The world is going digital and it’s the reason why companies like Kodak and Blockbuster are no longer household names. Any titan of industry will understand that being able to adapt to shifting trends in consumer behavior is key for success in any kind of business, regardless of the industry. That’s why many companies are putting more time, effort, and money into developing digital versions of their platforms. There is a new emerging trend here of consumers shifting towards digital spaces. This article is going to go over some of the industries that have found massive success within the new digital world.
The gaming industry generated a whopping $155 billion in revenue worldwide in 2023 alone. That makes it one of the most lucrative industries in the world. In the past, gaming in the traditional sense of the word referred to activities like running outside, jumping on trampolines, or riding on skateboards. These days, the first thing that comes to mind when people think of gaming is video games on computers, consoles, or even mobile devices. Game developers and publishers are making huge profits online from game releases and downloadable content. Consumers are now straying away from physical outdoor activities and focusing more on digital campaigns through their favorite video games.
2. Content Creation
The voices of artists and creatives are now as amplified as ever in the age of social media. In the past, personal illustrations, songs, or home-made videos were incredibly difficult to spread out to the public. However, due to the vast networks that social media now provides, it’s a lot easier for creatives to reach audiences from all around the world. These days, many creatives are now reaping the rewards of their talents by monetizing their content in the form of digital illustrations, songs, podcasts, and even films. Platforms like YouTube, Twitch, and Spotify are now giving creatives an opportunity to monetize their creations for mass consumption.
Digital communication is one of the biggest game changers in the history of human existence and societal interactions. A hundred years ago, the very idea of being able to communicate instantly with another person on the other side of the globe through the mere tap of a finger seemed so farfetched to the vast majority of the population. These days, it’s practically commonplace for people to engage in multi-person video conferences via their mobile devices while they’re on the go. The digital communication industry experienced an even bigger boom over the course of a global pandemic.
This was especially true throughout the pandemic when platforms like Zoom, WhatsApp, and Microsoft Teams started making up the majority of professional communications all over the world. Since people were mostly incapable of meeting up in person, the use of digital communication products allowed for entities and establishments to remain productive through digital collaborative efforts. The digital communications industry is continuing to push the envelope even further with integrations into the metaverse environment.
The gambling industry is a classic example of a traditional brick and mortar establishment that has managed to transition itself well while also staying true to its roots. In the past, casinos were seen as havens for gambling aficionados and patrons. In order for one to partake in the highest form of their favorite pastime, one would have to travel to an actual casino to experience that full immersion. Nowadays, there are many digital versions of these otherwise physical casinos that are giving people more access to that same kind of experience. For example, in a country like New Zealand wherein traditional physical casinos are not so widespread and abundant, online casinos are a godsend for avid gamblers. There are so many online casinos in New Zealand that give active gamblers easier access to immersive platforms that contain a wide variety of casino games and services. One of them is Betnero.com.
Amazon is dubbed as one of the most valuable companies in the world with a market cap of around $1.8 trillion. And it should come to no one’s surprise that the world’s largest online retailer has managed to amass this kind of success. In the past, people would have to visit their favorite physical stores like Walmart or Target in order to purchase their desired goods. These days, gaining access to these goods is as easy as merely tapping a few buttons on a phone. With Amazon’s sophisticated fulfillment and logistics chain, customers are now granted a level of convenience in retail shopping that has never been achieved before. And it’s not just Amazon that’s finding success in the digital retail industry. Most retail companies are now establishing e-commerce platforms in order to ride the wave of success of digital shopping.
Aside from retail companies finding success on the Amazon platform, many smaller start-ups and medium enterprises are now joining the marketplace in order to reach wider audiences. One major play in retail these days is direct sourcing and private labeling. Entrepreneurs will shell out a considerable amount of capital to order merchandise straight from manufacturers on sites like Alibaba. By doing so, they are able to get products at lower prices which they can privately label as their own brand and sell on Amazon stores for a markup. Again, thanks to the wide digital reach of the Amazon platform, it’s becoming a lot easier for industrious entrepreneurs to move large amounts of product to people from all over the world. Digital sites like Alibaba also make it easier for people to get in touch with manufacturers and suppliers in order to get the cheapest rates possible in order to maximize margins.
At the rate that this is going, many industry experts say that companies that fail to adopt digital components into their business models and operations will eventually fade away. The future is digital and it’s important for economic institutions all over the world to find a way to adapt with the times and to make sure that they stay relevant and competitive for the years to come.