Digital transformation is changing how many businesses operate, completely reshaping entire industries that have been used to doing things the same way for many years.

Being adaptable is essential for businesses wanting to survive well into the 21st century. Adopting technology is literally a matter of life and death, and needs to be done sooner rather than later.

In this article, we’ll take a closer look at how businesses are doing this and which industries are best positioned to face the future.

The evolution of traditional business models

From brick-and-mortar to hybrid models

Many traditional brick-and-mortar businesses are now moving towards hybrid models, allowing them to reach new customer segments and recapture those who are less inclined to shop in person. This means optimising online platforms and investing in digital-first marketing.

Rise of subscription models

In recent years, we’ve seen a rise in businesses successfully implementing subscription-based models, as seen with Netflix and HelloFresh. While this doesn’t provide much in terms of excitement, it’s a stable revenue stream that helps businesses plan for the future.

The gig economy and freelance work

With the global economy currently in a state of uncertainty, many businesses have moved away from traditional hiring and firing, and instead are looking to outsource work on an ad-hoc basis to freelancers. For workers, this can provide another source of income that can be earned outside of the traditional working day, in the evening or on weekends.

The dominance of digital-first approaches

E-commerce expansion

Online retail has continued to go from strength to strength, supporting businesses and providing an income stream that has propped up brick-and-mortar retail stores at the same time. This has been driven by AI implementation and the ease with which customers can shop online.

Software as a service (SaaS)

Up until a decade or so ago, nobody would have known what a SaaS business was, but with software becoming increasingly important for how we do business, it shouldn’t come as a surprise to see this business model grow both in scale and cost-effectiveness.

Data-driven decision making

Businesses wanting to improve their decision-making capabilities have increasingly used data to better understand their business and customers. Google Analytics is a popular web analytics tool that sheds light on web traffic and makes it easier for businesses to optimise their digital journey.

Other business models in the digital age

iGaming and online entertainment

The iGaming industry has exploded in recent years as more and more users look to online platforms to satisfy their love for table games and sports betting. We’ve seen an increase in mobile gaming lead this charge, making online gaming increasingly accessible and user-friendly.

Implementing real-world mechanics such as splitting in blackjack, which is a popular choice for most players, is one example of how online casinos are able to create a more authentic experience.

Influencer and creator economies

Love them or hate them, influencers have forever shaped how we experience online platforms and have changed content creation beyond recognition. Platforms like Instagram and TikTok have helped creators monetise their personal brands and provide an additional option for businesses wanting to reach their target audiences.

Challenges and future trends

Challenges for evolving businesses

Adapting to new technology can be challenging, there’s no hiding that, but these hurdles need to be overcome if businesses want to succeed moving forward. It’s important to take steps to ensure that businesses protect any sensitive data and that cybersecurity risks are carefully considered before any major digital changes are implemented.

Emerging trends

What’s more, the adoption of AI has seen many businesses reconsider how they operate, but with this technology still being relatively new, we don’t yet fully understand the potential consequences. That being said, it’s clearly a tool that will reshape how almost all of us work.

From AI-generated content being penalised by search engines to the environmental impact of using AI search tools, there is a lot that we don’t yet fully have a handle on when it comes to this new technology, and it doesn’t look like it’s something that will disappear any time soon.

Conclusion

Many businesses are shifting from traditional to digital-first models, helping them prepare for the future and the shifting demands of consumers. It’s vital that businesses understand the importance of embracing niche opportunities like iGaming and influencer economies, as they seem to be here to stay.

Please gamble responsibly.