One of the most successful sectors of business is the online marketplaces. In the last decade, e-commerce has grown into one of the driving forces in modern business with a global market value of over $8 trillion. Today’s consumers are more willing than ever to shop online and are fully prepared to buy from international companies, provided that the goods can be delivered in a reasonable timescale.
The mass adoption of internet-capable smartphones has helped to make online shopping simple and convenient for millions of consumers. For many items, there’s no longer a need to take a trip to the local shops; simply click, confirm your order, and wait for it to be delivered.
However, online business encompasses more than e-commerce, with the online entertainment sector also being a key part of the overall industry. In this article, some of the key trends that will shape online businesses in 2024 will be discussed.
1. Continued growth in online gaming
Online gaming is now recognized as an integral part of modern culture. An estimated 2 in every 5 people around the world play some form of games regularly. This could be playing online on a next-generation gaming console or simply enjoying a quick five-minute gaming session on a mobile phone.
Growth in the online gaming sector increases at 5.6% a year on average, and this trend shows no signs of slowing down. One sector of online gaming that has enjoyed spectacular growth is the online casino sector. Today, millions of adults around the world enjoy playing real money casino games in an authentic and exciting virtual environment. Such sites feature an enticing mix of slot machine games that rely purely on luck and more complex card games that require a degree of skill and strategy to play effectively.
One of the key reasons for the continued growth of the online casino sector is the accessibility it offers gaming adults. Previously, if you wanted to play at a casino, this would involve a journey to your nearest real-world venue. You may even need to stay the night at a hotel if it’s some distance away and you plan to game while enjoying a few alcoholic drinks.
Today, adult gamers can log onto their favorite online casino sites with just a few keystrokes at a time and location that suits them. The sheer convenience and increasingly authentic experience of this form of online gaming are the main reasons why continued growth is forecast.
2. Remote and hybrid working models are here to stay
Online businesses in all sectors of industry are increasingly allowing their workforce to enjoy remote or hybrid models of working. These working routines became mandatory for millions of employees during the recent pandemic when movement restrictions and lockdowns meant that businesses needed to adopt these working models to ensure continuity of service. However, as the worst effects of COVID-19 have now passed, most online businesses continue to promote and encourage remote/hybrid working models.
One reason for this is because it can help a business to reduce its carbon footprint (by reducing the need for commuting journeys). This helps to improve the eco-credentials of a firm at a time when consumers are increasingly seeking to trade with companies that demonstrate they can operate sustainably. In addition, online firms with a remote workforce don’t need to invest as heavily in physical corporate premises, thus helping them to reduce infrastructure costs and improve their profitability.
