The notorious COVID pandemic has introduced millions of laggards to the brave new online world, accelerating the development of the existing online industries and paving the way for the new ones. Even those averse to everything new are now forced to make purchases and appointments online as the physical alternative is no longer there.
Over 59% of the global population has access to the Internet, with over 850 million users in China, 560 million in India, and 313 million in the U.S. – and the involvement is projected to grow by at least 5% per year. Even now Northern Europe has over 96% of the population connected, which means only four people out of a hundred are cut off the web.
The bigger the demand, the better the market responses. But what are the most perspective online industries in 2021? Or is the market already oversaturated with no chance for newcomers? Let’s find out.
With the advent of the Internet – and now the pandemic – the number of online buyers has started to grow rapidly. In 2020, over two billion people made online purchases or used online services, contributing to the overall growth in the total retail online sales to $4.2 billion. And more to come, especially considering COVID is here to stay and make the digital sales channels the best alternative to in-person shopping.
But not only COVID accelerates the development of e-commerce – so does the ever-growing interest in mobile devices, the ever-reduced cost of running an online business, the use of big data, and many more factors. The e-commerce industry is becoming truly diverse: in addition to the renowned global businesses – Alibaba, Walmart, eBay, Amazon, etc. – there are bazillions of smaller ones catering to niche and local audiences. The reality is that most businesses are forced to move online to stay afloat and not to lose the competition.
On the bright side, the very nature of e-commerce rewards anyone who’s making our world a better place by offering better services, goods, and solutions than the already existing ones. There are so many potentially profitable niches, from classic online teaching to selling gadgets, pets, and dating services, that anyone has a chance to build a successful e-commerce business from scratch.
Gaming and eSports
A vivid showcase of the technological revolution, gaming incorporates mixed realities, gambling elements, eSports, and millions of other bells and whistles making it soar in both revenues and number of users. Over one billion gamers – with China, South Korea, and Japan in the lead – contribute to an impressive CARG of 7.36% and no less impressive global gaming revenues projected to reach $31,328 million by 2025.
The biggest drivers behind the current boom – and one ones you might want to take advantage of as a business owner – are extended realities, cloud gaming, and eSports:
Extended realities encompass Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), all three either replacing the physical world outright or complementing it with the digital elements. Pokemon Go would be the best example of AR.
Cloud gaming is the state-of-the-art technology streaming games from the cloud, which removes the need for costly high-tech equipment on the player’s side. Simply put, the video stream is delivered to your computer or phone just like that – and you can play any game on any device capable of supporting the picture.
In eSports, the best compete with the best to explore what’s possible and what’s beyond human reach. The global eSports market is expected to grow to $1.62 billion by 2024, the numbers getting closer and closer to real sports.
Not only does gambling cooperates with gaming through integrating mini-slot machines, loot boxes, and elements alike into games, but it develops at an incredible speed itself: the current global gambling market size of $59 billion is projected to skyrocket to $92.9 billion in 2023, an impressive 50% surge.
As users shift from brick-and-mortar casinos to online casinos, thousands of platforms open their doors to cater the services to the global gambling audience. Bonuses, freebies, tournaments, easy registration, crypto payments – all these and many other perks put online casinos ahead of their land-based predecessors.
That said, starting a casino online business is not easy – yet doable. The very required minimum is to partner with reliable software providers, get a license, implement safe and versatile payment methods, and promote your nice-looking, user-friendly website. This might take a while, but there’s really no other legit way to establish your brand as a leader.
Hitting the Bull’s Eye
There’s no crystal ball to predict the future, but what’s crystal clear is, you should remain flexible in the age of changes and proceed from what you truly love. Where there are challenges, there are opportunities. No matter the niche, take your time to study the market and understand your capabilities before taking action.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes