The last few years have changed how people use the internet. There have been content creators, e-commerce, online banking, and online entertainment websites since the birth of the internet.
But with access to faster internet and better devices, many industries needed to rethink how they tackled being online to thrive.
It’s not enough to have a website and hope that people happen upon it. Instead, you have to communicate on social media, leverage marketing opportunities, secure advertising space, and more. From 888 Holdings to Fenty Beauty – what sets these thriving online businesses apart?
What makes a successful online business?
Being successful online isn’t just a single thing; it is a combination of things. Here are some of the things it takes to be successful online:Â
- Understanding your audience and communicating directly with them is more important than ever – be innovative with your content and how you speak to your audience.
- Solving your customer’s problems and customizing the offer.
- Creating content funnels that make sense (TOFU, MOFU, and BOFU).
- Offering plenty of e-wallet payment options.
- Leverage free web tools, and invest in one that makes sense for your business.
- A/B test ads to refine your marketing.
- Offer 24/7 customer service, including chatbots, self-help, DMs, and social.
And perhaps the most important is to offer something that competitors don’t.Â
Which industries are thriving online?
Some industries translate to an online and mobile environment better than others, and within the industries that have thrived, some companies have done it better.
Let’s take a look at which industries are thriving online.
Fashion
Everyone needs clothing of some type, even if they don’t buy clothing often. And even though clothing sales weren’t stable for the last few years, there is still a year-on-year trend of brands that grew tremendously.
Social commerce has become a big business, and one of the best examples of social commerce done well is Nike. The Lyst Index placed Nike in 2nd for the global clothing sales.
Nike saw a 59% increase in its digital sales in 2021, which is huge even in the second position.
The biggest market for the fashion industry is womenswear which Statista reports as generating over $187 billion in the US.
Gambling and Gaming
With better technology in terms of devices and a more powerful internet, there has been an explosion in people playing online games. They might play via mobile phone, or it might be on a console.
What makes the gaming and casino industry more exciting is that it is heavily mobile-based.
Revenue in general saw incredible rises for some companies and games: Â
- More than 19 billion dollars was spent in just Q2 of 2020.
- Fortnite surpassed 100 million downloads in 138 days.
- Over 25% of all app downloads are now mobile games.
- Casual gaming like slots and puzzle games are the most popular.
- Tencent is the leading iPhone gaming app publisher in terms of revenue and third for downloads.
- 888 saw an impressive $849.7 million by the end of 2020. A huge increase from $560.3 million in 2019.
The casino industry has always invested heavily in their technology and offered as much as possible to their customers. There are plenty of statistics on just how much people are spending regarding gambling and casino times.
In 2021 the gaming market generated 180.3 billion dollars, which is a reasonable increase from 2020.
Beauty
The budget industry has been able to capitalize on the rise of influencers. Bloggers, YouTubers, and content creators all generate hours of footage, hundreds of thousands of articles, and more USG that you might know how to handle.
There was a steep rise in brands like Revolution, creating dupes for all of the most sought after (and often expensive) products and making them accessible.
Not only that, but they featured influencers and the public demonstrating how to use their products on their social media.
Taking this further and collaborating with the leading influencers to create makeup lines.
Fenty is another beauty brand that has capitalized on its audience.
How?
They understand who their audience is, what their audience wants, and how to communicate with them. Combining the fanbase for Rhianna with skincare and beauty enthusiasts has seen Fenty make waves like no other company has. Fenty Beauty currenty has an estimated value of $2.8 billion.
The beauty industry has also benefited from the huge trend of self-care and wellness. Hot bubble baths, facemasks, hair masks, and at-home beauty treatments saw the beauty industry increase 84% YoY until Aug 2020.
Restaurants
Making takeout even easier are companies like Deliveroo, Just-Eat, and UBEREATS – although many countries have their regional version of this. The restaurant industry might not spring to mind when it comes to benefiting and thriving online.
Yet, even though food delivery was available in earlier years, it was never more convenient than it is now. It takes less than 30 seconds to make a food selection, complete payment, and track your order.
Higher-end restaurants used new technology to create meal packets. Putting the base ingredients into a packet and delivering it with a Qr code. The Qr code will take the user to a YouTube video demonstration of prepping and cooking the meal.
Delighting customers and offering a new experience.
The rapid evolution of food delivery apps and options has seen the restaurant industry also grow at high speed.
The industry’s growth varied by region, but France saw a 24% rise in restaurant delivery; the UK was an 18%, and the online food delivery segment is estimated to reach $66,565 million in 2022, according to Statista.Â
Innovation and truly understanding your audience are best ways to make huge strides online and remain competitive in your industry.Â
Read more: Top Tips To Help Improve Your Shipping And Delivery Process
