Which industries are dealing the best with the move online?
The global events of the last year have meant that many industries have had to innovate – quickly – and learn how to digitize their workstreams.
Digital processes have slowly integrated into the workplace over the last few decades, but 2020 saw a dramatic shift towards a level of digitalization that was never experienced before.
Understandably, some industries are managing the shift towards online work better than others. We are really still in the early days of the move to online and digital working, and there is still more to learn for every industry. However, below are a few of the industries that have best managed with the move to online working.
The fashion industry has been gradually migrating to online and digital platforms as the massive success of companies such as ASOS, boohoo, Zalando and Missguided have led the way. The recent acquisition of Arcadia Group by ASOS is sufficient proof that the online fashion retailers are beginning to overtake their brick-and-mortar counterparts. However, retailers with a physical store presence have been slowly losing ground to digital retailers for the last few years – as can be seen from the fall of brands such as Forever 21, GAP, Abercrombie and Fitch, United Colors of Benetton and more.
The global events of the last year have led to many stores closing their doors and rethinking their business processes and value chains. Fashion conglomerates such as Inditex Group and Alshaya Group have invested millions in revamping their online supply chains and developing their digital presence. These efforts are sure to pay off over the course of the next few years as online shopping increasingly becomes the norm.
Online casinos and gambling
The casino industry is another sector that has successfully transitioned to an online presence. Online casino platforms have been popular for the last few years, but they exploded in popularity over the course of the last year. Now there are thousands of different online casinos for gamblers to choose from, all of which are working to attract new gamblers through competitive bonuses, impressive games libraries and seasonal promotions.
A number of the biggest casino management companies have also moved to boosting their online presence. For example, SkyCity Online Casino is the online counterpart of the extremely popular SkyCity Casino in New Zealand. Online casinos allow gamblers to enjoy all of the fun and excitement of the casino floor from the comfort of their own homes.
Higher education and training
Although the transition was rocky at first, the higher education sector is now starting to find its feet online and increase its digital offerings. Millions of students are now learning completely online and universities have had to race to keep pace with the rest of the world and improve the digital learning experience of students. There are now many different learning platforms that professors can use to lecture from and engage with students in a seamless manner.
Universities and academies have also started harnessing the power of AI and analytics to provide better support for both students and teachers. The increased use of AI and analytics has helped higher education institutions to identify the students who need more support and attention from teachers and professors. As this technology develops, professors and school administrators will hopefully be better equipped to find struggling students and support them, before the student drops from the program.
Financial services and business services
Perhaps this is not as surprising as the other industries, but the financial services and business services sectors have transitioned almost seamlessly to online work. Thousands of companies in these sectors were very reluctant to transition to a work-from-home environment and move to fully digital work processes. However, after about a year of working online, the financial and business services industries have continued to perform in much the same way as they did prior to going digital.
Boardrooms and client meetings have transitioned to video calls and online conference calls, and none of the work processes seem to be adversely affected. Recruitment and headhunting have also continued successfully during the move to digital. Entire teams have now been hired, trained and deployed digitally and many companies are finding that the process has been much easier than initially expected. The continued success of these sectors could mean that office spaces are left empty, commuter trains have fewer riders, and that coffee shop on the corner that does not serve good coffee but is located near a lot of office buildings, may close.