With the advent of the internet, the way we spend has changed dramatically, especially in the last decade in which Facebook grew to unparalleled acceptance. As the rules of branding and selling adapted to social media marketing practices, businesses too shifted from their traditional paradigms. Brick-and-mortar shops made way to ecommerce and payments were accepted online. In fact, online real estate has become as competitive as its offline counterpart. To further illustrate, we have listed five industries that have successfully shifted online, thereby reducing dependence on traditional paradigms.
With all the information available at a click, internet has delivered the power of pricing to the hands of the customer. It is now possible to travel internationally on a limited budget without standing in queue for visa, accommodation or tickets. Reviews by like-minded travellers have taken the place of recommendations by travel agents. Travel agencies now offer products that are personal and unique in experience, instead of just tour packages.
An online newspaper is not just an additional advertising revenue source for the publication, but also a convenient option for the reader on-the-go. Media organisations are now training journalists in ways of digital writing and video streaming. The rise of vernacular media and citizen journalism owe a lot of internet and seamless connectivity over smartphones. The most prominent example being the Arab Spring of 2011 when Facebook and Twitter were used by citizen journalists to send information during curfews and censorship.
Leisure and Casino
Casino enthusiasts now do not even need to leave the comforts of their room to test their luck. Unlike a brick-and-mortar casino, online casinos are not bound by geographical limits and even offer higher payback percentages. Many online gaming companies offer slots can be accessed anytime. These online slots can be accessed on both tablets and smartphones without needing any download of additional software. For example, Merkur games at Lapalingo.com are among the most popular casino games on the Internet.
The movement of retail industry from brick-and-mortar to online in the last decade came as a blessing for both marketers and customers. While companies benefitted from the ease of accessing customers anywhere and realizing payments instantly without straining coffers on commercial rentals, consumers loved the comfort of home delivery and ability to compare rates from alternate vendors. Higher levels of education and increase in personal income has increased demand for online shopping options significantly.
Banking and Finance
The internet allows banks and other financial institutions to operate on moderate operational costs, with easier integration of services and minimal overhead costs among other benefits. There are many “virtual banks” that operate only on the internet. Every major bank now permits its customers to operate from anywhere and perform many banking transactions using their computer or mobile. In fact, the next big internet phenomenon that is poised to disrupt the banking and financial industry is the IoT (Internet of Things – connectivity using everyday objects that are embedded with internet-enabling devices.)
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