The internet’s fastest-growing industries
To succeed in the digital era, companies need to find new ways to adapt. The e-commerce and entertainment industries have been at the forefront of the online revolution for years, and here are some key numbers and statistics.
E-commerce and the rise of online grocery shopping
E-commerce is one of the fastest-growing industries in the world. The percentage of retail sales made online has been increasing for years, and the industry is on track to reach $6.5 trillion in sales in just three years. There are more than two billion online shoppers, which is almost a quarter of the world’s total population. Online shopping is already widely established in America, Europe and many Asian countries, but online retail sales are expected to boom in emerging markets such as India and Brazil.
Amazon is the undisputed leader in the e-commerce space. Founded in 1994 by Jeff Bezos, the America-based company is often referred to as “one of the most influential economic and cultural forces in the world”. Amazon revolutionised the e-commerce industry by focusing on user experience. By using complex algorithms, the store is tailored to each individual user. What’s more, third-party sellers and stores can use the Amazon platform instead of having to build their own web store.
Electronics, clothes and other consumer goods have been sold online for years, but online grocery shopping has been a long time coming. A brand new report by Business Insider shows that the current global crisis has made more people willing to buy their groceries online. U.S. online grocery sales grew 22% last year and are expected to grow 40% in 2020. Regardless of whether the current situation will continue, there’s little doubt that there are new opportunities for e-commerce companies who are willing to commit to online grocery shopping in the coming years.
Movies, music and gaming
The entertainment industry has always been at the forefront of adapting to the digital age. Streaming services like Spotify have made it possible for consumers to listen to millions of albums on the go, and most prefer to rent a movie on iTunes instead of going to the cinema. According to Business Wire, the online entertainment market size was valued at more than $183 billion in 2019 and is estimated to climb to more than $652 billion by 2027. Hollywood relies on online streaming services more than ever, as the cinema industry is facing falling figures across the board.
Online gambling is another gambling industry that has seen consistent growth over the last decade. The total industry, which includes casinos, sports betting, bingo and poker, is estimated to be worth $50 billion per year. Instead of visiting the local casino, more players prefer to play at online casinos. In addition to being more convenient, online casinos offer a larger selection of slots and table games. At the gambling site TeleVega, players can enter the live casino and play immersive games against real dealers and with real cards. As online casino games become more authentic, it is reasonable to believe that more players will choose to play from the comfort of their homes.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes