion US dollars in 2019, and by 2027, this could grow to as much as $1,089 billion dollars. Most industries recognize this form of advertising as a key marketing tool.
When users browse the ad, they will come across various online advertisements. For example, banners or pop-up ads appear on many websites promoting products that may interest you.
Pay-per-click is another method and the advertising platform will receive payment every time a consumer clicks on an ad to purchase a product.
It is no coincidence that these ads are usually relevant to you. Complex algorithms and tracking ‘cookies’ helps build a profile of the things you as an individual will like so advertisers can target people most likely to want what they are selling.
