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Business

How and Why Online Businesses Continuously Upgrade Products and Services

If it seems as if new releases hit the market more often today than ever before, it’s because they do. Modern companies have realized that they can boost lead generation and increase sales by renewing and upgrading their previous offerings to provide consumers with an improved model. And it’s a powerful model. Did you know that increasing customer retention rates by 5% can lead to a 95% rise in profits? Or that 69% of Americans stay loyal to retailers that provide reliable customer service? Digital firms that strike the perfect mix between new and old can appeal to a broader audience base and secure a steady flow of customers, something that is typically tough to do.

Social Media Networks  

There aren’t any online businesses that upgrade their offerings more effectively than social media giants such as Twitter, Facebook, and Instagram. Tons of them spring to mind, from the shift to business and influencer marketing to using social media for marketing purposes. However, it’s the video content that is currently driving interactions. For example, Instagram and Facebook both utilize “stories” for people to highlight their activities in short videos. There are already more than 500 million daily users. A switch to live TV – Facebook Live and IGTV – has only seen these platforms continue to expand at a rapid rate. More than 50% of the world’s population now has a social media account, and of the 346 million users new to the internet online within the last year, a high percentage is expected to open an account with the Big Three.

Online Casinos 

Of course, it’s not only the social media networks that have been busy. Online casinos have steadily challenged the dominance of traditional outlets to the point where they are now arguably bigger than their land-based cousins. Several reasons explain the rise of digital organizations, such as the fact that online businesses are cheaper to run, yet the main grounds for the industry’s rise is the services they offer. Rather than sticking with the same games and activities, remote casinos often release new packages to attract clients and entertain their older customers. Stsbet.co.uk is a prime example, as it’s a UK casino online with hundreds of daily releases. Traditional casinos struggle to match this firepower, which is why the digital versions are now in the driving seat.

Streaming Services  

Netflix is in the top ten biggest online companies globally, beaten only by the likes of Amazon and Alphabet Inc. However, streaming companies don’t upgrade products and services for the same reason as other businesses. Instead, they do it to maintain a sense of novelty and eliminate any feelings of boredom. For streaming sites, originality is key since most viewers won’t watch the same movie or television episode twice. As a result, subscribers have seen a 54.6% rise in the number of Netflix Originals available on the platform since 2018. While Amazon Prime may offer more freebies, the range of options produced by the company is lower, which is one of the reasons Netflix is still the biggest streaming service worldwide.

Online businesses must upgrade and renew their offerings. If they don’t, they won’t appeal to new users, a wider customer base, or provide the originality that people crave.