Our world is rapidly becoming more digitised. From the way we shop, to the way we interact with each other, it seems that we can now control almost every aspect of our lives from a mobile phone, tablet, or computer. Thanks to the convenience of web-based apps and services, businesses at the forefront of this digital transformation are generally out-competing their bricks-and-mortar counterparts. But which sectors are moving online fastest?
In this post, we’ll be exploring three sectors which have been revolutionised by embracing technology. Their readiness to adapt to new systems and start operating online has unlocked their huge potential – and we can only expect to see them grow in the coming years.
Online casinos and gambling
The earliest gambling software was launched by Microgaming in 1994, and the first online wager for real money occurred two years later at InterCasino.
In 1996, InterCasino was far cry from the likes of Joy Casino and the other online offerings we have today, as it offered just 18 different casino games. But there’s no doubt that it kickstarted the online casino industry, which is expected to value a whopping $94 billion by 2024.
The accessibility of online casinos – which have effectively turned our smartphones into Monte Carlo – has enabled a gambling surge. Demographics that have historically avoided physical casinos, such as women and the elderly, are now wagering on the web in unprecedented numbers. (According to a study by the UK Gambling Commission, 44% of women in the United Kingdom have gambled in the past four weeks).
With online casinos showing no signs of slowing down, it’s clear that this is one of the fastest-growing online sectors today.
Fashion and beauty
The fashion and beauty industry has been utterly transformed by digitalisation. The launch of e-commerce giants such as ASOS and Net-a-Porter – as well as the explosion of fast fashion businesses including BooHoo, Pretty Little Thing, and Missguided – have turned online fashion retail into a multi-billion dollar industry, with a global annual revenue of $606 billion.
This figure is projected to reach $713 billion by 2022 – a staggering increase of $107 billion in just two years. The rise of fashion influencers on platforms such as YouTube and Instagram have made it easier than ever for people to shop on spec, with affiliate links leading them straight to the products they see.
While it’s clear that the fashion industry is going to have to change its habits for the sake of the planet, we’re seeing no signs that its popularity will waver any time soon.
Banking
The rise of online banking services and apps has skyrocketed in recent years – and it’s just only well-established banks that are embracing the trend. Challenger banks such as Starling and Monzo, both of which are digital-only, are creating a new standard for the accessibility of online banking.
Today, more than 22 million people manage their current accounts from their phones. Although traditional banks have been slow to move away from the mainframe, increased customer demand – as well as the need to keep up with their competitors – is driving them to move online faster than ever before. As physical banking branches close all over the country, we’re going to have to see a huge increase in the range of online banking services available.
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