Online Services are Booming, Here are Three of the Fastest-Growing Niches
Internet and e-commerce giants like Amazon, Google and Facebook generally steal most of the headlines with regards to success in the digital sphere. But some parts of the web-based economy are growing even faster. These are just three examples you might not even know about.
Niche e-commerce businesses
E-tailing started out with books, then DVDs and then computer hardware. But now other segments are quickly catching up. In 2015, clothing took over from computer hardware as the biggest seller online. And now other niche markets are also gathering momentum.
Jewellery and watches is the category that’s growing fastest in retail in general – both online and offline. While most sales are still offline, online sales are now growing as competition intensifies. Traditional jewellery and watch retailers were slow to move online, but changed their approach when they saw the threat posed by connected devices. They realised that they would lose market share to products like the Apple iWatch if they didn’t build an online presence fast.
Another niche is art and handcrafts. Thanks to websites like Etsy, people around the world can turn their hobbies into businesses. For anyone who can create handmade art and crafts, they now have access to a global market. And for consumers, it means they can buy unique quality items at low prices.
Another online industry that’s currently growing rapidly is online gambling. While online poker has been around for ages, the latest sites offer a wide range of casino games and sports betting. These sites which you can check out for free, are creating an experience which is more and more like being in a casino. This is thanks to advances in the quality of graphics and faster internet speeds.
Online gambling is using technology developed in the video game industry to improve the experience. And online casinos cut out geographical barriers, and allow customers to play at any time of day or night.
Online casinos have also jumped onto the cryptocurrency bandwagon, allowing players to play with Bitcoin and other digital coins. The fact that Bitcoins price has risen 1500% in 2017 also means Bitcoin investors have more money to play with – the perfect scenario for such sites.
Finally, Esports has taken the world by storm over the last few years. Esports has managed to combine the attraction of gaming, spectator sports and gambling to create a new global craze.
Esports takes the form of multiplayer video games which spectators can watch and even bet on. The technology allows spectators to experience a game from several vantage points, and obviously from anywhere in the world. But here’s the part that is leading to its rapid growth. It allows video gamers to turn their pastime into a career. And there is no shortage of money because it’s the perfect opportunity for marketers.
As you can see the internet is evolving and new industries are emerging. More and more, it’s not just about taking traditional industries like retailing and banking online, but about creating entirely new industries. With innovations like blockchain, artificial intelligence and augmented reality we are likely to see even more new industries emerging in the years to come.