The internet has been extremely damaging to many of the well-known brick and mortar stores due to competition from big names such as Amazon, who can sell products at a lower price and have a higher level of convenience than physical shops. However, the internet has also led to many success stories when it comes to business, and many online stores and businesses are thriving because of their online format.
#1 Online Casinos
Only a couple of years ago, you would have had to drive to your local high street to make bets on your sporting games and matches, play bingo and poker, and buy a scratch card. However, the rise of online casinos has made it easier than ever to indulge in responsible gambling through their new ability to allow you to pay and collect your winnings in an online format. For instance, online casinos such as Unibet allows you to bet on your favourite horse or team from the comfort of your own home, giving you the convenience and accessibility that you need to both watch the match and place a bet at the same time. Live sporting apps and news outlets also aid this as it ensures that betters can track their winnings without heading out of their house.
Although many large clothing chains have concerns about the future, the world of online retail is booming and shows no sign of stopping. Online retail shops allow you to access a wider range of products at the click of a button, many of which cannot be found in stores, especially if you live in a small town or remote location. Not only this, but cheap postage and package make it simple to receive items to your doorstep only a matter of days after you have ordered it, ensuring that you do not have to face the battle of the high street and yet will still have your items on time for when you need them. Additionally, the ability to return many online products free-of-charge means that you can get the full shopping experience and try on items in the relaxing environment of your own home.
#3 Handmade Crafts
Many hobbyists once struggled to turn their dreams of selling their homemade crafts a reality through the lack of a suitable platform or audience from which to sell their products. What’s more, an increasing number of shoppers are now looking for unique products which they cannot find on the high street. However, now platforms such as social media and marketplace websites such as Etsy has made the internet a simple place to sell second-hand and handmade items through a third party. While this makes transactions safe and secure for the buyer, it also ensures that the seller can sell their products without concerns about elements such as setting up a website, advertising, and arranging business mechanics.
#4 Subscription Boxes
Shopping trends have now started to be directed towards tailored and customized items through buyer’s needs to own unique products and have a personalized experience. Through this, there has been a rapid increase in companies offering subscription boxes to their customers, with a range of boxes such as books, food and health, and beauty all offering custom boxes that are tailored to the individual buyer. For instance, large publishing companies such as Foyles now run subscription schemes where their booksellers choose an anticipated book each month, and there are many food companies which offer tailored boxes to help with dieting and healthy eating. These boxes are normally dispatched on a monthly basis and offer their buyers an accessible and relaxed experience that allows them to invest in a different, surprise product each month.
Although the internet has heralded the demise of print periodicals, the traditional way of consuming news, it has also given rise to a completely new format: blogging. While traditional print media are finding new ways to thrive through online periodicals, there has been an explosion in companies offering online magazines and articles which can be easily accessed through websites such as social media. The internet has also allowed individuals to create their own platform to promote their content through website creators such as WordPress, where they can instantly make blogs and gain a following. Some people have even taken this further and choose to become bloggers as a career through aspects such as advertising and paid guest posts.
#6 Start-Up Businesses
The internet has also become an excellent way for small businesses to start up their company without extensive capital or funds to help them to achieve this. Rather than investing in a physical store, many start-up businesses have decided to open their company on the internet through the creation of an online store. Online stores can be promoted through a range of means such as the skilled use of SEO to ensure that they can be easily found on search engines. They can also be promoted through creating advertisements and pages on social media, which can then be shared widely to reach a wider audience of potential clients. This is an easy way to start up a business, especially those looking to turn their hobby into a business, without the relevant funds and without concerns other rent and other expenditure hindering their focus on the business itself.
#7 Online Banking
Although physical banks still exist in most towns and cities to access money when you are out and about, the evolution of online banking has made it simpler for large companies such as Tesco to establish online banks. These can be accessed by patrons online without a physical location, and allow them to transfer money, manage their accounts and see their bank statements from the convenience of their own home. These also make it easier to buy items online as your bank can be directly accessed when you are browsing on the internet. This is then a safe and secure way to manage your account without the need to drive to your nearest town for funds, especially now that the world is becoming increasingly cashless.
#8 Insurance Companies
Insurance companies have boomed since the creation of the internet, with most insurance companies heading online-only. However, those insurance companies that do have physical shops will also have websites from which most of their business is performed. This allows potential customers to quickly see the best deal for them and buy insurance whenever they need it – even at the last minute. What’s more, comparison websites such as Compare the Market allow you to compare the process of different insurance companies against each other to check that you are investing in the best deal for you and the type of cover that they will offer you for specific occurrences.
Although the internet is notorious for damaging high street businesses, there are many other companies which have managed to adapt and even succeed on the internet. Try to harness the benefits of the internet such as:
- Providing a secure platform to promote smaller businesses
- A simpler method of communication
These elements have allowed some start-up businesses to thrive on the internet, and to keep evolving as the internet itself succumbs to modernization.