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SEP 14, 2020
The positive impact of COVID-19 on online gaming was crystal clear right from the start.
The pandemic has disrupted norms in countless ways across the globe and no one is really sure what will be the full scope of Covid’s impact once it is behind us.
Tourism, food services, and entertainment have been shaken up and may need a good jumpstart when this is all over.
But taking a look at how COVID has affected online businesses actually spells good news for the economy as a whole.
Predictably, internet-based organizations have fared quite well through this period.
Retailers and service providers fortunate enough to be based completely online have experienced positive outcomes for their businesses. With decreased pressure from established physical retailers, many small online companies are now thriving.
Furthermore, the current reality has contributed to strategic pivots being taken by many online companies. There are many examples of successful moves made by small organizations that include regional expansion and taking on new marketing channels.
These steps have, in many cases, led to much-welcomed growth—with the online gaming industry is one prime example.
More than ever before, people are spending more time at home—whether sitting on the couch, homeschooling or working remotely.
As a result, it’s no surprise that the coronavirus has significantly affected online gaming. Along with online sports betting, internet gaming generated $61.2 million in July; nearly 22% of all casino gaming revenue.
Since gambling and online casino play increased in popularity, it’s likely that they’ll continue to do so even when things normalize. It has now become "The New Norm."
With these strong figures, it is clear that the online gaming industry is growing at a rapid pace. Once seen as an alternative or niche form of entertainment, it has now become mainstream worldwide.
We will be looking back at these pandemic times, as the moment when online gaming finally got a proper boost.
The impact of Covid-19 on online gaming has also positively affected online businesses as a whole. Despite the market’s current volatility, total online sales grew 14.5% during Q1’20 compared to the same period last year.
This progressive leap seems amazing at first glance. Although, when taking a closer look, you can see that many businesses have found it to be a mixed blessing. In striving to provide services for increasing customer volume, payment systems have been struggling to handle the load.
Failing to cope with the workload and transaction processing, not only means that businesses were declining existing clients, but this also translates into failure to streamline their new clients' journey into successful purchases.
The correct foundations must be put into place to funnel users to the right payment platforms, avoid bottlenecks and most importantly, streamline their clients' journey.
Neglecting these needs, and failing to use tools that will streamline prospects into buying, will deflate the current wave of opportunity and growth.
Like online gaming, the most resilient areas of today’s online economy are pulling far ahead and experiencing unprecedented success. Therefore, it is crucial, now more than ever, to offer strong, reliable, and diverse payment options alongside exquisite customer support which can handle this current online customer influx.
In this growing industry, the difference between high- and low-performing payment software can be a real game-changer.
Though we all wish things would go back to normal, the online gaming industry is finally enjoying some serious acceleration. Companies must make sure to support this growth through parallel investment in their infrastructures as a general.
Although, most importantly, companies need to make sure they streamline their payment solutions.
If done correctly, they can look forward to continuous growth even beyond the current pandemic.
Praxis is a leading provider of integrated payment solutions for high-risk online industries (gaming, e-commerce, […]