Times certainly are changing and as history has taught us, those that do not adapt are doomed to fail in the long run. Technology is rapidly progressing and bringing forth so many innovations every year that it can be very difficult for legacy industries to keep up.
We are simultaneously seeing competitors pop up in every major industry as older companies scramble to bring some new advancements into their existing models.
Here are some of the changes we are already seeing.
Casino Industry
The casino industry has always been centered around a fun and exciting atmosphere filled with sounds, lights, and other stimulus.
Transferring this feeling to online platforms would be a challenge for sure, but that’s what is needed to ensure that casinos stay around. According to PR Newswire, the entire market for online casino gaming is expected to expand from $58.9 billion in 2019 to around $66.7 billion in 2020.
As technology grows and more people become comfortable with having virtual experiences, digital alternatives for various industries will become commonplace.
You can imagine that more people will choose to play casino games online since the online experience keeps progressing and getting better. While the traditional brick and mortar locations can’t be ignored, special attention and resources have to be spent building up the online alternatives.
Ecommerce
Of course, ecommerce is one of the most important and ubiquitous changes in households around the world. Many people utilize an online shopping platform multiple times a month and have greatly reduced the time they spend going to their local grocery stores. With Amazon now the leader in ecommerce, how are other older businesses keeping up?
A lot of attention is on Walmart to see how they innovate. Other smaller franchises are interested to see how they incorporate new changes and what the effect is on their profit margins. Originally, one of the first changes Walmart made to compete with Amazon is their offering of home grocery delivery. In more recent news, the company announced that they are hoping to launch a membership service that can compete with Amazon prime. This service will grant unlimited same-day delivery from many of their locations.
Records Management
Records management has been a major pain point for businesses around the world for a long time. In the health and medical industry, record keeping is not only crucial for billing and other financial aspects, but it’s also crucial to the well being of the patients. While you may imagine that record management has gone digital for decades, the fact is that many parts of the industry is still transferring over from the traditional written documents and there are trillions of documents that still may never be transferred onto a digital system.
This has led to the introduction of electronic medical record systems or EMRs. There are numerous advantages of EMRs and many governments around the world are providing major financial incentives to implementing these systems. Some of the clear benefits are lowering overall costs, better and more precise record management, easily sharing information between companies, and mistake-proofing these systems. This helps keep track of prescriptions, detailed records of surgeries, insurance and other important information. While the medical industry is just one example, this also extends to the legal and banking industries as well as many others.
Marketing Industry
The marketing and advertising industry possibly has the most to gain by innovating in this new decade. Throughout history, this industry has always been one of the first to do so anyway. Imagine, advertisements went from shouting on street corners, to ads in a newspaper, to radio and then television. Staying ahead of the curve is just the name of the game for marketers.
In the age of the internet, marketing agencies are faced with numerous exciting challenges. Taking advantage of the incredible potential of Facebook, Instagram and other platforms is crucial to survive in this landscape. As such, marketing has truly taken a chameleon-esque form. Influencers play a big part in this way.
Instagram and YouTube influencers are paid to advertise these products and their uses as well as make creative content involving them. Product placement in films is certainly nothing new, but the way these content creators and influencers showcase the product is very interesting and creative. This is the game plan for marketers, taking traditional methods and adapting them to the new age.
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