What Can Retailers Learn from the Online Casino Industry?
Since the start of the 2010s, in-person retail has been steadily eclipsed by online shopping. The comparison graph paints a damning picture for in-person retailers and shows just how quickly the internet overlapped them. Moving online isn’t specific to the retail industry, however. Other industries, such as the casino one, have also managed to thrive online. What can the online casino industry show retail about its inevitable move online?
Niche Nature of the Internet
One of the main benefits of shopping online was that more niche retailers could thrive. Those offering something that appeals to large groups who are spread out across the country found their target audience. If they existed in one city, they may not gain the footfall necessary to remain viable. Spreading out online opens the potential customer base and allows niche retailers to survive.
The online casino industry itself reflects the niche nature of internet retailers. Most sites offer a selection of slot games. Some of these are appealing and popular, such as those based on franchises. Others are more esoteric, so would appeal to a smaller group of people. But as the games are inexpensive to create and can be marketed to a wide range of people, it is worthwhile to offer something niche. Niche customers are often willing to spend more and be more loyal than those who can find what they want anywhere they go.
Convenience of the Internet
The internet also makes shopping far . No matter how retailers square it, it’s easier to order something online while sitting on the bus or waiting for dinner to cook than it is to visit a multitude of stores.
The online casino industry has similarly embraced convenience for its customers. Being able to engage on mobile devices as one would on a desktop device means that there are a wider range of customers to use the online casino sites. In an age where everyone is time-poor, anything that purports to save users’ time is considered a plus.
The Bargains of the Internet
The internet has a wider range of retailers and therefore they are more competitive with one another. The customer ends up benefitting as their custom is fought over. This usually looks like a slew of bargains, special offers, and retailers attempting to price each other out. The reason the internet allows this better than physical retailers is simply because it’s easier to compare prices when you can just flick to another tab. Plodding to another store to see if you could save marginal amounts just isn’t done.
The online casino industry uses a similar tactic to appeal to increasingly savvy customers. As we can see with the welcome bonus offered by Royal Panda, for instance, customers are enticed to use the site. With a bonus of no deposit cash and free spins on certain slot games, those who are wanting to play anyway would be swayed by the generosity. The site will then develop goodwill with the customer which can be leveraged into a strong relationship.
The Future of Retail
Retail doesn’t have to just throw its hands in the air and give in to the overwhelming surge of the internet. Some things cannot be purchased online, and people do still enjoy physical experiences. In the UK, discount retailer Primark doesn’t offer online sales, so its stores are always busy. It has no closer rivals so can do so. Wedding clothes and things that provide a tactile experience, such as shoes, are also better bought in person. So, retail should consider excelling where the internet can’t, so all aspects of the industry are fulfilled.
The internet makes shopping easier and online casino continues to thrive. The latter can give the former influence in how it has transformed a physical industry into one that does best online. Retailers should look to a hybrid approach of the two to succeed in the future