2020 has been a whirlwind year, and we are still only in the third quarter. With all the crazy happenings in the physical world, the online scene has never been more buoyant.
Online businesses seem to be feeding off the time and resources available offline, and with so much potential, are land-based businesses just staying put?
Of course not, they are also going virtual.
Everyone wants to be a first-mover and a trailblazer. At the speed of technological advancements, having an online platform is essential now more than ever. We can already see that the most influential businesses are online-based or, at the least, have an online platform that caters to the bulk of their clientele. Let’s take a look at some of the top performing businesses online and discover why they are the most profitable.
One sector that has experienced drastic change since the internet revolution is the gaming sector. This year online gaming has been performing exceedingly well. According to a recent Verizon report, its network has experienced an increase in traffic of 75% in less than 12 months. While film, music, and sports events can be affected by external factors, online gaming isn’t. Being entirely software-based is the reason for this immunity.
Online betting, in particular, continues to experience a surge in popularity. The UK gambling community is known to be one of the largest in the world for both sports betting and casino gambling. UKGC regulated sportsbooks are spread throughout the country, and online casino sites run in the hundreds. As stakeholders in the online betting industry, we provide the best resources for players to Compare UK Casinos.
Social media is in everything these days. While many other businesses dwindled in a stifled economy, social media platforms saw their profits skyrocket. In the past six months, WhatsApp has seen an increase in usage of 40%, and Facebook reported a 37% surge in visits during that time. Similar figures were recorded for other platforms. Social media is now the go-to means of communication. It may have relegated the fundamentals of the mobile device – calling and texting – to the sidelines, but there is little to complain about when it offers so much more.
The educational sector has always been one to follow the conventional ways, sticking to the traditional classroom setting since time immemorial. It has now embraced the digital economy and is quickly rising as a highly profitable online business. A variety of courses are available from academic to vocational classes.
The convenience of e-learning has certainly been a major propagator of its success. Students join online learning platforms and can participate in classes remotely. Data tools increase efficiency by helping teachers track their progress and analyzing students’ performances.
This industry became the major beneficiary of the decline of travel and logistics companies in the past couple of months. With fewer people needing to commute to school or work, companies like Uber and Lyft are fighting to stay afloat. At the same time, we see apps like Zoom and Skype, with profits increasing by the billions. These apps help promote e-learning and remote work and therefore thrive alongside them.
In the second quarter of 2020, Amazon recorded a 33.5% increase in worldwide sales for online groceries, increasing its delivery capacity by 160%. On February 8th, Asian multinational company, Alibaba Group, had almost 100,000 downloads of its “Fresh Hema” delivery app in a single day. The same trend is evident in a myriad of online delivery platforms for groceries, clothing, electronics, and other commodities.
Unless we hit a technological plateau, these businesses will continue to experience steady growth. VR and AR are already being implemented, and the opportunities that these concepts offer are mind-blowing. As long as there is demand, the sky’s the limit.