Have you ever wondered why certain types of business succeed online while others don’t? It is clear that going online has proven to be a far more profitable idea for some companies than for others but why is that?
There are numerous factors that determine whether a business will be more successful online or in a bricks and mortar setting. The following examples show how a few types of company have managed to make use of the inherent benefit of going online.
Shops Cut Down on Their Overheads
Retail firms were among the first big winners when it comes to moving online. E-commerce successes like Amazon and eBay have shown that consumers are happy to buy just about any type of product on the internet these days. Other big success stories worth learning from include BeardBrand, FUGOO and Black Milk Clothing. Meanwhile, High Street closures have become a recurring trend.
The relative lack of overheads helps online shops to stay highly competitive and profitable. A study by EmpathyBroker in 2018 also revealed that 51% of UK shoppers actually prefer to buy online, as broken down at https://ecommercenews.eu/51-uk-consumers-prefer-to-shop-online-than-in-store/. Yet, with Amazon and other big names in e-commerce looking at opening bricks and mortar shops, there could still be an unexpected twist to come in this tale.
Online Casinos Offer More Variety and Convenience
Another industry that had thrived on the internet is the casino business. The first ever casino was the Ridotto in Venice, which opened its doors in the 17thcentury. It was three over centuries later, at the end of the 20thcentury, that gamblers were first offered the chance to play at home rather than have to go out to a casino.
As well as convenience, perhaps the biggest factor here is the fact that users can access such a wide range of games. These sites will typically have hundreds of slots and table games. If we look at the example of blackjack on the Paddy Power site at https://casino.paddypower.com/c/blackjack, we can see that it contains numerous versions, such as blackjack switch, cashback blackjack and versions with live dealers on the screen. This is markedly different from land-based establishments, where you usually have one or two blackjack variants available even at major casinos.
Newspapers Can Adapt to the Online Audience
One of the businesses that was regarded as being most at risk due to the internet boom was the newspaper industry. This report from the BBC – https://www.bbc.com/news/uk-wales-43246321– shows that newspaper sales in Wales declined by 28% in 2017. This drop is mirrored by figures for newspaper sales all over the UK and abroad. However, many newspapers now have a profitable website.
The Daily Mail is a great example of how a newspaper can make the switch to an online presence. They drive high volumes of traffic by writing click-worthy headlines and using trending keywords. By re-writing stories from other sources and focussing heavily on celebrity news they haven’t just copied their print format. Rather, they have adapted to the demands of their online audience.
Making the move to doing business online isn’t right for every type of company. Yet, we have seen that it is something that can often be done by adapting and exploiting the specific advantages available to certain industries.