Only a few decades ago online business was severely limited in its scope. Home internet access only began to become widespread during the mid-1990s and the idea of buying goods online was still seen as a novelty.
Key players in e-commerce, such as Amazon, had a much smaller range of goods for sale (Amazon initially formed as an online bookshop before subsequently diversifying) and served a much smaller customer base.
Today, online business is a vital part of all economies. Customers are fully prepared to shop online, and the widespread adoption of smartphones has enabled consumers to buy a wide range of goods and services regardless of their location or the time of day.
In this article, some of the more recent trends in online business and e-commerce will be explored in detail.
The continued rise of online casinos
One of the major success stories in the recent history of online business has been that of online casinos. From humble beginnings, they have risen to be a multi-billion-pound sector of online business. Today, the sector is expected to account for $565 billion in worldwide revenue.
While many sectors of business suffered during the recent pandemic (especially those that relied on face-to-face sales) the online casino sector enjoyed success and increasing revenue. The main reason for this was that populations needed to adhere to government-imposed movement restrictions and lockdowns during the height of the COVID-19 virus.
During these periods, it was prohibited to be outdoors, unless there was a valid reason for doing so or an emergency. This meant that billions of adults needed to find ways to entertain themselves when spending extended periods indoors. Online casinos became the choice for many adults who were seeking excitement and thrills during this otherwise dismal period in history.
New players would typically find an online casino comparison site such as https://ca.crazyvegas.com/. Here, they could compare the welcome bonuses for new players and check the payout percentages of various sites. This allowed them to make informed choices of which site to sign up to and gain a bonus that was suitable to their style of play.
Even as the effects of the pandemic seem to have receded considerably, online casinos remain popular. It is estimated that the online gambling sector will grow at a CAGR rate of 8.6% by 2030, reaching a total value of $192,264 million.
VR tech in online entertainment
Another key recent development has been the rollout of VR technology, specifically in the online entertainment sector. Today, consumers can purchase a diverse selection of VR headsets from major industry players such as Sony and Meta.
This allows them to enjoy a range of immersive online gaming experiences that cannot be replicated on a flat screen or monitor. Whilst the VR platform is ideal for gaming, it can also extend to enjoying film in 3D and experiencing a range of tailor-made VR experiences.
Whilst the processing power of VR headsets is still significantly less powerful than a gaming PC or next-generation console, it is expected that the technology will improve rapidly in the next decade. Inevitably, VR gaming and VR entertainment will start to dominate the market as more consumers understand the fun and thrills that come from a truly immersive experience.
Article and permission to publish here provided by Carol Trehearn. Originally written for Supply Chain Game Changer and published on July 17, 2024.
Cover image by Memin Sito from Pixabay.