Reports suggest that 17% of global retail sales in 2020 were made from online purchases. However, industry experts predict that figure will grow to 21% this year. Sales from online purchases will also reportedly reach 24.5% by 2025. However, it’s not just eCommerce retailers propelling the online business landscape forward, but also website and graphic designers, coaching and consulting groups, and online casino operators. All three online businesses are seeing large influxes of customers due to enticing marketing campaigns and promotional offers like bonuses and rewards programs. For simplicity, this article will focus on the online casino industry.
Attracting And Retaining Customers
Online casino businesses are always looking for ways to attract new customers and retain existing ones. This is key for any business trying to generate customer/brand loyalty. In the past, offering promotional offers like sign-up bonuses, which could include a predetermined number of free spins (i.e. 50) or one free spin each day for specific games, has been one of the ways online casino companies build their consumer bases. They have also used things like daily jackpot games to encourage players to keep coming back. Some daily jackpot games are even network pooled, which means people get to compete against players from other brands. Additionally, many online casinos offer loyalty programs and rewards clubs. That is something that other online businesses do, like eCommerce retailers.
Online casino operators also attract consumers in other ways. Lucrative game selection is one, offering new and returning players the choice between classic games, live games, and hybrid games. Secondly, they provide customers with various payment options, including electronic payment systems like PayPal and Neteller. Digital wallets are becoming the norm, with reports stating the global mobile wallet adoption rate will increase to 75% by 2025. It was between 50-55% in 2020. Being seen as one of the online businesses that embraced digital payment systems early on will benefit the industry in the long run. In today’s landscape, showing customers that a business is up-to-date with emerging technological trends is essential.
Going back to game selection, many online casinos have launched attached sportsbooks to their platforms. By having a sportsbook, online casinos appeal to traditional gamblers who enjoy playing table games like poker as well as sports fans who want to wager on sports like football, horse racing, tennis, and Formula 1. Any online business is more likely to thrive by expanding into new markets and appealing to more than one target audience, and that’s what the online casino industry has done. As such, to no surprise, the global online gambling market is expected to record a compound annual growth rate (CAGR) of 11.49% during the forecast period, 2022-2027.
Running an online business is an admirable venture. It’s a versatile field in the sense that there are so many areas people can go into because the internet is such a big place: start a clothing line, sell art online, teach an online course. However, online businesses have their own challenges in attracting and retaining customers. One of the best ways to avoid running into similar issues is by studying some of the most profitable online businesses out there, such as online gambling. New companies can use some of this industry’s tried and true methods for attracting users, including offering bonuses and promotions and incorporating up-to-date technology.