Categories: Business Plans

How Going Digital Saved Businesses In The Pandemic

Photo by Anna Shvets from Pexels

The whole world seems to be obsessed with being online nowadays. Whether it is takeaways, shopping, gaming, or even something as simple as banking, there is always an online aspect to every business nowadays. This is one of the key fixtures of the modern world nowadays as technology appears to have taken over more and more, with companies seemingly more open to being online and adapting than before.

What’s happened?

Over the course of the last year, more companies have sought to move some of their operations online in order to capitalize on an expanding market. Due to the pandemic,

businesses were having to shut their doors and quite often the only way to make any money or even something resembling a profit was to shift online. People were forced to purchase things online, and as a result, companies had to move online for fear of going bust.

As far back as 2016, 209.6 million people considered themselves to be online shoppers, but now, thanks to circumstances beyond their control, that figure rose to 227.5 million and is predicted to rise to 230.5 million in 2021. These figures alone show the rise in online shopping, although some of it was clearly out of necessity rather

than through choice. However, a number of companies felt that it was necessary to move their business online in order to maximize whatever profits might have been available and, in some ways, to just survive.

As an end result, they are in a stronger position than before as they can now trade on the high street as well as online. In many ways, it is now essential to have an online presence as it can give you a greater foothold in a competitive market.

What other businesses?

It is no different with online gambling, as with so many casinos shutting down the only way for some

businesses to survive was to move online. This is no different with online slots, as the influx of online players has helped to keep some of these businesses afloat. The global gambling market stands at a mind-blowing $465.76 billion and is expected to climb to $516.03 billion in 2021. Of this figure, $53.7 billion comes from the US online gambling market, showing much of a digital boost gambling has provided. It is no different with the spin casino slots as they provide an easy way for people to get online and learn about online gambling, with millions of other worldwide joining them.

Summary

Long story short, if it wasn’t for the prevalence of the internet and the chance to move online, many businesses would have seen themselves go under as a result of the pandemic. Thanks to the number of people who now operate online, it offered a lifeline to many flagging businesses and helped to pull them through one of the worst economic downturns in recent memory. As a result of these changes, those companies may well be in a stronger position to recover as they now have another market they can tap into and a whole new client base waiting for them.

Innov8tiv.com

Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. This site seeks to not only inform consumers and companies about the latest in tech trends and ideologies, but to shed light on a phenomenon often ignored: the inventive, life-changing and creative engine that exists in Africa and among leaders of color around the world, including the UK, the Caribbean, Australia, and Asia. Send story ideas to info@innov8tiv.com

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