2020 has been grim for businesses throughout the country, from travel and food to beauty and shopping. Only a handful of industries have been thriving since March. And these are mainly companies that provide essential services.
07 Fastest-Growing Online Industries in the US – 2020
In this article, we’ll delve into the best performing online industries. We’ll also share why they have been so successful while other businesses have been fighting to remain afloat. Let’s dive right in.
Amazon founder and CEO Jeff Bezos have been hitting headlines since March for one reason. His net worth has been skyrocketing tremendously. Of course, Bezos’ success is rooted in the success of Amazon and shopping websites in general.
Since January, Amazon has been growing in double digits, recording profits as high as $110 billion per quarter. By the end of the year, the giant online store is projected to have made profits of over $400 billion.
Amazon aside, eBay, Overstock, and Walmart are other online stores thriving this year. They are growing because online shopping has been the lifeline of millions of Americans since the national lockdown started.
Essential products have been the most in-demand products at online stores this year. Due to that, Amazon at one point slowed shipping speed for everything else to focus on essential products like groceries, bathroom products, and PPEs.
Online Casino Sites in Pennsylvania
Three years after Pennsylvania legalized online casinos, the industry has become an important source of revenue for the state. Last year, the young industry generated $20 million from slots, $8.2 million from table games, and $4.4 million from poker.
In 2020, PA’s iGaming sector was scheduled to hit over $50 million in revenue. But after the pandemic crippled sports betting, operators could only rely on casino sites for profits. Luckily, these businesses have been performing incredibly well.
They’ve been welcoming new customers, left right, and center. They have added more games, rolled out bonuses, and welcomed sports betting back. Learn more about the best casino sites in Pennsylvania at slots.info. Also, find out how to claim casino bonuses, sometimes without depositing money.
The competitive video game world of eSports has been weathering 2020 pretty well. From League of Legends to Fortnite, professional video game leagues never went on a hiatus when the pandemic hit.
Instead, they took a short break to transition from broadcasting at physical arenas to streaming everything online. For over two months, eSports was one of the few sports on TV in the US. What’s more, it had become a staple for betting websites, many of which struggled to provide betting markets between March and May.
Many traditional sports have since resumed but online video game businesses are still thriving. For some major franchises like Call of Duty, 2020 provided an opportunity to break sales records now that millions of people have limited sources of entertainment.
The eSports industry hasn’t been challenge-free, though. Lockdown measures and security fears have led to consistent delays in releasing new titles. From Cyberpunk 2077 to Halo Infinite, only a handful of developers released games exactly when they planned to.
Video Conferencing Companies
When the government-sanctioned a national lockdown earlier this year, many businesses were forced to shut down operations. However, some companies forged a work from home environment through video conferencing apps like Zoom and Skype.
More than six months later, Zoom meetings have become the primary way business managers across America interact with employees. In turn, Zoom has become so successful that founder Eric Yuan has made $12 billion since the start of the year.
On the flip side, Zoom’s competitors have been working hard to upsurge its success. For example, Facebook is at the advanced stages of creating a video chat app. Google, on the other hand, is working on ways to make Google Meet as successful as Zoom.
Social Media Apps
The traditional social media giants: Facebook, Twitter, and Instagram, have all been making noise in 2020. Snapchat seems to be the only network on a decline. But after rolling out a scheme to pay $1 million daily to the trendiest Snapchat story of the day, it could make a comeback in 2021.
In the meantime, the controversial Chinese app TikTok has been growing immensely. Sure, both India and the US banned it at some point this year. But that didn’t stop people from installing and using it to create funny, educational, and sometimes stupid videos.
The biggest selling point of social media this year is that it’s great for both personal use and businesses. Americans in quarantine could use it as an escape, whether they want to read memes on Facebook or participate in trending Twitter stories.
On the flip side, businesses have been splashing money on Facebook and Instagram ads like Google doesn’t exist anymore. The explanation is that social media advertising is cheaper and arguably more effective.
Home Fitness Apps
Home fitness has been a phenomenon in the US since the early 1990s. Remember the Disney show Mousercise? It featured adults in Mickey and Minnie costumes showing kids how to stay fit at home.
In 2020, home fitness instructors no longer wear costumes. In fact, they don’t have to stream their content through video—although that’s what many of them do. Instead, they can also publish guides through apps so that you can do push-ups, sit-ups, and more aerobics at your own pleasure.
To expound more, fitness apps don’t focus on exercise routines entirely. Some of them show you how to diet the right way. Others focus on mental prosperity and physical health.
If you’re like many people, you probably learned a new skill during the lockdown. If you didn’t, you probably helped your kids learn online successfully. Or maybe you started a course of your own. All the same, online education is growing rapidly.
And it will continue to prosper even after the pandemic is over. That’s because there’s a growing trend for people to learn new skills conveniently over the Internet rather than through physical classes. Some colleges also support e-learning to decongest campuses, especially for courses that don’t require physical-based learning.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.